End of tax year 2024/25

The "Financial Year End" refers to the conclusion of an accounting period for financial and reporting purposes. It marks the end of the financial cycle and typically coincides with the completion of a company's fiscal year. During the financial year end, businesses and organisations finalise their financial statements, reconcile accounts, assess financial performance, and prepare for audits or external reporting requirements. The financial year end date may vary depending on the organisation, but it is commonly set on the last day of the month in which the fiscal year ends. It is a critical time for businesses to ensure accurate financial reporting, review their financial health, and make strategic decisions based on the financial results.

The "New Financial Year" refers to the beginning of a fresh accounting period for financial and tax purposes. It marks the start of a new cycle for fiscal calculations, budgeting, and reporting. In the United Kingdom, the new financial year begins on the 6th of April and ends on the 5th of April of the following year. During this time, individuals, businesses, and governmental bodies review their financial records, set new goals, and adjust their financial plans accordingly. It is an important milestone that influences tax calculations, financial reporting, and financial decision-making throughout the year.

First day of the new tax year 2024/25

Time to gather detailed documents for your 2024/25 tax return