For example, the US federal government fiscal year starts on October 1, 2024 and ends on September 30, 2025, this is referred to as FY25. Read more on how you can get prepared for the end of fiscal year.
Fiscal Year (FY) 2025 for the U.S. federal government runs from October 1, 2024, to September 30, 2025, but for many businesses, it's often the calendar year (Jan 1 – Dec 31, 2025) or another 12-month period, as fiscal years vary by entity.
A1: The tax year 2024-25 starts on April 6, 2024, and ends on April 5, 2025.
Calendar year – 12 consecutive months beginning January 1 and ending December 31. Fiscal year – 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month.
If you don't file your tax return by the October 15 extension deadline, the IRS charges a failure-to-file penalty of 5% per month (up to 25%) on unpaid taxes, plus a failure-to-pay penalty (0.5% per month), and interest on the total amount due, potentially leading to significant costs, though you can request penalty abatement for reasonable cause, and if you're owed a refund, you generally won't face penalties but risk losing your refund if you wait too long (usually over 3 years).
To compensate for the lost 11 days, the government extended the tax year to the 5th of April from the 25th of March. In 1800 another calendar correction led to a further adjustment, setting the tax year end on the 6th of April, where it remains today for personal taxation purposes.
Income tax return last date for FY 2024-2025 (AY 2025-26) The last date for filing income tax returns for FY 2024-25 (AY 2025-26) is extended to 16 September 2025 from 15 September 2025 for regular taxpayers (such as salaried individuals and those not requiring an audit).
With tax code 1257L: The first £12,570 is tax free, meaning you don't pay any income tax on it. The remaining £17,430 is taxed at 20%. So you'd pay about £3,486 in income tax for the year.
Intuitively, you may expect it to line up with the calendar year, finishing on the 31st of December. Instead, it's smack-bang in the middle of the year. The 2024/25 financial year finished June 30th 2025, and the new financial year (2025/26) began on July 1st 2025.
Fiscal year-end is the last day of a 12-month accounting period, which is used for financial planning and tax reporting purposes. If a company has a fiscal year-end that is the same as the calendar year-end, it means that its fiscal year ends on Dec. 31.
That means your take home pay will be $55,383 per year, or $4,615.25 per month. Your average tax rate is 20.88% and your marginal tax rate is 32.5%.
The end of financial year on 30 June 2025 is fast approaching so here's a quick checklist to help you prepare in advance and maximise your tax time benefits.
A financial year-end is often referred to as a fiscal year-end. This is the date that ends a one-year period for tracking business finances. In other words, it is the annual accounting period. This means rather than financial reporting from January 1-December 31 you use a different date range to span a 12-month period.
Although we expect investment to remain relatively strong in the next few years, the growth rate is expected to moderate from 4.4% in 2025 to 4% in 2026. Similarly, real consumer spending is expected to be stronger in the near term, thanks to AI-driven gains in equity prices.
5 April 2025: End of the 2024/25 tax year.
For individuals, the last day to file your 2025 taxes without an extension is April 15, 2026. You can submit Form 4868 to request an extension to file later during the year.
The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%. If you file more than 60 days after the due date, the minimum penalty is $525 (for tax returns required to be filed in 2026) or 100% of your unpaid tax, whichever is less.
Starting from April 1, 2025, significant changes in the TDS (Tax Deducted at Source) provisions has come into effect. These changes aim to reduce the compliance burden on small taxpayers and improve ease of doing business.
April 5th is a day for fun food celebrations like National Deep Dish Pizza Day, National Caramel Day, and National Raisin and Spice Bar Day, alongside meaningful observances such as the UN's International Day of Conscience, Go For Broke Day (honoring military valor), and Gold Star Spouses Day, while also being part of broader awareness months like Sexual Assault Awareness Month and Financial Literacy Month.
The IRS $600 rule refers to a change in reporting requirements for third-party payment apps (like Venmo, PayPal) for taxable income from goods and services, where platforms must send a Form 1099-K if you receive over $600 in a year, intended to capture gig economy/side hustle income, though delays and phased implementation have adjusted the timeline, with current rules for 2024 using a higher threshold ($5,000) before fully phasing to $600 for future years, but remember all taxable income, regardless of form, must always be reported.
If the automatic six-month extension is still not enough time for you to file, how many tax extensions can you file? You can request an additional extension of time to file taxes beyond the six-month period, but you cannot ask for multiple tax extensions.
If you don't owe taxes, not filing means no penalties, but you lose out on refunds and credits, like the Earned Income Tax Credit, and can delay benefits like Social Security or loans; you typically have three years to file and claim a refund, but you must file to get your money back. The IRS won't penalize you for late filing if no tax is due, but you won't receive any overpayments or refundable credits until you file.