Thursday 6 April 2023

general ledger accounting (10. 656)

For the United Kingdom, the fiscal year for corporate taxation runs from 1 April to 31 March, owing to the old ecclesiastical calendar that marked, sensibly, the new year commencing on Lady Day, which is even more enshrined in the reckoning of personal income tax, which was first manifested as a lien on windows, with the Feast of the Annunciation transposed and advanced with the calendar reform of of 1752 (see above, see also), with the new non-public budget and reporting year starting on this day so those intercalary days wouldn’t be a loss on government revenue.