Fiscal Year — the 12-month period for taxes and reporting
Medium-length body copy of one or two sentences goes here to support the main headline. Do not make your text longer than this.
Fiscal Year — the 12-month period for taxes and reporting
Medium-length body copy of one or two sentences goes here to support the main headline. Do not make your text longer than this.
Fiscal Year — the 12-month period for taxes and reporting
Medium-length body copy of one or two sentences goes here to support the main headline. Do not make your text longer than this.
Table of contents
A fiscal year is the 12-month period your business uses for accounting, tax reporting, and financial planning. It does not have to match the calendar year. Choosing the right fiscal year helps you align reporting with your business cycle and tax obligations.
What is a fiscal year?
While a calendar year runs from January 1 to December 31, a fiscal year can start on any date. A company that does most of its business in summer might choose a fiscal year ending in September, so annual reports reflect a full operating season.
At the end of each fiscal year, you close your books: finalize income and expenses, prepare financial statements, and file taxes based on that period's results. Your bookkeeping records for the entire fiscal year feed directly into that process.
Fiscal year vs. calendar year
Many small businesses and sole proprietors use the calendar year because it is simple and matches personal tax filing. Larger companies or seasonal businesses often choose a different fiscal year to align reporting with their revenue patterns.
Once you pick a fiscal year, changing it usually requires approval from the tax authority. Pick a period that gives you enough time after your busiest season to reconcile accounts without rushing.
Planning around your fiscal year
Knowing your fiscal year boundaries helps you plan major purchases, time invoices, and set aside tax reserves before the year closes. Review your business expenses and income monthly so there are no surprises when filing day arrives.
With a bunq Business Account, you can export transactions for any date range, making year-end reconciliation straightforward.
Common questions
Can I change my fiscal year?
In most countries, yes, but it requires formal approval and may trigger a transitional tax period. Consult your accountant before making a change.
Does the fiscal year affect when I pay VAT?
VAT is usually reported quarterly or monthly, independent of your fiscal year end. However, your annual income tax filing covers the full fiscal year, so both timelines matter for different obligations.
Table of contents
A fiscal year is the 12-month period your business uses for accounting, tax reporting, and financial planning. It does not have to match the calendar year. Choosing the right fiscal year helps you align reporting with your business cycle and tax obligations.
What is a fiscal year?
While a calendar year runs from January 1 to December 31, a fiscal year can start on any date. A company that does most of its business in summer might choose a fiscal year ending in September, so annual reports reflect a full operating season.
At the end of each fiscal year, you close your books: finalize income and expenses, prepare financial statements, and file taxes based on that period's results. Your bookkeeping records for the entire fiscal year feed directly into that process.
Fiscal year vs. calendar year
Many small businesses and sole proprietors use the calendar year because it is simple and matches personal tax filing. Larger companies or seasonal businesses often choose a different fiscal year to align reporting with their revenue patterns.
Once you pick a fiscal year, changing it usually requires approval from the tax authority. Pick a period that gives you enough time after your busiest season to reconcile accounts without rushing.
Planning around your fiscal year
Knowing your fiscal year boundaries helps you plan major purchases, time invoices, and set aside tax reserves before the year closes. Review your business expenses and income monthly so there are no surprises when filing day arrives.
With a bunq Business Account, you can export transactions for any date range, making year-end reconciliation straightforward.
Common questions
Can I change my fiscal year?
In most countries, yes, but it requires formal approval and may trigger a transitional tax period. Consult your accountant before making a change.
Does the fiscal year affect when I pay VAT?
VAT is usually reported quarterly or monthly, independent of your fiscal year end. However, your annual income tax filing covers the full fiscal year, so both timelines matter for different obligations.
Table of contents
A fiscal year is the 12-month period your business uses for accounting, tax reporting, and financial planning. It does not have to match the calendar year. Choosing the right fiscal year helps you align reporting with your business cycle and tax obligations.
What is a fiscal year?
While a calendar year runs from January 1 to December 31, a fiscal year can start on any date. A company that does most of its business in summer might choose a fiscal year ending in September, so annual reports reflect a full operating season.
At the end of each fiscal year, you close your books: finalize income and expenses, prepare financial statements, and file taxes based on that period's results. Your bookkeeping records for the entire fiscal year feed directly into that process.
Fiscal year vs. calendar year
Many small businesses and sole proprietors use the calendar year because it is simple and matches personal tax filing. Larger companies or seasonal businesses often choose a different fiscal year to align reporting with their revenue patterns.
Once you pick a fiscal year, changing it usually requires approval from the tax authority. Pick a period that gives you enough time after your busiest season to reconcile accounts without rushing.
Planning around your fiscal year
Knowing your fiscal year boundaries helps you plan major purchases, time invoices, and set aside tax reserves before the year closes. Review your business expenses and income monthly so there are no surprises when filing day arrives.
With a bunq Business Account, you can export transactions for any date range, making year-end reconciliation straightforward.
Common questions
Can I change my fiscal year?
In most countries, yes, but it requires formal approval and may trigger a transitional tax period. Consult your accountant before making a change.
Does the fiscal year affect when I pay VAT?
VAT is usually reported quarterly or monthly, independent of your fiscal year end. However, your annual income tax filing covers the full fiscal year, so both timelines matter for different obligations.