New Financial Year

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.