It pays to be prepared and make a note of the important dates in 2023 that could affect your finances. From self-assessment deadlines and tax changes to the energy price guarantee and the state pension increase, here are the key dates you need to know.
31 January – Self-assessment tax deadline
People who have to file self-assessment tax returns must do so by 31 January. It’s also the deadline to pay any tax owed from that return.
It doesn’t end there, either. Self-employed workers are also required to pay a payment on account – this is an advance payment towards your next tax bill, based on your previous tax liabilities. The first payment must be made by 31 January.
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Remember, payments to HMRC can take a few days, so complete your tax return a few days ahead of the 31 January deadline.
March – The Budget
Every year we have at least one big Budget statement delivered by the chancellor, when he or she runs through the financial forecasts for the year ahead as well as any proposed changes to the tax system.
The Budget is usually delivered in March. The Office for Budget Responsibility has been asked to prepare a forecast by 15 March to accompany the Budget, meaning the Budget could be held on this date or shortly afterwards.
5 March: Rail fares rise
Like last year, the government is freezing rail fares for January and February, meaning fares will officially rise on 5 March 2023.
While the cost of train tickets is usually pegged to inflation, the government has said fare increases for 2023 will be capped at 5.9% – 6.4 percentage points below July 2022’s retail prices index - to help people with the cost of living.
31 March – End of Help to Buy
The Help to Buy scheme involves property buyers gaining an equity loan to supplement their deposit when purchasing a new-build property.
Buyers had to apply for that loan by 31 October 2022, but have until 31 March 2023 to complete the purchase of the property. Homebuyers are expected to have the keys to their home by 6pm.
1 April ‒ Energy Price Guarantee rises
One of the measures brought in by Liz Truss’s short-lived government was to support households with soaring energy price bills with the Energy Price Guarantee. This froze the unit cost of gas and electricity, meaning the average typical household bill comes to around £2,500 a year - the more you use, the more you pay.
On 1 April 2023, the guarantee will rise to a higher level, meaning the average typical household will have to pay around £3,000 for their annual energy bill. This guarantee will be in place until April 2024. You can read more about energy prices in our article will energy prices fall in 2023?
Though there is little you can do about the energy price, there are things you can do to keep energy costs low, which we explain in our article.
1 April – Changes to household bills
Changes will take place to a host of household bills from the start of April.
For example, many broadband and mobile phone providers impose price increases each year that are tied to the rate of inflation. These increases occur even if you are mid-contract.
If you are at the end of your contract, now is a good time to shop around and lock in a new deal.
Water bills are also due to change from April. Annual water bills are divided into 12 monthly payments, with the new prices beginning from the start of April. Many households will see their water bills fall next year, as water firms have failed to meet targets imposed by Ofwat, the water regulator, on issues such as pollution and water supply interruptions.
However, other factors like inflation, could mean water bills rise significantly, depending on your water supplier.
You can't change your water provider to get a cheaper water deal, but you could potentially be better off using a meter instead, depending on the size of your house and the number of people living in it. Use the calculator from Ofwat to see if you are better off with a meter.
And then there is council tax. We don’t yet know the scale of the increases to council tax, however last year’s Budget included the detail that councils will be able to raise tax by 3% - plus another 2% for social care – without holding a referendum. With rising social care costs and other financial pressures, many local authorities are likely to raise council tax as much as they possibly can.
1 April: National Living wage and minimum wage rise takes effect
Chancellor Jeremy Hunt announced in November that the National Living Wage for workers aged 23 and over would increase by 9.7% from £9.50 to £10.42 an hour. The rates for those aged under 23, and apprentices, will also rise too.
5 April – End of the tax year
The 2022-2023 tax year ends on 5 April, so if you’re planning to utilise your entire annual ISA allowance, the full £20,000 will need to have been paid into your accounts by this date. This also includes junior ISAs, which come with a separate annual allowance of £9,000 per tax year.
Anyone wanting to pay extra into their pension should also try and do this before 5 April. Most people can contribute up to £40,000 to their pension pot each tax year and benefit from tax relief. However, those with an annual income – including salary, and income from savings and investments – of more than £200,000, or those who earn less than £40,000 a year, have a lower pension allowance.
To find out how the pension allowances work, and for information about how to “carry forward” unused allowances into the next tax year, take a look at this article.
6 April – New tax year: pensions and benefits
The start of the next tax year is 6 April, and this is a date when increases to various state benefits and tax reliefs will kick in.
