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.