Factcheck LedgerReceipts, not verdicts
Request a check
Menu
Fact checks
Economy and money
Public services
Parliament and politics
Where you live
UK and the world
Data and tools

How we workEmail alertsRequest a check

Financial year: what it means

The UK government's accounting year, running from 1 April to 31 March. Written as 2025-26 or FYE March 2026. The tax year runs 6 April to 5 April.

The UK government's financial year runs from 1 April to 31 March. It is usually written as, for example, 2025-26 or "financial year ending (FYE) March 2026". Public spending, borrowing and many departmental statistics use it. The personal tax year is slightly different: 6 April to 5 April.

Worked example

A hypothetical department spends £10 billion in January to March and £30 billion in April to December of the same calendar year. Its spending in that calendar year is £40 billion, but those months fall into two different financial years, so neither financial-year total equals £40 billion.

How it trips up claims

  • Comparing a financial-year figure with a calendar-year figure mixes periods that overlap by nine months.
  • "Last year" in a public finances statement usually means the last complete financial year.
  • DWP poverty statistics and many NHS and education statistics use financial or academic years, which differ again.

Also searched as: fiscal year, FYE, tax year, April to March, 2025-26 meaning

Official definitions: ONS: Public sector finances, latest bulletin · GOV.UK: Income Tax rates and allowances (tax year)

Key figures where it matters

Questions that use this term

Related terms

  • Calendar year: January to December. Used for GDP annual totals, registered deaths and many international comparisons, unlike the April to March financial year.
  • Outturn: The actual recorded figure for a period that has ended, as opposed to a plan, budget or forecast for it.
  • Public sector net borrowing (PSNB): The gap between what the public sector spends and what it receives in a period. Often called the deficit; it adds to debt.

More geography and time periods terms: Great Britain and the United Kingdom · England and Wales · Calendar year · Tax year · Academic year · ITL regions (International Territorial Levels) · Lower layer super output area (LSOA).