Expert reveals all on 2023’s key financial dates, from tax deadlines to wage increases

Expert reveals all on 2023’s key financial dates, from tax deadlines to wage increases

It’s no surprise that many Brits will be entering 2023 with some financial concerns, as the cost of living continues to bite. That’s why the experts at money.co.uk are helping you to be prepared this year, with a 101 to 2023’s key financial dates.

Lucinda O’Brien, savings expert at money.co.uk reveals financial steps for managing your finances:

“The past year has been tough for our personal finances, with one of the worst cost of living crises in memory.

“One of the major blockers for our savings are unexpected changes to bills, payments and benefits which can make it feel impossible to meet savings goals. However, there are many key events we can plan for and take into consideration when managing our finances.

To help make 2023 hopefully run a little easier, it’s a good idea to familiarise yourself with some of the key dates in the financial calendar. Important things to look out for include when we can expect our bills to go up again, but also when we can expect to receive government support.”

Lucinda O’Brien, personal finance expert at money.co.uk comments:

31 January – Deadline for self-assessment tax payments
The first major date in the calendar is the deadline for self-assessment tax payments at the end of January. This is the date by which individuals must pay any tax they owe for the previous tax year. It’s also the date when you have to submit your self-assessment tax return if you’re doing it online. If you are unable to pay your self-assessment tax bill by the deadline, you may be able to set up a payment plan with HM Revenue and Customs (HMRC). If you are self-employed, this is a great time to take control of your finances.

15 March – The Spring budget
The Spring budget has been announced to take place on the 15th of March this year and will be the first delivered by new Chancellor Jeremy Hunt. The budget is a financial plan presented by the Chancellor to the House of Commons that outlines the government’s expected expenditures and revenues for the upcoming fiscal year. This is an important announcement as it can have a significant impact on individuals. The decisions in the budget affect the amount of tax we pay and the level of government services and support available.

31 March – End of Help to Buy
The Help to Buy scheme is a government program to help people who are struggling to afford a deposit on a home. The program provides financial assistance to first-time buyers and home movers who are looking to purchase a new build or existing property. It was initially introduced in 2013 and was set to run until 2020, but has since been extended several times and is due to finally end in March. If you have money tied up in a Help to Buy ISA, now is the time to be looking at your accounts.

1 April – Energy Price Guarantee rises
The Energy Price Guarantee was introduced under the Liz Truss government to combat the cost of living crisis. The scheme froze the unit costs of gas and electricity, meaning the average household would spend around £2,500 a year. These unit costs will rise in April, meaning the average household will now pay around £3,000 for their bills.

Other bills could rise too
The 1st of April is also the date when many other providers increase their prices for things such as broadband and mobile phone deals. This is tied to the rate of inflation and any changes will affect you even if you’re midway through a contract. Water bills will also change at this time, however, there’s a chance these could actually decrease. Many water companies failed to meet targets set by regulators and will have to cut their prices as a result.

1 April – Living wage to increase
April 1st is a busy date and another thing to look out for on this day is an increase in the National Living Wage. This is set to rise from £9.50 to £10.42 an hour for workers 23 and over, with increases for those under 23 and apprentices too.

5 April – End of the tax year
The tax year ends on April 5th. This is an excellent time to contribute to an ISA to make sure that you use as much of your annual allowance as you can. You may also want to consider making contributions to a pension or other retirement savings plan. These contributions may be tax-deductible, which can help to reduce the amount of tax that an individual owes.

6 April – Start of the new tax year
The next day sees the start of the new tax year. This ​​marks the beginning of a new period for tax planning and reporting. It will also see state pension and Universal Credit increase by 10.1%. The start of the new tax year will also see some changes to taxes announced in the Autumn Budget. First, the threshold for the top rate of income tax will be reduced from £150,000 to £125,140. The tax-free dividend allowance will also drop from £2,000 to £1,000, while the capital gains tax threshold goes from £12,300 to £6,000.

31 October – Paper tax deadline
If you want to submit a paper self-assessment tax return then the deadline is the 31st of October. If you don’t, then the online deadline is January 31st the following year.

November – Energy support schemes restart
There are a number of schemes that were introduced to help with the cost of energy bills that will be running again in 2023. The Warm Home Discount scheme gives £150 off energy bills to pensioners and people on low incomes who receive certain benefits. There’s also the Winter Fuel Payment of up to £300.

