An example financial year in a company’s first year
A company is incorporated on 17th March 2024. The financial year begins 17th March 2024, and finishes 31st March 2025
This means that the accounting reference date in this instance is 31st March 2025
In year two of the business, the financial year begins 1st April 2025, and finishes 31st March 2026
Is my company’s financial year important?
Limited companies are required to submit Company Tax Returns to tell HMRC about the profits they make during their financial year, as well as prepare accounts made up to the end of the financial year (or ‘Year End’), and then filed with Companies House.
The financial year end isn’t all about HMRC, though. Accounts should be balanced and resolved on a regular basis throughout the year, with year-end being the final check that everything across the year balances as it should.
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Can I change my company’s financial year?
You’re allowed to change your company’s financial year end to a more convenient date – as long as your accounts are not overdue. You can request the change by submitting an AA01 form to Companies House.