Financial year
A financial year – sometimes called the tax period, accounting period, fiscal year or budget year – is the period of time, usually 12 months, that is used for accounting purposes and for the submission of taxes to the Inland Revenue.
Organisations use the financial year to report on their progress and measure whether they have met their operational goals for that year. This helps them to plan for the following year.
For some businesses, it is preferable for their financial year to run from April 1 to March 31 the following year – a full 365 (or 366 days if a leap year). This aligns with the government’s fiscal year. However, for personal tax purposes, the year runs from April 6 to April 5 – a period which reflects the old ecclesiastical calendar.
Firms and individuals are free to choose an accounting period that is convenient to them, as long as they have informed the Inland Revenue. Operating a financial year that accords with the calendar year – January 1 to Dec 31 is preferable for some. Many large organisations in the UK use the calendar year as their accounting period, whereas for universities it typically ends during the summer to align with the close of the academic year.
[edit] Related articles on Designing Buildings Wiki
- Budget
- Business case.
- Business plan
- Capital allowances.
- Cash flow forecast.
- Cashflow.
- Financial hedging.
- Financial management tools.
- Remedies for late payment.
- VAT
- VAT - Option to tax (or to elect to waive exemption from VAT).
- VAT - Protected Buildings.
Featured articles and news
Welsh Skills Body (Medr) launches ambitious plan
The new skills body brings together funding and regulation of tertiary education and research for the devolved nation.
Paul Gandy FCIOB announced as next CIOB President
Former Tilbury Douglas CEO takes helm.
UK Infrastructure: A 10 Year Strategy. In brief with reactions
With the National Infrastructure and Service Transformation Authority (NISTA).
Ebenezer Howard: inventor of the garden city. Book review.
The Grenfell Tower fire, eight years on
A time to pause and reflect as Dubai tower block fire reported just before anniversary.
Airtightness Topic Guide BSRIA TG 27/2025
Explaining the basics of airtightness, what it is, why it's important, when it's required and how it's carried out.
Construction contract awards hit lowest point of 2025
Plummeting for second consecutive month, intensifying concerns for housing and infrastructure goals.
Understanding Mental Health in the Built Environment 2025
Examining the state of mental health in construction, shedding light on levels of stress, anxiety and depression.
The benefits of engaging with insulation manufacturers
When considering ground floor constructions.
Lighting Industry endorses Blueprint for Electrification
The Lighting Industry Association fully supports the ECA Blueprint as a timely, urgent call to action.
BSRIA Sentinel Clerk of Works Training Case Study
Strengthening expertise to enhance service delivery with integrated cutting-edge industry knowledge.
Impact report from the Supply Chain Sustainability School
Free sustainability skills, training and support delivered to thousands of UK companies to help cut carbon.
The Building Safety Forum at the Installershow 2025
With speakers confirmed for 24 June as part of Building Safety Week.
The UK’s largest air pollution campaign.
Future Homes Standard, now includes solar, but what else?
Will the new standard, due to in the Autumn, go far enough in terms of performance ?
BSRIA Briefing: Cleaner Air, Better tomorrow
A look back at issues relating to inside and outside air quality, discussed during the BSRIA briefing in 2023.
Restoring Abbotsford's hothouse
Bringing the writer Walter Scott's garden to life.
Reflections on the spending review with CIAT.