10 key dates you need to be aware of for your finances in 2023

1. 10 key dates you need to be aware of for your finances in 2023 Financial planning is all about creating a road map to help you achieve your goals. From tax deadlines to budget statements, here are 10 key dates you need to be aware of for your finances in 2023. No. 1 31st January – Self-assessment tax deadline People who have to file self-assessment tax returns must do so by 31st January. It’s also the deadline to pay any tax owed from that return. 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 31st January. No. 2 31st January – Capital Gains Tax deadline The deadline for filing Capital Gains Tax payments on any assets sold in 2021/2022. The Capital Gains Tax (CGT) allowance for the current tax year (2022/23) is £12,300. This means that when you sell investments, you can enjoy gains up to £12,300 before you pay CGT. But following the chancellor’s announcement in the Autumn Statement, from 6 April 2023, the CGT allowance will be more than halved to £6,000, before it halves again in 2024/25 to just £3,000 a year. The current rates for CGT are 10% for basic-rate taxpayers and 20% if you pay the higher or additional rate (18% and 28% for residential-property sales). No. 3 15th March – The Spring Budget Every year we have at least one big Budget statement delivered by the chancellor, when they run through the financial forecasts for the year ahead as well as any proposed changes to the tax system. The Budget will be delivered on the 15th March. No. 4 31st 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 31st October, but have until 31st March 2023 to complete the purchase of the property. No. 5 5th April – End of the tax year The 2022-2023 tax year ends on 5th 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. Anyone wanting to pay extra into their pension should also try and do this before 5th April. Most

2. 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. No. 6 6th April – New tax year: pensions and benefits The start of the next tax year is 6th April, and this is a date when increases to various state benefits and tax reliefs will kick in. For example, the state pension and pension credit will both rise by 10.1% while universal credit will increase by the same percentage. No. 7 6th 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 6th 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 6th 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. No. 8 5th October – Deadline to register for self-assessment If you are new to self-assessment, this is the deadline to register with HMRC. This applies if you’ are self-employed or a sole trader, not self-employed, or registering a partner or partnership. No. 9 31st 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 31st October. No. 10 November – Autumn Statement Effectively a mini-Budget, the Autumn Statement is another big statement from the chancellor. It is usually delivered in November. With the pressures from rises in inflation, tax, and household outgoings, the coming year could prove a rocky road for investors and borrowers alike. Talk to us about your plans for the future If you have any questions about how financial planning can benefit your ambitions for the future please get in touch. We provide a free, no obligation initial meeting, its also a great opportunity for you to understand if financial planning is right for you. Call 01244 347 583 or email info@innesreid.co.uk to speak to our team today. 10 key dates you need to be aware of for your finances in 2023 – PLEASE NOTE: This article is not personal advice. The content should not be relied upon in its entirety and shall not be deemed to

3. be or constitute advice. While we believe this interpretation to be correct, it cannot be guaranteed and we cannot accept any responsibility for any action taken or refrained from being taken as a result of the information contained within this summary. Please obtain professional advice before entering into or altering any new arrangement. Source: Money Week