Need to file a tax return, wondering when your bills are likely to rise (or shrink! 🤞), or want to know when you can expect important updates from the government?
We’ve got you covered.
January
6th January – National Insurance cut
As of 6th January 2024, the reduction of employee National Insurance contributions (Class 1 NICs) was introduced. The rate dropped from 12% to 10%.
If you’re self-employed, this won’t affect you, but keep an eye out later in the year as changes to self-employed contributions are due to change in April.
31st January – Online tax return deadline
If you file your self-assessment tax return online, you’ve got until the end of January to submit your return and pay your tax bill!
February
1st February – Monetary Policy Report
Today at 12pm, the Bank of England will publish it’s Monetary Policy Report. This quarterly report details the economic analysis and inflation projections that influence the interest rate decisions, so it’s one to keep an eye out for!
6th February – Third and final cost of living payment
If you’re one of around 8 million households receiving certain benefits, including Universal Credit, Pension Credit, Income Support, Child Tax Credit and Working Tax Credit, then this is a date for your diary.
You’ll receive the third and final cost of living payment between 6th February and 22nd February, depending on which benefits you receive. If you’re eligible, you’ll receive this automatically – there’s no need to apply.
More information about the cost of living payments can be found here.
March
3rd March – Rail fares increase
It’s not ideal news for those of us who commute by train – today rail fares will rise by 4.9%. Annual increases to regulated rail fares are set by the Government.
6th March – Spring Budget
The Government’s Spring Budget outlines how the economy is currently doing, shares the forecasts for the year ahead, and sets out any proposed changes to the tax system.
Last year, the Spring Budget was delivered on the 15th March – with the announcement of the earlier date this year, speculation has arisen that the Government will call a general election in May…
April
1st April – Rising bills and council tax
No, it’s not an April fool, although we really wish it was!
As of April 1st, the TV licence fee will increase to £169.50. Council tax is also expected to rise (though the most this can be raised by is 5%, otherwise a referendum must be held). If you’re in Scotland, however, your council tax bill will be frozen.
It’s not all bad news, as the start of a new quarter means there’ll be a new energy price cap, and at the time of writing (January 2024), experts are predicting this to fall – so fingers crossed!
5th April – ISA allowance deadline
It’s the end of the tax year, which also signals the final chance to top up your ISAs if you haven’t already hit your £20,000 tax-free allowance limit. For any little (or not so little) ones under 18, they’ve got a £9,000 allowance, so remember to top up theirs too!
6th April – New tax year and changes to tax allowances
What follows an end? A new beginning – and today marks the start of the 2024/25 tax year.
Tax-free allowances for dividends will be reduced to £500 per tax year, while tax-free allowances for capital gains tax will halve to £3000 per tax year.
8th April – State Pension & benefits boost
On April 8th 2024, State Pension will increase by 8.5%. Alongside this, multiple benefits (including Universal Credit and Pension Credit) will rise by 6.7%.
July
1st July – Q3 energy price cap
Today the energy price cap for quarter 3 (July, August, September) comes into effect. Similar to the change in April for quarter 2, experts predict that this will fall, as long as there are no major changes in the international markets!
October
1st October – Q4 energy price cap
The energy price cap for quarter four, the final three months of the year, comes into effect today.
16th October – September inflation announcement
Today, the Government will announce September’s inflation amount – this is important to keep an eye out for, as this is the figure that will be used to calculate how much State Pension and certain benefits will increase by next April.
31st October – Paper tax return deadline
Boo! No, it’s not a ghost, it’s the looming tax return deadline! If you submit your self-assessment tax return via post rather than online, then today is your deadline.
November
TBC November – Autumn Statement
In the Autumn statement, the Chancellor will update us on the economy and outline any proposed changes.
Last year, the Autumn Statement was given on the 22nd November.
December
31st December – £2 bus fare cap ends
As we say goodbye to 2024, we also wave goodbye to the £2 bus fare cap, as the Government scheme that caps single bus journeys in England at £2 is expected to end today.
