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GLOSSARY

Financial year definition

Published by a LexisNexis Corporate expert

What does Financial year mean?

A company’s financial year is determined by reference to its accounting reference period: it will be the same as that period, save that the directors may determine that the financial year ends on a day not more than seven days before or after the end of the accounting reference period. A company’s accounting reference period is determined by reference to its accounting reference date: it ends on that date.

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Companies (Miscellaneous Reporting) Regulations 2018—which companies are affected? [Archived]

Companies (Miscellaneous Reporting) Regulations 2018—which companies are affected? [Archived] ARCHIVED: This archived Checklist is a summary of the reporting requirements that were introduced by the Companies (Miscellaneous Reporting) Regulations 2018, SI 2018/860. It is not maintained and is for background information only. The Companies (Miscellaneous Reporting) Regulations 2018, SI 2018/860 (2018 Regulations) introduced new reporting requirements for certain categories of company. The reporting requirements laid down by the 2018 Regulations applied in relation to accounting periods beginning on or after 1 January 2019 (other than the restoration of the requirement for small community interest companies (CICs) to report on directors’ remuneration, which applied to CIC reports for financial years ending on or after 7 August 2018). This table summarises the reporting requirements introduced by the 2018 Regulations as at the date they were introduced: Regulation of the 2018 Regulations Reporting requirement Companies in scope Regulation 4 Include in the strategic report a separately identifiable statement (section 172 statement) describing how the directors have had regard to employees and...

UK AIFM Remuneration Code—checklist

UK AIFM Remuneration Code—checklist This checklist lists the requirements for an alternative investment fund manager (AIFM) remuneration policy under the AIFM Remuneration Code (the Code) contained in the Senior Management Arrangements, Systems and Controls (SYSC) sourcebook of the Financial Conduct Authority (FCA) Handbook at SYSC 19B, and the remuneration information that should be included in an alternative investment fund (AIF)’s annual report. What is the SYSC 19B Code? The Code is contained in SYSC 19B. It is applicable to full-scope UK AIFMs of a UK AIF and a non-UK AIF. The Code provides guidelines to be followed when setting pay and bonus awards to certain Code staff. More information on the Code (and other remuneration codes that apply to FCA regulated firms) is set out on the FCA’s remuneration webpage. For more information on the Code and AIFM remuneration, see Practice Note: UK AIFMD—Remuneration Code. The Code contains nine remuneration principles set out in SYSC 19B1.5. R – SYSC 19B.1.24. R. For guidance on each of these remuneration principles, see...

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Funding an employee benefit trust

Funding an employee benefit trust This Practice Note covers the following issues in relation to the funding of an employee benefit trust (EBT): • practical aspects of funding an EBT • financial assistance—the background • financial assistance—the current position • relevance of financial assistance to EBTs • financial assistance—exemptions • the employees’ shares scheme exemption • consequences of non-compliance of the financial assistance provisions • tax implications for close companies which fund EBTs, and • corporation tax relief in respect of EBT funding Practical aspects of funding an EBT When an EBT is first set up, it needs to be provided with initial financing, as a trust cannot exist without initial trust assets. It is common for a nominal amount, for example £100, to be settled on the trustee in order to establish the EBT (for further details, see Practice Note: Setting up an EBT). However, after the EBT has established, other funding can be provided. This may be by way of: • voluntary contribution • loan...

Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017—key information for businesses

Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017—key information for businesses The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 form part of the UK’s overall anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing regime, as amended. The MLR 2017 set administrative requirements which run parallel to the criminal element of the AML, CTF and counter-proliferation financing regime contained in the Proceeds of Crime Act 2002 (POCA 2002), the Terrorism Act 2000 (TA 2000) and various sanction measures. There is some overlap with this legislation. The MLR 2017 have been amended a number of times since coming into force in June 2017. This Practice Note reflects the amended MLR 2017. For more on POCA 2002, TA 2000 and counter-proliferation financing, see Practice Notes: Proceeds of Crime Act 2002, Counter-terrorist financing—key information for businesses and Counter-proliferation financing—CPF—the basics. Application The MLR 2017 apply to relevant persons acting in the course of...

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Schedule of current ICT environment—per annum

Schedule of current ICT environment—per annum This Precedent Schedule of current ICT environment—per annum can be used to list all of your ICT resources and any associated maintenance or upgrade needs and/or costs that are planned or will be required in a given financial year. Please click for an Excel version of this register.

Dive into our 1 Precedents related to Financial year

Cabinet Office issues reminder on Procurement Act 2023 pipeline notices

The Cabinet Office has updated stakeholders on progress six weeks after the Procurement Act 2023 (PA 2023) go-live. The update reports ‘strong and active engagement’ with the enhanced Find a Tender Service (FTS), with 14,437 suppliers, 2,140 contracting authorities, and 25,546 users registered, and 2,568 notices published, including over 700 pre-market engagement notices. The update highlights new guidance on the UK1 pipeline notices which are live as of 1 April 2025. In-scope authorities (ie large contracting authorities forecasting spend above £100 million in relevant contracts in the upcoming financial year) have until 26 May 2025 to publish their pipeline notices on the FTS, after which they must be updated annually. The notices should include details of procurements planned in the next 18 months with an estimated value above £2 million. The update also includes information on events and training opportunities.

Public Law weekly highlights—10 April 2025

This week's edition of Public Law weekly highlights includes expert comment on the decision in Green v UK, which in the European Court of Human Rights (ECtHR) found in favour of the UK in an application brought by Sir Philip Green. Case updates include the decisions in Suresh v GMC, where the court struck out a negligence and Human Rights Act claim against GMC and R (CPH) v SSHD, where the court found that the Family Policy discretion guidance was unlawful. The highlights include further updates on Brexit SIs, Post-Brexit transistion guidance, constitutional and administrative law, equality and human rights, judicial review, public procurement, and subsidy control and state aid.

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