Year End also known as an accounting reference date is the completion of an accounting period. At this time, businesses need to carry out specific procedures to close their books.
In the UK, an accounting year does not necessarily correlate with the calendar year. For personal tax purposes the fiscal year is set by the government – starting April 6th and ending on April 5th the following calendar year. This tax year is the same for everyone in the UK, although the deadline for submitting Self Assessment tax returns might vary for certain individuals.
For limited companies, the financial year is set according to when the company was incorporated. In the UK, companies are given an accounting reference date (ARD) which refers to the last day in the month the company was incorporated. The ARD is the end of the financial year, and the new financial year starts the following day.