Entering 2023 means not only a new year, but new changes on the horizon – and these can be particularly impactful when it comes to a person’s finances. Millions of people will have made the New Year’s Resolution to get on top of their money in 2023.
Understanding important dates throughout the year could be a good place to start.
Self Assessment tax deadline – January 31
January 31 marks the deadline for income tax self assessments, but this is also the date a tax payment is due.
Mike Parkes, tax expert at GoSimpleTax, said: “This is a considerable outlay for most self-employed people or those receiving dividends from their employment. Given the extra pressure on household expenditure at the moment, tax bills could be very difficult to manage this year.”
READ MORE: HMRC warning as ‘most pressing’ tax deadline looms in weeks
Base rate decision – February 2
The first base rate decision of 2023 will be made by the Bank of England on February 2.
The Monetary Policy Committee last met on December 15, 2022, where it was decided the base rate would increase from three percent to 3.50 percent.
With inflation continuing to run high, experts believe the base rate will rise again.
This will likely be good news for savers, but create worry for those on a standard variable rate mortgage, or those coming to the end of a mortgage deal.
Budget – March 15
The next Budget is likely to touch upon key financial issues impacting the UK, such as the ongoing cost of living crisis.
In a statement, Chancellor Jeremy Hunt confirmed there would also be a forecast from the Office for Budget Responsibility published on this date.
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Energy price guarantee increase – April 1
Although an energy price guarantee will still be in place for a 12-month period from April 2023 to April 2024, there will be a change.
The unit price for gas and electricity will be increased, meaning the typical household will pay £3,000 for energy usage, rather than £2,500.
It is always worth noting this is not a cap on the actual bill, rather the unit price, and so the final bill will depend on a person’s usage.
Bill increases – April 1
Like energy bills, other bills are also likely to increase as they tend to do every April.
Britons can expect to receive details of how their council tax bill may be impacted – with hikes of up to five percent predicted.
Similarly, individuals are likely to pay more for their broadband and phone bills from this date onwards.
READ MORE: Reducing thermostat can knock £300 off energy bills a year
New tax year – April 6
Mr Parkes from GoSimpleTax added: “April sees the end of the current tax year and the start of the new one. It’s at this point that you can complete your tax return for 2022/23, rather than leaving it until January 2024.
“Your tax won’t be due until January 2024, but you’ll know what you owe which means that you can budget for it.”
State pension and benefit increase – April 6
The start of a new tax year means the state pension and benefits are all set to increase.
The return of the triple lock means state pensioners will see a 10.1 percent increase from this date.
Benefit claimants will also obtain the same rise, for example those receiving Universal Credit, PIP or Pension Credit.
Cost of living payments – Spring 2023 onwards
While exact payment dates have not been confirmed for a new raft of cost of living payments, the support is likely to be welcome.
In October, Mr Hunt announced people on eligible means-tested benefits will get a £900 boost.
Payments of £150 for eligible people with a disability, and £300 for eligible pensioners will also make a return.
It means Britons could get up to £1,350 worth of support for the year.
September inflation announcement – October 18
The September inflation figure is important as this becomes a factor in the triple lock.
If the policy is maintained, individuals will be looking out for the figure, released on October 18 by the Office for National Statistics (ONS).
Autumn statement – November 2023
The exact date of an autumn statement is yet to be confirmed. But such an announcement is likely to address big financial issues, and look towards 2024.