As we say goodbye to 2022 and welcome 2023, 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

• 31st – Self-Assessment Tax Deadline – You need to pay and submit your self-assessment tax return for the tax year ending 5th April 2022.

March

• Potential Spring Statement
• 31st – End of the Help to Buy Scheme – Buyers who applied for the loan have until this date to complete the purchase of the property.

April

• 1st – Energy Price Guarantee increases – The guarantee will rise meaning a typical household will pay around £3,000 for their annual energy bill, until the April 2024.
• 5th - End of the 2022/23 tax year – Ensure you have used all your allowances.
• 6th - Start of the 2023/24 tax year
• 6th - New tax changes - The top 45% tax rate will now apply to anyone earning over £125,000 instead of £150,000 (excluding Scotland). Tax-free allowance for dividend income is reduced to £1,000.

July

• 31st - Deadline for second payment on account for 2022/23 for those that pay self-assessed income tax.

October

• 5th – Deadline to register for self-assessment – If you’re new to self-assessment this is the deadline to register with HMRC.
• 31st – Paper income self-assessment deadline – Your 2022/2023 returns to be with HMRC.

November

• Potential Autumn Budget

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.

Key Takeaways:

• The new tax year is upon us making it a good time to make sure your fully prepared for the financial year ahead.
• 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.