There is no shortage of important dates to be aware of which are likely to affect your financial health. We run through the key dates in 2023 you need to know about when it comes to your money.

As a result, it pays to be prepared and make a note of the important dates in 2023, which could affect your finances. From tax deadlines to budget announcements, here are the key dates you need to know when it comes to your finances.

31^st January – Self-assessment tax deadline

People who have to file self-assessment tax returns must do so by 31^st January. It’s also the deadline to pay any tax owed from that return.

It doesn’t end there, either. 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 31^st January.

31^st 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).

15^th March – The Spring Budget

Every year we have at least one big Budget statement delivered by the chancellor, when he or she runs 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 15^th March.

31^st 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 31^st October, but have until 31^st March 2023 to complete the purchase of the property.

5^th April – End of the tax year

The 2022-2023 tax year ends on 5^th 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 5^th April. Most 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.

6^th April – New tax year: pensions and benefits

The start of the next tax year is 6^th 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.

6^th 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 6^th 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 6^th 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.

5^th October – Deadline to register for self-assessment

If you’re new to self-assessment, this is the deadline to register with HMRC. This applies if you’re self-employed or a sole trader, not self-employed, or registering a partner or partnership.

31^st 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 31^st October.

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.

As such, prompt and detailed financial planning should be a priority for 2023 to make the most of your investments, while weathering the changes to come.

PLEASE ALWAYS REMEMBER: Grosvenor Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority. The value of investment can go down as well as up and you may not get back the original amount you invested. Tax treatment is dependent on individual circumstances and may be subject to change. Tax planning is not regulated by the Financial Conduct Authority.