There are some important dates on the horizon to be aware of, which could have big repercussions for your financial health.
There are some important dates on the horizon to be aware of, which could have big repercussions for your financial health.
This year has been a challenging one for our finances, with the cost of living crisis and continued high inflation putting our money under pressure.
We’ve picked out some of the key dates to be aware of, and why they could have an impact on your bank balance.
16 October: September inflation measurement
Inflation continues to be particularly newsworthy, given the incredible increases we’ve seen over the last year plus.
However, inflation is important beyond providing a useful insight into what’s happening to our cash.
That’s because the consumer prices index (CPI) inflation measurement for September (which is announced the following month) is used to calculate increases in a host of benefits and tax credits.
Perhaps the most high profile of which is the State Pension, which as we have highlighted before is once again going to be subject to the triple lock.
The triple lock means that the State Pension will increase by either 2.5%, the rate of wage growth or the rate of inflation, whichever is highest.
In short, it is set to confirm a pay rise of up to £901 for retirees. However, there have been rumours that the Treasury could 'tweak' the triple lock in order to reduce the rate of increase.
Expect to learn more about that in the chancellor's Autumn Statement on 22 November.
31 October: Self Assessment deadline (by post)
If you prefer to sort out your Self Assessment tax return via post, your deadline is a lot sooner compared to doing it online.
So, make sure you send everything in advance to avoid getting hit with a fine.
22 November: Autumn Statement
The second big political financial statement of the year is the Autumn Statement, which is due to take place on 22 November.
With a general election on the horizon, it’s possible that there will be some important changes ‒ and even giveaways ‒ to taxation which will influence the health of our household finances.
31 December: End of Mortgage Guarantee Scheme
The Mortgage Guarantee Scheme was launched back in 2021, and aimed at encouraging mortgage lenders to offer more deals to borrowers with only a 5% deposit.
Essentially, the Government takes on some of the risk with offering these deals, making it easier for lenders to launch high loan-to-value mortgage products.
The scheme was initially due to close at the end of 2022 but was extended for a year.
31 January 2024: Self Assessment deadline (online)
If you’re filing your Self Assessment tax return online, midnight on 31 January is the latest you can do it to avoid a fine.
As we mentioned before, you’ll also need to pay any outstanding tax by this date
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