Running a business efficiently requires being able to juggle many responsibilities at the same time. One of the most important duties that you have as a business owner involves making sure that your company complies with the relevant tax regulations. While you do not need to be an expert in fiscal matters to do this, it is very important that you have a clear idea of the key tax dates. Many business owners are so busy taking care of other aspects of their business that they overlook important tax deadlines. This can be a costly mistake that you want to avoid, as there are steep penalties involved.

To help you avoid unsavoury surprises, we have put together a list with the most important tax dates and deadlines for the 2014-2015 fiscal year, so make sure that you mark these dates on your calendar.

April 2014

5th April

Since April marks the end of the fiscal year and the beginning of a new one, you will want to make sure that you submit all your PAYE payments by 5th April, following the real time information guidelines. Remember that real time information overrides forms P14 and P35.

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Just a few months into 2014, and trends for business and economic forecasts for the UK start to emerge. Surprising growth figures for January 2014 show the long anticipated recovery “green shoots” promised by the Chancellor of the Exchequer.

There certainly seems to be a methodology for business and economic forecasts in the UK, revolving around an intense battleground, featuring the UK government Department for Business and the Treasury spokespersons. A hallmark of this government under coalition, in one corner, valiant Liberal Democrat Vince Cable, backs all things to do with business. On the other side of the same ring, Chancellor George Osborne hammers home a staunchly conservative, with a small ‘c’, approach to an austerity vision he not only pioneered in the UK, but sold to the rest of Europe.

The word ‘austerity’ caught on like the battle cry of an ancient Celtic warrior in 2013. What, politically, was so out of fashion, now seems the accepted call-to-arms of the international economic community. We are a long way from Milton Friedman’s lasseiz-fare capitalism, sailing a course for the unknown. This is what makes business and economics forecasts for the UK in 2014 a little hard to predict, but incredibly important to watch and take note of.

One ancient British obsession, the weather, will have an impact on many forecasts for 2014. Unprecedented flooding reminds us all that you are ‘only as good as’ your profits last year. Insurance companies are sure to be downsizing float capital in preparation for payouts to the water-stricken victims of Somerset and beyond.

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