6 April – New tax year: tax changes
In his inaugural Autumn Budget, chancellor Jeremy Hunt made several tax changes, which will hit high earners and investors. He reduced the threshold at which the top 45p rate of income tax becomes payable from £150,000 to £125,140. This will take effect from 6 April, 2023.
Hunt is also planning to eliminate the dividend tax-free allowance, which currently stands at £2,000 a year.
This will fall to £1,000 on 6 April, and then £500 for the 2024-2025 tax year. The tax rates on dividend income remain unchanged.
Meanwhile, the threshold for paying capital gains tax will be more than halved from £12,300 to £6,000 for the 2023-2024 tax year. It will be cut again to £3,000 in the 2024-2025 tax year.
31 July – Second payment on account
The second and final payment on account for the 2022-2023 tax year will have to be paid by self-employed people by the end of July.
31 July - Deadline to use up non-barcoded stamps
Customers have until 31 July to use up any non-barcoded 1st and 2nd class stamps before they become worthless. The deadline affects “everyday” stamps featuring the late Queen’s profile; themed, commemorative and Christmas stamps that don’t have a barcode can still be used after this date.
The previous cut-off was 31 January 2023, but Royal Mail said it recognised that customers needed more time to use up their non-barcoded stamps. If you don’t manage to use the stamps, they can be swapped for barcoded stamps of the same value, free of charge.
Bear in mind that Royal Mail is still advertising a date of 31 January to use up the stamps. However, it explained to MoneyWeek: “The official deadline remains January 31. But from this date we have introduced a six-month period of grace for anyone sending non-barcoded stamps. So during this time non-barcoded stamps can be sent as usual.”
16 August – July inflation announcement
The inflation figure for July is important as it is used to set the increase in rail fares, which will take place from the start of 2024.
5 October – Deadline to register for self-assessment
If you’re new to self-assessment, this is the deadline to register with HMRC. This applies if you’re self-employed or a sole trader, not self-employed, or registering a partner or partnership.
18 October: September inflation announcement
The figure for September is also really important, as it is used when calculating changes to benefits, the state pension and tax credits.
For example, the triple lock means that each year the state pension increases by the largest of the following three figures: 2.5%, the rate of inflation, or the rate of earnings growth.
It’s the September inflation figure that is used in this comparison.
31 October: Postal self-assessment deadline
Some taxpayers opt to file their self-assessment by post rather than online.
If you choose to do this, you have an earlier deadline of 31 October.
November: Autumn Statement
Effectively a mini Budget, the Autumn Statement is another big statement from the chancellor. It is usually delivered in November.
31 December: End of mortgage guarantee scheme
Launched in April 2021, the mortgage guarantee scheme was due to expire at the end of 2022. However, the Treasury has confirmed that it will now run until 31 December 2023 amid concerns that falling house prices and an upcoming recession will reduce the number of low-deposit mortgage deals.
The scheme is designed to help first-time buyers get on the property ladder with just a 5% deposit. It has already helped 24,000 households, giving people with a deposit of less than 10% the chance to buy a house up to the value of £600,000.
Additional contributions from Ruth Emery
The more places using the Gregorian calendar, the more other countries were pushed to change and adopt it. Today, the Gregorian calendar is used everywhere, as is the year 2023 referring to the birth of Jesus Christ!Why are we in the year 2023? ›
The more places using the Gregorian calendar, the more other countries were pushed to change and adopt it. Today, the Gregorian calendar is used everywhere, as is the year 2023 referring to the birth of Jesus Christ!How can I improve my financial situation? ›
- Saving is key. To save more money is the first step to be in a good financial shape. ...
- Decrease or pay off debt. There are assets that you often acquire through financing, such as a mortgage contract or taking out a loan to purchase a car. ...
- Avoid minor expenses.
- Talk with a professional. A financial coach, counselor or other expert can help you figure out where to start and what to prioritize. ...
- Or chat with friends and community members. ...
- Try quizzes, apps and spreadsheets. ...
- Review your finances and set goals.
Key dates in the UK financial year. In the United Kingdom, the financial year begins on 6th April of the current year, and ends on 5th April of the following year.What to do when you're financially struggling? ›
- Prioritize what you can control on discretionary spending.
- Find ways to earn more money.
- Pay essential bills.
- Save money during trying times.
- Track your money-saving progress.
- Talk to your lenders.
- Consult with an expert financial advisor.
- Identify the problem. ...
- Make a budget to help you resolve your financial problems. ...
- Lower your expenses. ...
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- Stop taking on debt to avoid aggravating your financial problems. ...
- Avoid buying new. ...
- Meet with your advisor to discuss your financial problems. ...
