A Financial Year (FY) is a 12-month period used for financial reporting and budgeting purposes by businesses, governments, and other organizations. It is not necessarily aligned with the calendar year and can start and end at any point during the year. The financial year (FY) is the period in which an individual or business earns income. In contrast, the assessment year (AY) is the year immediately following the financial year , during which the income earned in the previous year is assessed, tax is paid, and the Income Tax Return (ITR) is filed. Master the UK financial year 2024/25 with our comprehensive guide to tax deadlines, HMRC requirements, and expert accounting tips. Essential reading for businesses and individuals. What is the Financial Year in India? A Detailed Overview. The books of accounts get updated for a year. However, the beginning date of this time varies from business to business. The terms " financial year " and "assessment year" may have appeared in your reading of a company's financial statements.