There are also other things to look out for throughout the year such as the regular meetings of the Bank of England to determine interest rates, as well as the monthly inflation updates.

Rugged Hank

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Typically thought of as being an easy to clean area of the home, hard floors have risen in popularity in recent decades. Globally, hard floors are the most common floor type,2 and research released today by Dyson has uncovered poor cleaning habits that mean hard floors are likely to be harbouring an array of hidden nasties. This comes as 32% of Brits – equating to 21.6 million people in the UK – will use the same dirty mop head for six months or more before replacing it. What’s more, one in 20 also admit to keeping the same mop for a year or longer, and one in 10 think it is acceptable to use the same mop 100 times, spreading dirt around their floors every time they use it. Cross contamination is a primary issue for most common and traditional mopping methods with germs and bacteria further being unknowingly spread around homes as Brits use dirty water to clean floors.3 45% only change the water to new water between rooms, whereas 41% wait even longer until it looks dirty. This could mean that floors are being washed with dirty water, adding more dirt rather than taking it away. Surprisingly, almost one in 10 (9%) even admit to not changing the dirty water at all when mopping. Over a quarter (28%) admit to mopping their floors once a fortnight or less while over half (53%) admit they don’t regularly clean behind appliances and leave dirt to build up for as long as six months at a time. image002.jpg On how to achieve a perfect barefoot clean feel after mopping, Geli Lee, Dyson Engineer and Home Cleaning Expert offers their top tips for eliminating dirt around the home: 1. Create a cleaning schedule to stay on top of dirt build-up. In the last year, there has been a 15% global reduction in the number of people who maintain regular cleaning schedules. 47% of the British public admitted to only being motivated to clean when they spot visible dirt or dust.4 Regular floor cleaning with a wet hard floor cleaner like the Dyson WashG1™ removes more stubborn dirt than vacuuming alone. It is important to have a debris free surface, clear any clutter from the floor or other surfaces. Choose the right machine: Different vacuums are designed for different floor types and home sizes. Some machines will be engineered with hard floors in mind and will struggle on thick pile carpets, for example. Choosing the right machine for your home will make a big difference to the ease and speed with which you’re able to clean your home. Clean your floors ‘little and often’. Washing your floors frequently in areas that receive more foot fall will help to stop dirt building up and getting trodden into your floor. Using a dedicated wet floor cleaner on hard flooring such as the Dyson WashG1 is helpful for this, as the versatile format means it vacuums and washes the floor simultaneously. Cleaning schedules have also become less regimented. In recent years only 41% of people claim to have a regular cleaning schedule, and 60% admit to cleaning reactively; being motivated to clean only when there is visible dirt or dust5. It’s perhaps not surprising, that a fifth of people are still concerned their floors are dirty after they’ve mopped them (22%) and one in four6 feel extremely worried about indoor dust at home. Geli Lee, Dyson Engineer and Home Cleaning Expert reveals why it is important to change the way we mop: “Cleaning your hard floors properly and regularly is important for maintaining a healthy environment around your home. Without a proper cleaning routine, dirt may unknowingly build up and spread around your home. It is evident from our research that current mopping habits mean British households aren’t cleaning their floors as effectively as they should. “From ignoring problem areas where dust and debris build up, cross contamination with dirty water to not replacing mop heads or inconsistent cleaning, current mopping behaviours may be making floors dirtier as opposed to cleaner. Moving away from traditional methods, wet floor cleaners like the Dyson WashG1 simplify the floor cleaning experience and provide a modern efficient and hygienic solution” To help take the guesswork out of mopping, the brand new WashG1 is Dyson’s first dedicated wet floor cleaner that tackles wet and dry debris in one go. Engineered for hygienic cleaning and maintenance, the WashG1 is revolutionising wet floor cleaning, removing the need for multi-products and multi-steps to achieve a barefoot clean feel around the home. To put the product to the test, Dyson have cleaned one of London’s most iconic landmarks The Victoria and Albert Museum. From cleaning the grand marble floors housing the most prestigious exhibits, to cleaning up leftover food in the Gamble Room Cafe, the WashG1 had a dirt busting tour of the museum leaving it spotless. Images can be found here. The WashG1 introduces Dyson’s engineering expertise to cleaning hard floors. With a 1 litre clean-water tank to cover flooring up to 290m2, the Dyson WashG1 uses a combination of hydration, absorption, and extraction technologies to remove wet and dry spills and stains simultaneously. The Dyson WashG1 is available to purchase now from Dyson.co.uk, retailing at £599.99.