- Increase your income.
- Cope with financial stress. ...
- Have a “why.” ...
- Create multiple streams of income. ...
- Stay in your 3-foot world. ...
- Pay yourself first. ...
- Surround yourself with like-minded people. ...
- Invest. ...
- Practice gratitude.
Key steps to attaining financial literacy include learning how to create a budget, track spending, pay off debt, and plan for retirement.How do you teach money mindset? ›
- Step 1: Reflect on your financial perspective. ...
- Step 2: Adopt a positive money mindset. ...
- Step 3: Shift your mindset to save money. ...
- Step 4: Monitor your spending. ...
- Step 5: Commit to changing your money habits.
The identification of a fiscal year is the calendar year in which it ends; thus, the current fiscal year is 2023, often written as "FY2023" or "FY23", which began on 1 October 2022 and will end on 30 September 2023. Until 1976, the fiscal year began on 1 July and ended on 30 June.
What is Financial Year? The Financial Year can be simply defined as a period of 12 months in which income is earned. Any revenue generated between April 1, 2022, and March 31, 2023, will be assessed for the current Fiscal Year (FY) 2022-23.What is the US financial year? ›
Calendar year - 12 consecutive months beginning January 1 and ending December 31. Fiscal year - 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month.What big things are happening in 2023? ›
- Rihanna Performs At The Super Bowl Halftime Show, Feb. ...
- WorldPride in Sydney, Feb. ...
- Warner Bros. ...
- Celebration Picasso 1973-2023, April 8. ...
- The Coronation Of King Charles, May 6. ...
- FIFA Women's World Cup, July 20-Aug. ...
- Disney100, Oct. ...
- Diwali, Nov.
The year 2023 will be a moderate year for everyone. People will get their love, while some zodiac may need to plan better their life decisions. External support in different aspects for individuals, nations, and corporates will be beneficial. However, the natives of certain zodiacs need to be extra cautious too.What era will 2023 be? ›
2023 CE refers to the year 2023 in Common Era. It is same as 2023 AD (Anno Domini) - i.e. 2023 years after the birth of Jesus Christ. 2023 BCE would refer to the year 2023 before Common Era. We are currently living in the Common Era.How do I stop worrying about money and start living? ›
- Don't let money consume your thoughts.
- Get organized.
- Let go.
- Set up monthly auto payments.
- Talk to someone about your financial stress.
- Manage your health to build wealth.
- Focus on your financial goals.
- Live a little.
The biggest reason you might end up broke is simply math: You're spending all that you're earning — or more. Plenty of less-than-ideal money moves could put you in this position. Maybe you're buying unnecessary things or overspending to keep up with friends over fear of missing out.Can lack of money cause depression? ›
A number of studies have demonstrated a cyclical link between financial worries and mental health problems such as depression, anxiety, and substance abuse. Financial problems adversely impact your mental health. The stress of debt or other financial issues leaves you feeling depressed or anxious.Why am I always worried about money? ›
Financial anxiety stems from an uncertainty of what the future holds. It's a fear of not having the resources available to meet your needs or face challenges that lie ahead.
- Create a Budget. ...
- Open a Savings Account or Savings Pod. ...
- Drop Unneeded Monthly Memberships. ...
- Take a Hard Look at Your 'Unavoidable' Expenses. ...
- Save Money on Food. ...
- Save Money on Utilities. ...
- Commit to Buying Nothing New. ...
- Change Where You Keep Your Money.
Those who suffer from financial anxiety are continually worrying about bills and might be afraid to look at their bank account or cope with anything to do with personal finances.What is the smartest way to spend money? ›
- The Trick to Tracking Your Spending.
- Get Control of Your Impulses.
- Only Put Money on Your Credit Card if You Can Afford to Pay it off Each Month.
- Stop Trying to Impress Other People.
- Figure out What Habits Drain Your Budget.
- Learn to Value Investing Over Products.
- Learn to Invest NOW.
- At the beginning of the month, make a plan for how you will spend your money that month. Write what you think you will earn and spend.
- Write down what you spend. ...
- At the end of the month, see if you spent what you planned.
- Use the information to help you plan the next month's budget.
- Learn about personal finance for a few minutes every day. ...
- Designate a day to review your accounts. ...
- Create – and manage – a budget. ...
- Talk about your financial goals.
