When WILL energy bills jump again this year? Your key dates for 2023


This year will bring fresh tax rises, a record boost in the state pension and the end of certain energy support measures, among many other changes.

Now more than ever, it’s vital to keep a beady eye on your finances.

Here, Money Mail lists this year’s key dates to make a note of so that you’ll be one step ahead…

Bigger bills: At the end of February, Ofgem will announce the new energy price cap that will apply from April to June

January 

By the end of the month, those who are required to fill out a Self Assessment tax return must file their return online. 

This includes the self-employed, high earners and those with income not taxed at source.

It’s also the deadline for settling any tax bill for 2021/22 — plus, for the self-employed, the first half of a ‘payment on account’ which goes towards the bill for the subsequent tax year.

The deadline for a capital gains tax payment on any assets, including investments, sold in the 2021/22 tax year is January 31.

And beware, because capital gains tax-free allowances are shrinking in the 2023/24 tax year.

If you haven’t already, consider the timing of any capital gains you might be making and ensure you use up your allowance of £12,300 for the current tax year. On April 6 it drops to just £6,000 per person.

February

At the end of February, Ofgem will announce the new energy price cap that will apply from April to June.

Even though households are protected by the Energy Price Guarantee, the cap still reflects the cost of supplying energy and will be used by the Government to set the guarantee.

March

  • Energy bills support scheme

The Energy Bills Support Scheme, which provides a £400 subsidy to households to help with their energy bills over the winter, will end.

Key date: The deadline for a capital gains tax payment on any assets is January 31

Key date: The deadline for a capital gains tax payment on any assets is January 31

Payments have been made monthly since October, with the last being paid in March.

Chancellor Jeremy Hunt will set out a Spring Budget on March 15, which could bring new tax measures. One to watch.

Notification of hikes are expected to drop through letterboxes from this month on statements for the coming year.

Councils can raise tax by 5 per cent without holding a local vote, and bigger bills are likely for most.

The Help to Buy equity loan scheme — where the Government lends first-time buyers in England money to buy a newly built home — ended for new applications in October.

All eligible homebuyers who made a successful application in time must legally complete by March 31.

April

April 5 marks the end of the tax year and the deadline to use up savings allowances, including for Isas and pensions.

Investors have until this date to use up their Isa allowance — if you don’t use it you lose it.

You can pay into a stocks and shares Isa and hold it as cash if you don’t want to make a rushed decision on where to invest it.

On April 6, there’s a fresh allowance for Isas of £20,000 per investor and £9,000 for a Junior Isa.

The end of the tax year is also when your annual pensions contributions allowance of £40,000 is reset.

April 5 marks the end of the tax year and the deadline to use up savings allowances, including for Isas and pensions

April 5 marks the end of the tax year and the deadline to use up savings allowances, including for Isas and pensions

The state pension will increase by 10.1 per cent on April 10 under the ‘triple lock’ provision. 

In November’s Autumn Statement, the Treasury confirmed that state pensions would rise in April 2023 in line with consumer price inflation at the September rate.

This means the full new state pension will be boosted by a record £972.40 to £10,600.20 a year (or £203.85 a week). 

Those who reached state pension age before April 2016 will get about £156 a week, or £8,100 for the year, in basic state pension, before any top-ups.

The tax-free dividend allowance will fall from £2,000 to £1,000 per person. This is the amount you can earn tax-free each year from the dividends on shares or funds.

Investors who hold money outside a pension or an Isa will face a greater tax burden from now — a reminder of the value of Isas where all dividends are tax-free.

The top rate of income tax charged at 45 per cent will apply to those earning over £125,140 — a reduction to the previous threshold of £150,000.

This means high earners will pay more tax and more people will fall into the top-rate tax bracket.

The main rate of corporation tax will increase from 19 per cent to 25 per cent, so those running a limited company will pay more.

Several major broadband firms, such as BT, EE, Plusnet, TalkTalk and Vodafone, raise prices every April in line with the consumer price index (as published in January), plus an additional 3.9 per cent or 3.7 per cent.

This means broadband customers could face paying an extra £113 on their annual bills compared with the amount they signed up for.

May

This month, Ofgem will reveal the new cap level that will apply from July to September.

July

On July 31, the new Consumer Duty comes into force, which is being imposed by City watchdog, the Financial Conduct Authority.

It will set higher and clearer standards of consumer protection across new and existing financial products and services.

The aim is to stamp out rip-off charges and fees, and make it as easy to switch or cancel products as it was to take them out in the first place.

The rules will also provide helpful and accessible customer support and put a stop to unnecessarily lengthy terms and conditions.

August 

This month, Ofgem will announce the cap level that will apply from October to December.

November

The date will be set closer to the time, but the Chancellor typically delivers the main Budget statement, with updates on tax and spending plans for the coming year, in November.

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