Changes

The [[Government of Australia|Australian government]]'s fiscal year begins on July 1 and concludes on June 30 of the following year. This applies for personal income tax and the federal budget, and most companies are required to use it as their own. In [[Canada]], the [[United Kingdom]], [[New Zealand]], [[India]], [[Hong Kong]] and [[Japan]], the government's '''financial year''' runs from April 1 to March 31.  [[United Kingdom corporation tax]] is charged by reference to the government's financial year, but companies can adopt any year as their accounting year:  if there is a change in tax rate, the taxable profit is apportioned to financial years on a time basis. Japan's [[income tax]] year runs from January 1 to December 31, but corporation tax is charged by their own one year period.  

The [[Government of Australia|Australian government]]'s fiscal year begins on July 1 and concludes on June 30 of the following year. This applies for personal income tax and the federal budget, and most companies are required to use it as their own. In [[Canada]], the [[United Kingdom]], [[New Zealand]], [[India]], [[Hong Kong]] and [[Japan]], the government's '''financial year''' runs from April 1 to March 31.  [[United Kingdom corporation tax]] is charged by reference to the government's financial year, but companies can adopt any year as their accounting year:  if there is a change in tax rate, the taxable profit is apportioned to financial years on a time basis. Japan's [[income tax]] year runs from January 1 to December 31, but corporation tax is charged by their own one year period.  

In the UK, the '''tax year''' (which governs liability to personal income tax and [[capital gains tax]]) runs from April 6 to April 5. This reflects the old [[ecclesiastical calendar]], with [[New Year]] falling on March 25 (''[[Lady Day]]''), the difference being accounted for by the eleven days "missed out" when [[Kingdom of Great Britain|Great Britain]] converted from the [[Julian Calendar]] to the [[Gregorian Calendar]] in 1752 (the British tax authorities, and landlords were unwilling to lose 11 days of tax and rent revenue, so under provision 6 (''Times of Payment of Rents, Annuities, &c.'') of the [[Calendar (New Style) Act 1750]], the 1752–3 tax year was extended by 11 days).  From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the "[[old style]]" new year of 25 March. A 12th skipped Julian leap day in 1800 changed its start to 6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the tax year in the [[United Kingdom]] is still 6 April.  

In the UK, the '''tax year''' (which governs liability to personal income tax and [[capital gains tax]]) runs from April 6 to April 5. This reflects the old [[ecclesiastical calendar]], with [[New Year]] falling on March 25 (''[[Lady Day]]''), the difference being accounted for by the eleven days "missed out" when [[Kingdom of Great Britain|Great Britain]] converted from the [[Julian Calendar]] to the [[Gregorian Calendar]] in 1752 (the British tax authorities, and landlords were unwilling to lose 11 days of tax and rent revenue, so under provision 6 (''Times of Payment of Rents, Annuities, &c.'') of the [[Calendar (New Style) Act 1750]], the 1752–3 tax year was extended by 11 days).  From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the "[[old style]]" new year of 25 March. A 12th skipped Julian leap day in 1800 changed its start to 6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the tax year in the United Kingdom is still 6 April.  

[[Republic of Ireland|Ireland]] also used the year ending April 5 until 2001 when it was changed, at the request of Finance Minister Charlie McCreevy, to match the calendar year (the 2001 tax year was nine months, from April to December).

[[Republic of Ireland|Ireland]] also used the year ending April 5 until 2001 when it was changed, at the request of Finance Minister Charlie McCreevy, to match the calendar year (the 2001 tax year was nine months, from April to December).

In some jurisdictions, particularly those that permit [[tax consolidation]], companies that are part of a [[Business group|group]] of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the U.S. and [[Japan]]), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all.

In some jurisdictions, particularly those that permit [[tax consolidation]], companies that are part of a [[Business group|group]] of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the U.S. and Japan), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all.

==References==

==References==

*StreetAuthority.com's [http://www.streetauthority.com/terms/f/fiscalyear.asp Financial Glossary]

*StreetAuthority.com's [http://www.streetauthority.com/terms/f/fiscalyear.asp Financial Glossary]

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