In investment, the five percent rule is a philosophy that says an investor should not allocate more than five percent of their portfolio funds into one security or investment. The rule also referred to as FINRA 5% policy, applies to transactions like riskless transactions and proceed sales.What are the 4 C's of wealth? ›
Note: This is one of five blogs breaking down the Four Cs and a P of credit worthiness – character, capital, capacity, collateral, and purpose.What is the golden rule of finances? ›
The golden rule of saving money is “save before you spend,” also known as “pay yourself first.” Another common money-saving rule is “save for the unexpected.” In other words, build an emergency fund. Using these rules to prioritize saving money can help you create a safety net and work towards other financial goals.What is a good money attitude? ›
People with a positive money attitude generally spend less than they earn, save for the future, manage their credit, give to others and plan for unexpected expenses. If you have negative money beliefs that are preventing you from reaching your full potential, it's possible to unlearn those beliefs.What is a money personality? ›
Five common money personalities are investors, savers, big spenders, debtors, and shoppers. Debtors and shoppers may tend to spend more money than is advisable. Investors and savers may overlap in personality traits when it comes to managing household money.
- Make one financial decision at a time. ...
- Track your spending. ...
- Save automatically. ...
- Avoid temptation. ...
- Ask for support.
For fiscal year 2023, the bill provides $162.2 billion, an increase of $17.2 billion above the budget request and an increase of $17.3 billion above the fiscal year 2022 enacted level.What is the TSA budget for 2023? ›
The U.S. Transportation Security Administration (TSA) said $9.70 billion in proposed Fiscal Year (FY) 2023 Budget appropriations have been earmarked for the agency. The figure represents $1.4 billion more than the TSA's FY22 appropriations.Has the federal budget been passed for 2023? ›
The Consolidated Appropriations Act, 2023 is a $1.7 trillion omnibus spending bill that was signed by President Joe Biden on December 29, 2022.What are the fiscal quarters for 2023? ›
The dates are the same for each year (2021, 2022, 2023, ...). Q1 starts on Jan 1 and ends on Mar 31. Q2 starts on April 1st and ends on June 30th. Q3 starts on July 1st and ends on September 30th.Is quarterly 3 or 4 months? ›
A quarter is a three-month period on a company's financial calendar that acts as a basis for periodic financial reports and the paying of dividends. A quarter refers to one-fourth of a year and is typically expressed as Q1 for the first quarter, etc., and can be expressed with the year, such as Q1 2022 (or Q1'22).What day is the end of financial year? ›
When is the end of the financial year and when can I submit my tax return? The financial year ends on June 30, and you can submit a tax return from the start of the next financial year, which starts on July 1.What is the financial year 2024? ›
fiscal year 2024 means the 12-month period commencing on April 1, 2023, and ending on March 31, 2024. fiscal year 2024 .What is the fiscal calendar? ›
Your fiscal year is determined by the calendar year in which you pay taxes and report income and expenses. Generally, a fiscal year runs from January 1 to December 31, but you can also opt to use a different 12-month period, such as April 1 to March 31.How do I choose my fiscal year end? ›
If your business does a lot of work with the U.S. government, you might choose a September 30 year-end to coincide with the federal government's fiscal year-end. If your business does most of its selling during the holidays, you might choose December 31.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.How do you beat financial stress? ›
- Ask for help. You don't have to ask for a loan, but you shouldn't be afraid to reach out when you're in a tough spot. ...
- Find ways to earn extra income. ...
- Control your spending. ...
- Keep track of your money with a budget. ...
- Learn from your money mistakes. ...
- Set future financial goals.
Consider an individual who takes home $5,000 a month. Applying the 50/30/20 rule would give them a monthly budget of: 50% for mandatory expenses = $2,500. 20% to savings and debt repayment = $1,000.How much of your income should go to rent? ›
A popular standard for budgeting rent is to follow the 30% rule, where you spend a maximum of 30% of your monthly income before taxes (your gross income) on your rent. This has been a rule of thumb since 1981, when the government found that people who spent over 30% of their income on housing were "cost-burdened."How much should I put in my savings every paycheck? ›
Remember that, according to the 50/30/20 budgeting strategy, you should put about 20% of your paycheck in savings, though you may want to save more depending on your goals.Why am I always struggling financially? ›
According to financial therapists, most money problems are rooted in self-esteem, trauma recovery, or scarcity mindset issues. Getting to the emotional root of your money problems is key to getting the clarity you need to change.How do you overcome financial depression? ›
- Run Toward Your Financial Problems, Not Away From Them.
- Create a Financial Plan and Share It With Your Household.
- Use Positive Language When Thinking of Your Financial Situation.
- Remember: You're Not the Only One Experiencing Financial Problems.
- Make Some Room in the Budget to Splurge.