Why Is The Financial Year In April? Exploring The Fiscal Calendar
Wonder Why Financial Year Is April To March ? | Wonder Why With #Accountsman | Ca Rajavardhan
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Why Is April The End Of The Financial Year?
Why does the financial year end in April? To answer this question, we need to look back to the historical tax system in Great Britain. In 1752, the tax year had a unique starting date of 25 March, known as the old Tax New Year Day. To ensure that there was no loss of tax revenue during the transition, a decision was made by the Treasury. The tax year that began on 25 March 1752 was adjusted to last for 365 days, ending on 4 April. Consequently, this adjustment caused the new financial year to commence on 5 April. This practice continues today, and as of April 5th, 2023, we mark the start of the new tax year.
Why Is The British Financial Year From April To March?
The British financial year running from April to March has its origins in historical calendar adjustments. Back in 1752, the Julian calendar, which was in use at the time, had a significant issue with accuracy. This inaccuracy caused the equinox to gradually shift, and by that year, it had moved to the 10th of March. In response to this calendar discrepancy, the United Kingdom adopted the Gregorian calendar, a more precise system, which entailed skipping 11 days to align with the corrected calendar. Consequently, what was previously the tax and legal year end on the 25th of March, known as Lady Day, was adjusted to the 5th of April to accommodate this calendar reform. This shift in dates effectively established the financial year from April to March as it is known today.
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