financial year
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Fiscal Year
1. A calendar businesses use to calculate revenue and expenses. Most businesses also use their fiscal year as the period their annual budgets operate. Most jurisdictions require businesses to issue financial statements each year but often do not specify when they must do so. Thus, fiscal years vary by business and jurisdiction. They tend to begin in the middle of the calendar year, particularly in retail, as the end of the calendar year is an exceptionally busy time. The U.S. Government's fiscal year starts on October 1. In nomenclature, if a fiscal year covers more than one calendar year it is designated by the calendar year in which it ends; for example, the U.S. government's fiscal year from October 1, 2008 to September 30, 2009 is called "FY 09."
2. In the United Kingdom, the tax year.
2. In the United Kingdom, the tax year.