News
In the last article, we looked at the looming January Self Assessment deadline. There is no shortage of important dates to be aware of when considering your finances; below, we have outlined the key dates to note for the coming year.
• 31st January – Self Assessment Tax Return Deadline
This is the deadline for those who need to file a Self Assessment tax return for 2021/22, and is the date that any tax owed must be paid by. If applicable, the first payment on account for 2022/23 must also be made by this date.
• 5th March – Rail Fares Rise
The Government has frozen rail fares until 5th March, on which date they are set to rise by a maximum of 5.9%. A cap has been imposed to help with the cost of living.
• 15th March – The Budget
March typically sees the Chancellor’s main Budget of the year, in which they outline the financial forecasts for the year and any proposals for tax changes. This year’s budget is expected to be held on 15th March.
• 31st March – End of Help to Buy Scheme
The Help to Buy Scheme was offered by the Government to help first time buyers, but closed in October 2022. Those already buying under the scheme have until 6pm on 31st March to complete on their purchase.
• 1st April – Energy Price Guarantee Rises; Changes to Household Bills; and Wage Rises
The Government’s Energy Price Guarantee, which has frozen the unit cost of gas and electric, will rise on 1st April. As a result, the average household will pay around £3,000 pa for energy, up from £2,500 pa.
Other household bills are also set to rise from the start of April, including broadband, council tax and water. Whilst the increases aren’t known yet, they will likely account for inflation to some extent. However, some households may see their water bills fall based on certain providers being unable to meet Ofwat targets on pollution and other issues.
In addition, the National Living and National Minimum Wages are increasing from this date.
• 5th April – Voluntary National Insurance Contribution Deadline
For those looking to top up their State Pension entitlement by making voluntary National Insurance (NI) Contributions for any gaps in their NI Record between April 2006 and 2016, the deadline is 5th April. Following this, individuals will typically only be able to make contributions for the previous six tax years.
• 5th April – End of the Tax Year
The current tax year (2022/23) will end on 5th April. If you’re planning to make use of tax allowances for the year, you will need to do so before this date.
• 6th April – New Tax Year
The new tax year (2023/24) starts on 6th April, from which point tax allowances ‘refresh’. State benefits and other Defined Benefit pension income will also increase from this point, with the State Pension and Pension Credit both rising by 10.1%.
Certain tax changes announced in the Autumn Budget are also set to come into effect. The additional rate income tax threshold, above which income tax is due at 45%, will reduce from £150,000 to £125,140. The dividend tax-free allowance will also fall from £2,000 pa to £1,000 pa.
Similarly, the capital gains tax exemption will reduce from £12,300 pa to £6,000 pa.
• 31st July – Second Payment on Account
For those in Self Assessment, the second payment on account for 2022/23 must be made by 31st July.
• 5th October – Deadline to Register for Self Assessment
This is the deadline anyone new to Self Assessment has to register by.
• 18th October – September Inflation Announcement
Inflation figures announced in September are used when calculating changes to State Benefits, tax credits, the increase to the State Pension, and increases for many Defined Benefit pensions. Such changes usually come into effect at the start of the following tax year.
• 31st October – Postal Self Assessment Deadline
Those opting to file their Self Assessment tax return for 2021/22 by post, rather than online, will need to so by 31st October.
• November – Autumn Statement
The Chancellor’s Autumn Statement, typically a ‘mini Budget’, is usually delivered in November each year. The purpose is to provide an update on the Government’s economic plans based on the latest forecasts from the Office for Budget Responsibility (OBR).
• 31st December – End of Mortgage Guarantee Scheme
The Government’s Mortgage Guarantee Scheme was launched in April 2021, offering lenders the option to purchase a guarantee on mortgages where borrowers have a deposit of only 5%. The scheme is designed to help more households get onto the property ladder. Originally ending in 2022, the scheme has been extended until 31st December 2023.
If you would like to discuss any of the above with a member of the team, please don’t hesitate to contact us.
