2006-10-06 09:13:10 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
In the past the ends of calendar months were not used much for financial transactions. All rents, taxes, etc. were calculated with reference to the quarter days.
These were 25th March, 24th June, 29th September and 25th December. (You can remember these by noting that the last digit on the first three is the same as the number of letters in the month. If you forget Christmas day then you don't deserve a visit from Santa!)
The 25th March was used as the end of the tax year up until 1752. Then the UK changed from the Julian calender to the Gregorian. Eleven days were missed out of September to correct the position. The tax year was, however, kept at the same length so the 1752/53 year didn't finish until 5th April. It has remained there ever since.
2006-10-07 01:25:18 · answer #1 · answered by tringyokel 6 · 2⤊ 0⤋
I don't really know, but I've always thought of it like this:
Given that companies do a lot of processing around the end of the fiscal year, it makes no sense to do this in January as they will be catching up on lost time from Christmas. February only has 28 days so there's less time there too and also as every leap year there is an extra day it may make calculations confusing. The end of March is the next sensible time to do it. Why it occurs in the first week of April, who knows????
2006-10-06 09:18:24 · answer #2 · answered by Lewiy 3 · 0⤊ 0⤋
it is april to april so it dose not fall at the same time as xmas / new years as every one could then beat fines by saying it was lost in the xmas post and ps my accounten cost loads now never mind getting him to work over xmas lol
2006-10-06 09:18:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I think it is just convention, but a lot of companies run their financial year from first April, so it does fit in...
2006-10-06 09:22:42 · answer #4 · answered by Les 3 · 0⤊ 0⤋
Probably because everyone is on holiday in early January. Nothing will get done.
2006-10-06 09:17:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
it follows the Julian calendar (ie pre Gregorian)
2006-10-10 08:08:22 · answer #6 · answered by Conservative 5 · 0⤊ 0⤋
it will be fun when it changes to January to be in line with most of Europe, won't it?
2006-10-08 09:35:41 · answer #7 · answered by XT rider 7 · 0⤊ 0⤋