From tax dates, energy prices, cost of living, rail fares, inflation and interest rates we’ve put together a summary of the key dates and changes in 2023 that could affect your personal finances.  We will be regularly updating our blog as more details become available.

January

31^st Tax return deadline

Self assessment tax returns for tax year 2021/2022 must be filed AND the first payment made.

March

5^th Rail fare rise

This year’s rise has been pushed back from January to March, with fares rising by up to 5.9%

15^th Spring Budget

Chancellor Jeremy Hunt will detail his financial plan for the coming year.

31^st Help to buy deadline

The scheme designed to help buyers with a 5% deposit get on the property ladder draws to a close.  All purchases under the scheme MUST have completed by 31^st March.

31^st Energy discount ends

As things stand, the £400 rebate on energy bills will end, there are no current plans to extend.

April

1^st Energy Price Guarantee rises

The Energy Price Guarantee will increase from £2,500 to £3,000 for a typical household.  It is important to note that this isn’t the highest amount you could pay on your energy bills.  Simply put, if you use less you will pay less, use more you will pay more.

1^st Council tax bills go up

For the first time the average council tax bill is set to exceed £2,000 per year.  Councils have had the 3% increase cap removed, allowing them to increase by up to 5%, with the additional 2% for social care.

1^st Water bills could rise

New rates for water bills will begin on April 1^st, The water regulator, Ofwat, has told some suppliers to reduce bills customer due to missed targets on pollution and water supply targets.

1^st Prescription charges?

Prescription charges were frozen for 2022/2023 for the first time in 12 years, it’s not yet been confirmed whether the freeze will remain in place.

5^th End of the tax year

The day before all your tax allowances reset.  Have you made use of all your allowances for the year?

6^th Tax Changes

Following on from Jeremy Hunt’s autumn statement, this is the day that his announced tax changes will take place.

10^th State Pension and benefits rise

The reintroduction of the triple lock means that state pension will rise by 10.1%, this means the full state pension will increase from £185.15 to £203.85 per week, and the basic from £141.85 to £156.20 per week.

Benefits will also rise by 10.1% meaning the standard allowance for someone single and under the age of 25 will rise from £265.31 to £292.11.  Those with a joint claim, where one or both parties is over 25, will receive £578.82, and increase from £525.72.

July

31^st Stamps deadline

Traditional, non barcoded stamps will no longer be accepted, you can however still use commemorative  and non barcoded Christmas stamps.

31^st Payment on account deadline

If you file a self assessment tax return, your second payment will now be due

October

31^st Paper tax deadline

If you file a paper self assessment tax return, the deadline is October 31^st.  You face fines if you don’t meet the deadline.

November

Energy help

While there is no specific date for this, it is expected that within November the Winter Fuel Payments of up to £300 will be paid out (age, location and benefit status dependant)

Inflation

The Office for National Statistics releases inflation figures on a monthly basis, this year’s expected dates are:

January 18th	February 15th	March 22nd	April 19th
May 24th	June 21st	July 19th	August 16th
September 20th	October 18th	November 15th	December 20th

Interest rates

The Bank of England (BoE) base rate is currently at 3.5%, this was just 0.1% in December 2021, it has been raised nine consecutive times over the last year.

The Monetary Policy Committee meets eight times a year to discuss whether to adjust the BoE base rate.  The expected dates for 2023 are: 

February 2nd	March 23rd	May 11th	June 22nd
August 3rd	September 21st	November 2nd	December 14th

Cost of living payments

Over the coming year there are expected to be more rounds of cost of living payments, as with 2022 these will be linked to those on certain means tested benefits.

State pension age

The next review into the state pension age is expected early this year.  It is currently 66 and is expected to rise to 67 by 2028.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen. 

Approved by the Openwork Partnership on 30^th January 2023