Key dates for your finances in 2024

Now’s the perfect time to make sure you’re fully prepared for the financial year ahead. To make it easy, we’ve summarised the key financial dates to put in your diaries:

January

• 1^st – New Energy Price Cap – The new energy price cap for the next 3 months.
• 6^th – National Insurance Tax Cut – The 12% NI rate will fall by 2 percentage points to 10% from 6 January, 2024.
• 31^st – Self-Assessment Tax Deadline – You need to pay and submit your self-assessment tax return for the tax year ending 5^th April 2023.

February

• 1^st – First MPC Meeting of the year – The first interest rate announcement of the year for the Monetary Policy Committee to decide whether interest rates should be altered.

March

• Spring Budget – An update on the overall health of the economy and progress made since the Autumn Statement on 22^nd November 2023.
• 5^th – Rail Fares Rise – The Government are freezing all rail fares for January and February, meaning they are due to rise in March 2024.
• 21^st – MPC Meeting – The second Bank of England Base Rate announcement of the year.
• 23^rd – Temporary Cut to Fuel Duty ends – The 5p fuel duty cut was announced in March 2022, then extended another 12 months in early 2023, it is due to end on 25^th March 2024.

April

• 15 hours free childcare for two-year-olds – The Government’s policy of 15 hours free childcare for working parents of two year olds comes into effect.
• 1st – New Energy Price Cap – The energy price cap for the second quarter of the year will come into effect.
• 1st – National living wage and minimum wage rise take affect – The hourly rate for people aged 21 and over will go from £10.42 to £11.44. Those aged 18 to 20 will see a £1.11 rise.
• 1st – Changes to household bills – Changes to a range of household bills will take place from the start of April.
• 5^th – End of the 2023/24 tax year – Ensure you have used all your allowances.
• 6^{th –} Start of the 2024/25 tax year
• 6th – Pension rises – State Pension is expected to rise to 8.5%.
• 6th – New tax changes

– Lifetime allowance will be axed in April.

– Minimum age to open an ISA will rise to 18.

– Tax-free allowance for dividend income will be reduced from £1,000 to £500.

– Threshold for paying capital gains tax will be reduced from £6,000 to £3,000.

– IHT threshold will remain frozen until 2027/2028.

– Tax-free personal allowance will remain frozen at £12,570.

May

• 9^th – MPC Meeting – The next Bank of England Base Rate announcement.

June

• Bank notes featuring King Charles are expected to circulate.
• 20^th – MPC Meeting – The next Bank of England Base Rate announcement.

July

• 1^st – New Energy Price Cap – The new energy price cap for the third quarter will come into effect.
• 31^st – Deadline for second payment on account for 2023/24 for those that pay self-assessed income tax.

August

• 5^th – MPC Meeting – The next Bank of England Base Rate announcement.
• 14^th – July Inflation released – The inflation figure for July is important as it is traditionally used to set the increase in rail fares, which takes place the following year.

September

• 15 hours free childcare from nine months – Second stage of the Government’s roll out of free childcare from the age of nine months.
• 19^th – MPC Meeting – The next Bank of England Base Rate announcement.

October

• 1^st – New Energy Price Cap – The new energy price cap for the fourth quarter comes into effect.
• 5^th – Deadline to register for self-assessment – If you’re new to self-assessment this is the deadline to register with HMRC.
• 16^th – September inflation released – The inflation figure for September is important as it is used when calculating changes to benefits, the state pension and tax credits.
• 31^st – Paper income self-assessment deadline – Your 2023/24 returns to be with HMRC.

November

• Potential Autumn Statement.
• 7^th – MPC Meeting – The penultimate Bank of England Base Rate announcement of the year.

December

• 17^th – Last possible day to call a general election.
• 19^th – Final MPC Meeting of the year – The final Bank of England Base Rate announcement of the year.

Your financial plan could be impacted by these key dates. Talk to us for advice on unused allowances, additional rate tax and dividends.

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

For specialist tax advice, please refer to an accountant or tax specialist.

Approved by The Openwork Partnership on 09/01/2024