New Year new start? Below are just a few of the rises and falls of 2024 that you need to be aware of:
National Insurance Lowered
The new tax rules aren’t the only regulatory changes we will see money wise, as post January 6 the main rate of national insurance will go down by two percent.
Although, national insurance will be down to 10% it isn’t as all good news.
In reference to working from the independent regulator – the Office for Budget Responsibility – Labour said that for every £10 of tax collected by the Conservatives they will only be giving £2 back as a result of the thresholds freeze.
Energy Price Cap Rise
Energy Price Cap is set to rise: Not everything is going down either, as the energy price cap is set to see a rise of £94 between January 1 and March 31, 2024.
Previously set at £1,834, the cap will now sit at £1,928 a year during the aforementioned time period for homes that pay for their gas and electricity via Direct Debit.
The current cap is decided from calculating the average energy bills of households throughout England, Scotland and Wales,
It also indicates the average energy used in homes and price levels of wholesale.
Despite the cap, what a household will have to shell out for their energy will be dependant on the location they live, how they pay for their energy and what meter they use.
Free Childcare for parents: Only parents who have children aged between three and four can currently be in receipt of the 15 free hours of childcare.
Some parents of children in this age range receive up to 30 free hours of childcare.
But in April 2024, working parents of children, who are two years of age, will be eligible to receive 15 hours of free childcare.
Parents and guardians will be able to submit applications for the free hours from January 2.
And the eligibility pool will widen yet again in September, as those taking care of children aged from nine to 23 months will also be eligible for the 15 free hours.
When is the Online Self-Assessment Deadline?
You can complete your Self Assessment tax return online, and the deadline for this is on January 31.
However, if you do not want to file your tax return online then you can phone HMRC and ask them for a SA100 form.
If it is a tax return for trustees of a registered pension, then you will require a SA970 form.
Deadlines for online and paper tax return assessment differ, and if you are returning a paper form it should be delivered to HMRC by October 31.
If it is a tax return for a trustee of a registered pension scheme or a non-resident company then the paper deadline is January 31.