Easy to Use Legal Templates
Quickly and easily create any legal agreement for you or your team.
Straightforward pricing plans and bespoke packages built to simplify all your legal demands.
Vast Document Library
Zegal’s comprehensive collection of agreements means you always have what you need at your fingertips.
How to create a FREE Change the Company’s Financial Year End
Why choose Zegal?
With Zegal, you can reduce legal risks and improve the efficiency of your contract workflow, allowing you to focus on your core business operations.
Our platform is flexible, scalable, and tailored to the needs of your business.
What is a Directors’ Resolution to Change the Company’s Financial Year End?
A Directors’ Resolution to Change Financial Year End is a resolution passed by the directors of a company to change the financial year-end of a company. There are statutory restrictions on how the financial year-end can be changed. Consult your company secretary before using this resolution. After changing the financial year-end by the Directors’ Resolution, remember to file the relevant form to update the relevant government department or registry within the statutory time limit.
Can a company change its financial year-end?
According to the Company Act 1956, any company can change its financial year-end according to its needs and requirements. For instance, it can start from April 1 and ends on 31st March or start on any random date and ends on any random date. However, the new Companies Act 2013 prohibits changing the company’s financial year-end for uniformity purposes.
How to change the company’s financial year-end?
There are two options when using a directors’ resolution for changing a company’s financial year-end:
- if a meeting of the board of directors is convened to change the financial year-end, use a Board Minutes to Change Financial Year; or
- if the board resolution will be passed by way of a written resolution, use a Board Resolution to Change Financial Year.
Why would a company change its financial year-end?
One of the main reasons companies change their financial year is deferring tax liability. When the company’s profits are decreasing, they try to push back the accounting date. When the company’s profits are increasing, they try to bring it forward.
A Directors’ Resolution to Change Financial Year End is a resolution passed by the board to change the last day of the year on which the company’s annual numbers are calculated.
You Might Also Like
Along with this document, make sure you see these other templates in our library:
The Zegal template library
Zegal's legal template library is a list of essential business documents for your everyday needs.
Using Zegal will reduce risk, save money, and improve efficiency. Let us take care of the paperwork so you can focus on running your business.
If you're creating a FREE Change the Company’s Financial Year End, you may also be interested in the following documents:
Choose from 1000+ legal templates and draft contracts with ease and confidence.
Contract and document management made easy.