Financial dates for your diary

Tuesday, January 1, 2019

financial dates

2019 is set to be a big year for the UK. Here’s our list of useful financial dates for your diary.

1 January – Energy cap

Energy regulator Ofgem set a new energy cap of £1,137 a year which means suppliers will have to rethink some of their tariffs. The cap has been put in place to ensure that consumers are not overcharged for their energy. It will be reviewed every April and October and could save customers up to £120 a year.

2 January – Rail fare increase

It’s the time of year that commuters dread – the annual rail fare increase. Rail ticket prices are set to rise by around 3.1%, adding hundreds of pounds to many annual ticket prices.

31 January – Self-assessment deadline day

If you are required to fill out a self-assessment tax form you need to have completed it online and paid your bill by this date. If you miss the deadline you’ll be charged a £100 fee.

29 March – UK leaves the EU

Today is the start of the Brexit transition period. There is still a lot of uncertainty about how this will affect the finance industry. Take a look at our piece on what Brexit means for the banks.

1 April – Increase in minimum wage

The national living wage increases from £7.83 to £8.21 for those aged 25 and above. Minimum wage for 21-24 years olds rises to £7.70. 18-20 year olds will see an increase to £6.15. 16-17 year olds will receive a minimum of £4.35 and apprentices under 19 or in the first year of their apprenticeship will be paid a minimum of £3.90.

5 April – End of tax year

This is the last day you can take advantage of 2018/2019 ISA and pension allowances.

6 April – First day of tax year

New ISA and pension allowances come into force today. ISA limits will remain at £20,000 but junior ISA limits will increase to £4,368.

Changes to pensions will also come into play. The State Pension will rise by 2.6% meaning those on the old scheme will see a weekly increase of £3.25 and those on the new scheme will receive an extra £4.25 per week.

The minimum auto-enrolment contributions will increase to 8% with a minimum of 3% coming from the employer.

Personal allowances (the amount you can earn before paying income tax) will increase to £12,500 with the higher rate threshold going up to £50,000.

31 July – Tax credits deadline

Make sure you hit the deadline if you’re entitled to tax credits. Missing it could mean you have to pay back money you’ve received from April 2019. You could also be liable to pay a fine.

29 August – PPI deadline

In 2017, the Financial Conduct Authority (FCA) imposed a deadline to submit PPI claims. If you miss the deadline you lose your right to complain about mis-sold PPI. We offer a no win, no fee check so if you don’t have a claim you won’t pay a penny. Get in touch today.

31 October – Paper self-assessment deadline

If you complete a paper-based self-assessment, you must have submitted it by this date.

12-18 November – Financial capability week

This week is a celebration of the work organisations across the UK are doing to improve money management.

30 November – Help to Buy ISA ends

From this date you will not be able to open a Help to Buy ISA. If you already have one you will still be able to contribute.