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This year will bring, among other things, new tax increases, a record increase in the state pension and the end of certain energy support measures.
Now more than ever, it is vital to keep a close eye on your finances.
Here’s Money Mail’s list of this year’s most important dates to note so you’re one step ahead…
Higher bills: At the end of February, Ofgem announces the new energy price cap that will apply from April to June
January
By the end of the month, those required to complete a self-assessment tax return must file their return online.
This also applies to the self-employed, high incomes and people with an income that is not taxed at source.
It’s also the deadline for paying a 2021/22 tax bill — plus, for the self-employed, the first half of a ‘prepayment’ that goes into the account for the following tax year.
The deadline for a capital gains tax payment on assets, including investments, sold in the 2021/22 tax year is January 31.
And beware, because capital gains tax-free allowances are dwindling in the 2023/24 tax year.
If you haven’t already, consider the timing of any capital gains you may make and make sure you use up your £12,300 allowance for the current tax year. On April 6, it drops to just £6,000 per person.
February
At the end of February, Ofgem will announce the new energy price cap that will apply from April to June.
Although households are protected by the Energy Price Guarantee, the cap still reflects the cost of energy supply and will be used by the government to set the guarantee.
March
- Energy bill support scheme
The Energy Bills Support Scheme, which gives households a grant of £400 to help with their energy bills during the winter, is coming to an end.
Key Date: The deadline for a capital gains tax payment on assets is January 31
Payments have been made monthly since October, the last in March.
Chancellor Jeremy Hunt will prepare a spring budget on March 15, which could see new tax measures. One to watch.
It is expected that the notifications of increases from this month will arrive in the letterbox on the account statements for the coming year.
Councils can raise the tax by 5 percent without holding a local vote, and higher bills are likely for most.
The Help to Buy equity loan scheme – under which the government lends first-time buyers in England money to buy a newly built house – ended in October for new applications.
All eligible homebuyers who submit a successful application on time must legally complete by March 31.
April
April 5 is the end of the tax year and the deadline to use up savings, also for Isas and pensions.
Investors have until this date to use up their Isa credit – if you don’t use it, you lose it.
You can pay for an Isa share and keep it as cash if you don’t want to make a hasty decision about where to invest it.
On 6 April there will be a new allowance for Isa’s of £20,000 per investor and £9,000 for a Junior Isa.
The end of the tax year is also when your annual pension contribution allowance of £40,000 resets.
April 5 is the end of the tax year and the deadline to draw up savings, also for Isas and pensions
The AOW will increase by 10.1 percent on April 10 in the context of the ‘triple lock’ provision.
In its November fall statement, the Treasury confirmed that state pensions would increase in April 2023 in line with consumer price inflation at the September rate.
This means the full new state pension will be increased by a record £972.40 to £10,600.20 a year (or £203.85 a week).
Those of state pension age before April 2016 will receive around £156 a week, or £8,100 for the whole year, in basic pensions, before any top-ups.
The tax-free dividend payment will be reduced from £2,000 to £1,000 per person. This is the amount you can earn tax-free annually from the dividends on shares or funds.
Investors who hold money outside of a pension or an Isa will now face a greater tax burden – a reminder of the value of Isas where all dividends are tax-free.
The top income tax rate of 45 per cent applies to those earning more than £125,140 – a reduction from the previous threshold of £150,000.
As a result, high earners will pay more tax and more people will fall into the highest tax bracket.
The corporate tax rate will increase from 19 percent to 25 percent, so those who run a public limited company will pay more.
Several major broadband companies, such as BT, EE, Plusnet, TalkTalk and Vodafone, raise prices each April in line with the consumer price index (as published in January), plus a further 3.9 per cent or 3.7 per cent.
This means that broadband customers can pay an extra £113 on their annual bills compared to the amount they signed up for.
Be able to
This month Ofgem unveils the new limit level which will apply from July to September.
July
On July 31, the new consumer tax, imposed by City Watchdog, the Financial Conduct Authority, comes into effect.
It will set higher and clearer consumer protection standards for new and existing financial products and services.
The goal is to eradicate scam fees and surcharges and make exchanging or canceling products as easy as it was to purchase them in the first place.
The rules also ensure helpful and accessible customer support and eliminate unnecessarily lengthy terms and conditions.
August
This month, Ofgem will announce the cap level to apply from October to December.
November
The date will be set closer to the date, but the chancellor typically delivers the main budget statement in November, with updates on tax and spending plans for the year ahead.
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