From when the first National Insurance cut kicks in to the expansion of the free childcare scheme and the end of the £2 bus fare cap, there's a lot to remember and prepare for.
Here, Which? has compiled the key dates to mark in your diary to help you keep up.
1 January: energy price cap rises
The new year begins badly for finances with a higher energy price cap.
Ofgem caps what you pay per unit of gas and electricity for standard variable tariffs, which most of us are now on.
The ‘typical’ household will pay £1,928 a year, up 5% from £1,834.
As it’s the cost per unit that’s capped, rather than your overall bill, reducing your use could lessen or even reverse the effects of the increase.
Find out more:2 January: free childcare registration opens
Applications for 15 hours of free childcare a week for two-year-olds open in the new year.
From April 2024, working parents of two-year-olds will be able to get 15 hours of free childcare a week. From September 2024, working parents of children aged nine months to two years will get 15 hours of free childcare a week. From September 2025 all eligible working parents of children aged nine months to three years will be able to access 30 free hours a week.
The help will only be offered to households where all adults are working at least 16 hours.
Find out more:6 January: National Insurance cut
Employees under state pension age pay this on earnings from £12,570 up to £50,270. NI on earnings above this will continue to be charged at 2%. Unusually, the reduced rates take effect on 6 January.
If you’re self-employed, you’ll have to wait until 6 April for similar cuts: Class 2 contributions will be abolished, while Class 4 contributions will be cut from 9% to 8%.
The cuts mean an employee earning £40,000 a year will save £549. Their self-employed counterpart will save £454.
However, the freezing of income tax thresholds until April 2028 means that many will be paying hundreds of pounds more than if these had been increased with inflation.
Find out more:31 January: online tax return deadline
Those who file self-assessment tax returns online must file their 2022-23 return and pay the tax they owe by midnight on Wednesday 31 January.
If you're self-employed, you will usually be asked to make the first of two payments on account (payments towards your next bill), with the second due by 31 July 2024.
1 February: base rate decision
The base rate influences how much it costs to borrow and how much you get paid to save. It’s gone up several times this year to 5.25% in a bid to bring down inflation, which has finally begun to fall.
By the time the Bank of England’s monetary policy committee sits for its first meeting of 2024, inflation may have fallen further – meaning the committee could cut the base rate.
That seems unlikely, however, with Bank of England governor Andrew Bailey declaring in November it was ‘far too early’ for rate cuts. Indeed, JP Morgan analysts have predicted the first base rate cut won’t come until the end of 2024.
Savings providers won’t wait, however, and the prospect of cuts has led to the withdrawal of the 6%-plus rates we saw in autumn.
Find out more:5 March: train fares will go up
Rail fare hikes for 2024 have not yet been confirmed but train travel will likely cost more from 5 March.
Annual increases to regulated rail fares (season tickets and most commuter fares) are set by the government and used to take effect in January, linked to the previous July's RPI.
In recent years, it has switched to using average earnings growth as the benchmark, so passengers faced a 5.9% hike instead of 12.3% in 2023, although this was still the biggest increase in more than a decade.
Passengers in England have already been told price hikes will be below RPI (9% in July) but if fare increases are once again tied to wage growth, they would be capped at 7.8%.
The Campaign for Better Transport has called for a rail fare freeze, pointing out that fuel duty has been frozen since 2011-12. It has warned that out of 40 popular commuter routes into London, even another 5.9% rise would see 27 season tickets go above £5,000 and 10 pass the £6,000 mark, with an annual season ticket from Southampton to London costing £7,218.
Find out more:6 March: Spring Budget
The Spring Budget will be delivered on 6 March, an earlier date than usual as the last one was delivered by Jeremy Hunt on 15 March 2023.
This update will outline how the economy is doing and forecasts for the year ahead as well as proposed changes to the tax system.
Commentators have speculated that we could see changes to inheritance tax, fuel duty and help for first-time buyers.
Find out more:1 April: council tax and bill rises
The most councils can raise council tax each year in England and Wales, without calling a referendum, is 5%. Given the current average annual Band D council tax bill in England for 2023-24 is £2,065, that could mean a £103 increase.
The TV licence fee will rise by £10.50, taking the cost to £169.50.
Find out more:5 April: Isa deadline
Adults are entitled to a £20,000 tax-free allowance every year and children under 18 get £9,000, which can't be rolled over.
Find out more:6 April: new tax year, new lower allowances
The 6 April marks the start of a new tax year 2024-25.
If you have all the information you need it's the first day you can file a 2023-24 tax return.
Tax-free allowances for dividends and capital gains tax are going to be halved again, down to £500 and £3,000 per tax year, respectively.
This makes it more important than ever to hold assets in Isas. Fortunately, rules prohibiting you from paying into more than one Isa of the same type are also being scrapped in April.
Find out more:8 April: state pension and benefits boost
Despite the new tax year starting on Saturday 6 April, the planned increases to benefits and the state pension will come into effect on Monday 8 April.
1 July: new energy price cap
The energy price cap for the third quarter of the year will come into effect.
The typical bill is predicted to fall further to £1,590 from July, providing there are no big changes in the international markets.
31 July: second payment on account due
Self-employed workers who pay tax through payment on account will have to make their second payment by midnight on 31 July.
The amount you pay is an estimate based on your earnings in 2022-23.
1 October: new energy price cap
The energy price cap for the final quarter of the year will come into effect.
16 October: September inflation announcement
The September inflation announcement comes out in October and is important as it is used to calculate how much benefits and the state pension will rise by in April.
Find out more:
31 October: paper tax returns deadline
If you choose to send a paper self-assessment tax return by post, rather than filing it online, you must do so by 31 October.
Find out more:November: Autumn Statement
We normally get another update from the Chancellor on the state of the economy and details of any proposed tax changes.
In 2023, the Autumn Statement was on 22 November.
Find out more:31 December: £2 bus fare cap ends
A government scheme which capped single bus journeys in England at £2 is expected to end in December 2024.
This saves passengers up to £12 per journey for the most expensive routes.
Find out more:source https://www.which.co.uk/news/article/the-key-dates-for-your-money-in-2024-a61qU8M8iqMv