Typically thought of as being an easy to clean area of the home, hard floors have risen in popularity in recent decades. Globally, hard floors are the most common floor type,2 and research released today by Dyson has uncovered poor cleaning habits that mean hard floors are likely to be harbouring an array of hidden nasties. This comes as 32% of Brits – equating to 21.6 million people in the UK – will use the same dirty mop head for six months or more before replacing it. What’s more, one in 20 also admit to keeping the same mop for a year or longer, and one in 10 think it is acceptable to use the same mop 100 times, spreading dirt around their floors every time they use it. Cross contamination is a primary issue for most common and traditional mopping methods with germs and bacteria further being unknowingly spread around homes as Brits use dirty water to clean floors.3 45% only change the water to new water between rooms, whereas 41% wait even longer until it looks dirty. This could mean that floors are being washed with dirty water, adding more dirt rather than taking it away. Surprisingly, almost one in 10 (9%) even admit to not changing the dirty water at all when mopping. Over a quarter (28%) admit to mopping their floors once a fortnight or less while over half (53%) admit they don’t regularly clean behind appliances and leave dirt to build up for as long as six months at a time. image002.jpg On how to achieve a perfect barefoot clean feel after mopping, Geli Lee, Dyson Engineer and Home Cleaning Expert offers their top tips for eliminating dirt around the home: 1. Create a cleaning schedule to stay on top of dirt build-up. In the last year, there has been a 15% global reduction in the number of people who maintain regular cleaning schedules. 47% of the British public admitted to only being motivated to clean when they spot visible dirt or dust.4 Regular floor cleaning with a wet hard floor cleaner like the Dyson WashG1™ removes more stubborn dirt than vacuuming alone. It is important to have a debris free surface, clear any clutter from the floor or other surfaces. Choose the right machine: Different vacuums are designed for different floor types and home sizes. Some machines will be engineered with hard floors in mind and will struggle on thick pile carpets, for example. Choosing the right machine for your home will make a big difference to the ease and speed with which you’re able to clean your home. Clean your floors ‘little and often’. Washing your floors frequently in areas that receive more foot fall will help to stop dirt building up and getting trodden into your floor. Using a dedicated wet floor cleaner on hard flooring such as the Dyson WashG1 is helpful for this, as the versatile format means it vacuums and washes the floor simultaneously. Cleaning schedules have also become less regimented. In recent years only 41% of people claim to have a regular cleaning schedule, and 60% admit to cleaning reactively; being motivated to clean only when there is visible dirt or dust5. It’s perhaps not surprising, that a fifth of people are still concerned their floors are dirty after they’ve mopped them (22%) and one in four6 feel extremely worried about indoor dust at home. Geli Lee, Dyson Engineer and Home Cleaning Expert reveals why it is important to change the way we mop: “Cleaning your hard floors properly and regularly is important for maintaining a healthy environment around your home. Without a proper cleaning routine, dirt may unknowingly build up and spread around your home. It is evident from our research that current mopping habits mean British households aren’t cleaning their floors as effectively as they should. “From ignoring problem areas where dust and debris build up, cross contamination with dirty water to not replacing mop heads or inconsistent cleaning, current mopping behaviours may be making floors dirtier as opposed to cleaner. Moving away from traditional methods, wet floor cleaners like the Dyson WashG1 simplify the floor cleaning experience and provide a modern efficient and hygienic solution” To help take the guesswork out of mopping, the brand new WashG1 is Dyson’s first dedicated wet floor cleaner that tackles wet and dry debris in one go. Engineered for hygienic cleaning and maintenance, the WashG1 is revolutionising wet floor cleaning, removing the need for multi-products and multi-steps to achieve a barefoot clean feel around the home. To put the product to the test, Dyson have cleaned one of London’s most iconic landmarks The Victoria and Albert Museum. From cleaning the grand marble floors housing the most prestigious exhibits, to cleaning up leftover food in the Gamble Room Cafe, the WashG1 had a dirt busting tour of the museum leaving it spotless. Images can be found here. The WashG1 introduces Dyson’s engineering expertise to cleaning hard floors. With a 1 litre clean-water tank to cover flooring up to 290m2, the Dyson WashG1 uses a combination of hydration, absorption, and extraction technologies to remove wet and dry spills and stains simultaneously. The Dyson WashG1 is available to purchase now from Dyson.co.uk, retailing at £599.99.

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