As we start the New Year hopefully everyone is feeling refreshed, making plans and looking forward to the next 12 months.
With his in mind I thought it is worth taking the time to note down some important dates which are due to affect all our lives and financial wellbeing.
1. 31st January is the most immediate date. It is the deadline for all online Self-assessment tax returns (paper submissions were due by 31st October last year). Equally important is the payment of any tax due for the previous tax year which must be paid in full by the deadline. Where appropriate tax payers will also have to make a payment on account for the current tax year at the same time, followed by a further on account payment by the end of June.
2. 21st March is the date of the annual budget. This year will be of exceptional interest to all of us as the Chancellor George Osborne is almost certainly going to take the opportunity to announce changes designed to maintain his fiscal tightening and inspire growth. This will no doubt entail changes to taxation and benefits for companies and individuals.
3. 5th April is the year end as always and will probably involve a rush to maximise tax allowances and take advantage of any budget changes. A major change which is due to take effect this year though is the removal of contracting out and protected rights rules. For almost every pension plan holder his will mean a reassessment of their plans as many restrictions are removed and many existing plans will stop receiving enhanced benefits.
4. 1st September marks the start of Auto-enrolment. The Pensions Reform starts to take effect and the largest UK employers will have to start implementing changes and start providing ‘company sponsored’ pension schemes. These will soon have to be implemented by all employers throughout the UK as their various staging dates are reached.
5. 21st December is the date when all insurance companies must remove any gender pricing in any insurance product as dictated by the ECJ. This will have a huge impact on any insurance related product, from car insurance through to pension transfer values and annuity rates, as companies will have to offer the same rates for men and women.
All the above regulatory changes will have an impact. In order to ensure that you, your company or any friends, family and colleagues are prepared we recommend you seek advice or a review of your circumstances.