Key Financial Dates to Look Out for in 2024: Your Simple Guide
Changes are on the horizon for 2024, and your money might feel the impact. From the appearance of new bills in our pockets to shifts in taxes and benefits, it’s essential to stay informed. Here’s a quick breakdown of the key financial dates you need to mark in your calendar for the upcoming year.
January:
January 1: Energy Bills
Ofgem’s energy price cap rises from £1,834 to £1,928. Expect an annual bill increase of £94 for the typical household. Find tips to save on your energy bill.
January 6: National Insurance
About 27 million workers will see a cut in national insurance from 12% to 10%, saving average amounts of £304, £647, and £707 for basic, higher, and additional rate taxpayers, respectively.
January 31: Self-Assessment Deadline
The deadline for online tax returns. If you’re self-employed, it’s also the time to make your first payment on account. Be prepared; check our guide on filing self-assessment tax returns.
March:
March 5: Rail Fares
Prices are rising, not based on the usual formula, but on July’s wage growth figures. Learn how to cut the cost of train travel.
March 6: Spring Budget
The government’s annual update on the economy, tax, and spending plans.
March 23: Fuel Duty
The 5p cut ends; discover ways to save on filling up at the pumps.
April:
April 1: National Living Wage, Council Tax, Childcare, TV Licence, Water Bill, Air Passenger Duty, Fuel Duty, Energy Price Cap
A multitude of changes, including wage increases, council tax rise, childcare benefits, TV licence fees, water bills, air passenger duty, and potential fuel duty changes.
April 6: National Insurance, Dividend and Capital Gains Tax, ISA Changes
Changes to NI for self-employed, reductions in tax-free allowances, and alterations to ISA rules.
April 8: State Pension, Benefits
State pension rises, and working age benefits increase in line with inflation.
May:
Election
Speculation rises about a potential election due to tax cuts announced in the autumn statement.
June:
Banknotes
New currency featuring King Charles is expected to circulate.
July:
July 1: Energy Bills
Ofgem’s latest cap comes in, with experts forecasting a fall to £1,880 from £1,929 in April.
July 31: Payment on Account Deadline
Self-employed individuals need to make advance payments towards their tax bill.
August:
August 1: Alcohol Duty
The cut in alcohol duty continues until August.
September:
September 1: Childcare
Free childcare extends to 30 hours for children from nine months.
September 10: State Pension
Latest wage figures announced for triple lock calculations.
October:
October 1: Energy Bills
Latest energy price cap comes in, but forecasts this far ahead may change.
October 16: State Pension and Benefits
Inflation figures are used for triple lock calculations and uprating benefits.
October 31: Self-Assessment Deadline
Deadline for paper self-assessment tax return; most people file online.
December:
December 17: Election
Last possible day to call a general election (if not already held).
December 31: Bus Fares
The £2 cap on single bus journeys in England is expected to end.
Stay ahead of these dates, be financially savvy, and make the most of your money in 2024!
Founded in 2017, Fintuity has fast become one of the only digital Independent Financial Advisers (IFA) in the United Kingdom. Fintuity offers a wide range of financial advisory services including pensions, protection, investments and mortgage advice. The key difference is that as an exclusively digital service, we can offer significant savings and a service that is direct to you and on demand.
