It’s that time of year again when we’re busy making sure that our diaries are in check for the year ahead. With that in mind, we’ve put together some crucial dates that you should definitely pencil into your diary to ensure that your personal finances are in the best possible shape for 2018!
31st January: Self-Assessment Deadline
Whilst this may stray more onto the accounting side of your personal finances, it’s important for those who are required to complete a self-assessment tax return to get organised at the start of the new year. The earlier that your self-assessment return is out of the way, the more time you then have to prepare for the next looming deadline; the end of the tax year.
13th March: Spring Statement
Whilst we’re likely to see more talk of Brexit costs in Chancellor Philip Hammond’s spring statement, we still need to listen out for changes to personal finance policy. Pension tax relief is always a speculated target, particularly as the Chancellor resisted the temptation for any tinkering in his Autumn Budget.
5th April -Tax Year End
This should definitely be a date to watch in your diary, particularly if you want to make the most of your tax-efficient investments. If you’ve left it a little late to fully utilise any allowance, this should serve as a reminder to try to beat the rush next time round by considering tax-efficient products earlier in the year.
6th April: New Tax Year Begins
Along with increases to the personal tax allowance, capital gains exemption threshold and Enterprise Investment Scheme allowance, the first bonuses on the Lifetime ISA are also due to be paid. The new full state pension will also increase to £164.35, while mandatory pension contributions will increase to 5%, including the 2% employer minimum.
Summertime: Social Care Green Paper
In November, the government pledged it would release a social care green paper by summer 2018. This will set out how the government will improve care and support for older people, as well as how best to tackle an ageing population. This will be important in terms of how it will affect savings to accommodate for later life care.
November: Autumn Budget
Any guesswork on the Autumn Budget will only really begin to take shape following the outcome of the Chancellor’s Spring Statement. Depending on what is outlined in the proposed summer green paper, however, care policy could be back on the agenda.
November: State Pension Age Equalises at 65
From November, the state pension age will equalise for men and women at age 65. In the run-up to the changes, we’re likely to hear more from the Women Against State Pension Inequality campaign. Again, depending on the outcome of the second reading of the women’s transitional arrangements bill, it will be worth considering how financially prepared you are for the changes.
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If you’re ready to take control of your finances this year, contact our Chartered Financial Planners on 01772 729742 or complete our online enquiry form.