Are you ready for 2023?03 January 2023
With 2023 now started, some will have made New Year's resolutions for plans to help improve their lifestyle, finances, health and the like. We are all different, as are our circumstances, and each resolution will be as individual as the person that makes it. Perhaps the question will be how long they stick to the plan.
Personal resolutions may be more difficult, and planning resolutions, such as money, may be easier to deal with. You can of course have more than one resolution (perhaps the fewer the better in providing focus), and whatever you plan, we hope it goes well. We have listed below a few reference points that some may want to consider.
- We know that the next full Budget from our Chancellor, Jeremy Hunt MP, is planned for 15 March 2023.
- The tax year ends on 05 April, close to Easter this year, and we would normally recommend that tax allowances are used where available and affordable.
- Higher rate tax liabilities for those completing self-assessment requirements need to be submitted and paid by 31 January 2023.
- Many tax allowance limits, such as capital gains tax and dividend allowance rates, are changing next tax year (2023/2024), so be ready and plan ahead.
- Pensions tax relief remains unchanged at this time; however, reviewing your pension arrangements now might still be a good idea to meet your future plans.
- Inflation is likely to remain significant in 2023, and deposit savings rates have increased with the Bank of England base rate. Make sure any cash savings you have are working hard.
This is by no means an exhaustive list, but certainly provides a flavour of what might be considered.
We hope that 2023 is a better year, and whatever your plans, we are here to help with your financial planning. Speak to the team in central Guildford to see how we can help.
No individual advice is provided during the course of this blog.
Keith Churchouse FPFS
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899