The Most Important Dates For Your Finances in 2018
The Most Important Dates for Your Finances in 2018
If you have decided that this is the year you will get all your accounts in shape (click here to see how we can help you achieve this) it is worth keeping a note of important dates in the world of finance so that you don’t miss out on any of them. This could be anything from new developments or products that have become available on the market (which may well save you money), to deadlines that you need to adhere to. We take a look at some of the most important dates for your finances in 2018, so you don’t have to!
13th January – The launch of Open Banking
It may now be March, but it is worth taking note of the fact that Open Banking was launched at the beginning of January this year, as it is quite a big development when it comes to personal finance. If you aren’t sure what it is (and according to a report carried out by Which? apparently over 92% of the British public don’t know exactly what it entails) then here is a brief summary. Open banking refers to a series of EU regulations brought in by the Competition and Markets Authority, changing the way in which banks handle your financial information.
There are thought to be numerous advantages to these new reforms, such as:
- Greater transparency, as all UK-regulated banks must conform to allowing third-party providers to see your financial data (should you wish to make this information available)
- Increased competition between banks, which in turn could lead to better financial products available to customers in the future
- The potential to save money, as open banking allows you to view all your accounts across different providers at once, giving you a better overview of all your outgoings
31st January – The tax return self-assessment deadline
Similar to the launch of open banking, the tax return self-assessment deadline in January may have been and gone, but it is worth taking into consideration. This is because if you file your tax returns online, the date remains the same each and every year, and if you are new to the process of tax returns it is a date you should make a note to remember. These forms have to be completed and submitted to HMRC by this ate, and filed online by midnight, paying any tax that you owe up until this date.
If for any reason you miss the tax return date, you can end up facing interest charges as well as penalty fees.
13th March – the Spring statement is released
The Chancellor of the Exchequer, Philip Hammond, will be publishing the 2018 Spring budget on the 13th March. It is worth keeping a note of to get the latest update on the UK economy, however, it is not expected that any major changes will be announced. This is partly due to the fact Hammond had stated that the Autumn budget would be the biggest fiscal event in the UK.
5th April – the end of the UK financial year
This is the very last day of the 2017/2018 financial year, and this means that it marks the final deadlines for a number of things. Such as:
- The last day that you can claim for a PAYE tax refund for the 2013/2014 tax year
- For claiming any overpaid tax through self-assessment for the 2013/2014 year
- The last day one can make payments into a pension for the 2017/2018 tax year
- The final day to make the most of the tax -free allowances available to you if you have a Junior Isa, Lifetime Isa, Isa, or a pension fund. This is absolutely worth taking advantage of, as having an ISA means you could be able to reduce tax liabilities in the future
6th April – the start of the new financial year
When one door closes, another opens, and the start of the new financial year on the 6th April brings new deadlines you should take heed of writing down.
If you are self-employed or have income on a property in the previous financial year (ending 5th April 2017) you will need to fill out your 2017/2018 tax return. Start collecting all the documents and receipts you will need early on, to make the process a less stressful process to go through.
The 6th April is also the deadline for transferring any funds you may have a Help to Buy Isa account directly to a Lifetime Isa. Why is this deadline important? Well, you have the potential of having more savings, as by transferring this means that that amount will not be included in your £4,000 yearly allowance.
17th April – inflation statement for March released
If you are currently paying back a student loan each month, this is a date worth remembering. These inflation figures for March will determine how much interest rate for student loans is paid from September this year.
31st May – P60s must be issued by this date
31st May marks the final day that employers have to distribute P60 documents for the 2017/2018 year after your information had been filed in the last financial year. If you do not receive your P60, it is up to you to make sure that this is followed up.
31st July – Tax return payments due
If you have completed and submitted a self-assessment tax return this year, 31st July is the final day you have to make the second payment for the 2017-2018 financial year.
5th October – the deadline for self-assessment registration
This is the last day you have to register with the HMRC for the 2018/2018 financial year if you have become self-employed this year or have gained income from a property you have. Depending on your situation, there are different forms that you may need to complete:
- CWF1 form is used for those who are self-employed
- SA1 form is used for those receiving income from a property
30th December payment for tax return deadline
If you are able to pay your self-assessment bill through a PAYE tax code, this will need to be returned and submitted online by 30th December. This will then be deducted by the HMRC from any tax owed from your income or your pension