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Legal Terms - financial year
for corporate tax spans from 1 April to 31 March. The fiscal year 2021 extends from 1 April 2021 to 31 March 2022. Corporation tax is imposed for each financial year individually. When a company prepares its accounts for a period covering two financial years, the earnings generated during that accounting period must be allocated between the two financial years to determine the amount of corporation tax owed. Since 1854, legislation has mandated the preparation of public accounts for each financial year concluding on 31 March. Contrast fiscal year. 2. In accounting, any 12-month interval for which financial statements are disseminated.
for corporate tax spans from 1 April to 31 March. The fiscal year 2021 extends from 1 April 2021 to 31 March 2022. Corporation tax is imposed for each financial year individually. When a company prepares its accounts for a period covering two financial years, the earnings generated during that accounting period must be allocated between the two financial years to determine the amount of corporation tax owed. Since 1854, legislation has mandated the preparation of public accounts for each financial year concluding on 31 March. Contrast fiscal year. 2. In accounting, any 12-month interval for which financial statements are disseminated.
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