Question: what is the difference between last year and previous year?
Answer: Last Year vs Past Year Last year means the last calendar year, for example, 2015 (if you're in 2016). Past year means the 365 days preceding today. For example, if it was 14th Feb, 2016 today, then the past year would mean the time between 15th Feb, 2015 and 14th Feb, 2016.