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.

 

This is also the time to submit your Employer Payment Summary, which should include detailed payment information on any employees that you may have on your payroll.

 

6th April

 

Make sure that you update any changes that apply to your employees’ tax code by this date. The same applies to any changes that involve National Insurance Contribution payments.

 

May 2014

 

31st May

 

Make sure to give your employees their P60 forms for the previous tax year.

 

July 2014

 

6th July

 

Ensure that any annual share scheme returns are filed under form 42. This is also the deadline for submitting any returns on benefits and / or expenses, such as company cars, travel expenses, assistance with childcare, or health insurance. 

 

19th July

 

Any payments related to Class 1A – National Insurance Contributions made in the form of benefits in kind should be made by this date. 

 

31st July

 

The second annual payment on personal tax for the previous tax year is due on this date.

 

October 2014

 

5th October

 

You should notify HM Revenue and Customs about any chargeable capital gains tax or income tax applicable to the fiscal year that ended in April 2014.

 

31st October

 

Any self assessment tax returns applicable to the year so far that have not been submitted online should be filed by this date.

 

January 2015

 

31st January

 

This is the deadline for submission of first payment of the year on personal tax, as well as for the payment of any outstanding balance on personal tax for the previous tax year.

 

April 2015

 

5th April

 

PAYE information must be submitted by the end of the 2014-2015 tax year, as well as your Full Payment Submission. Remember that this must be reported in real time, as forms P14 and P35 are now obsolete.

 

Monthly and Quarterly Repeat Dates

 

In addition to the dates and deadlines mentioned above, make sure you stay on top of the following monthly and quarterly deadlines where applicable:

5th of every month

This is the deadline for updating any changes made to car and fuel benefits during the previous quarter, using form P46-car.

14th of April, July, October, and January

Submit form CT61 where applicable (Corporation Tax / Return of Income Tax on Company Payments), as well as any associated income tax payments applicable to the previous quarter.

19th of every month

All monthly returns related to the Construction Industry Scheme must be submitted by this date. 

Monthly PAYE and National Insurance Contributions that are not submitted electronically are also due on the 19th of every month.

22nd of every month

This is the monthly deadline for filing electronically Construction Industry Scheme payments, PAYE, and National Insurance Contributions.

 

For further information on tax matters, deadlines, and procedures, you can visit the HM Revenue and Customs website for employers at http://www.hmrc.gov.uk/employers/index.shtml.