What is the financial year?
Definition of the financial year
The financial year runs from 1st April every year to 31st March in the following year. The financial year applies to limited companies, and other businesses that pay Corporation Tax such as non-incorporated clubs and societies.
HMRC uses the financial year for Corporation Tax - for example, they may change the Corporation Tax rate at the beginning of a new financial year.
Got questions? Ask Emily!
FreeAgent's Chief Accountant Emily Coltman is available to answer your questions in the comments.