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In the UK, the financial year starts on April 1, and it runs until March 31 of the next year. The tax year is used for the government to work out their finance. The fiscal year starts on April 6, and the end of the tax year happens on April 5 of the next year.
The key reason for choosing different fiscal years ends with the variations in business operations and the availability of supplies.
If we talk about the tax year 2020/2021, it would start on 6 April 2020 and end on 5 April 2021. The HMRC receives the tax returns by the deadline given.
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