Christmas is almost upon us, and that tends to drive out thoughts of all else. However, before your world descends into a mince-pie and mulled-wine haze, there are some deadlines and financial issues you should be mindful of. Get these sorted out now and you will save yourself a lot of trouble in the new year.
1. Check your energy deal
If you are on a cheap online deal or a fixed energy deal, the beginning of the year may hand you a nasty surprise. Some of these plans end at midnight on January 1 2012, and you will find yourself catapulted onto expensive standard rates.
If your tariff is coming to an end you should have received a letter or email, but if you have a niggling feeling at the back of your mind it is worth phoning your supplier to check.
We are entering the most expensive period for energy use, and so moving unexpectedly from a cheap to a more expensive tariff will have a disproportionate effect. Bear in mind that it can take four to six weeks to switch tariffs.
Websites such as Heart Finance will help you to find the best deals.
2. Apply for your tax details
The deadline for filing your online tax return is January 31, but do not assume you can leave it until then. Not only does the site struggle with extra traffic on deadline day, but you will not be able to get onto it until you have a login arranged.
This could take a week – or longer with heavy Christmas traffic. If you are not registered as a user of online government services, or you have lost your login details, then you need to sort this out now.
If you previously had a Unique Reference Number and can't find it, you will have to contact the Self Assessment Helpline on 0845 6055 999 and ask for it to be sent by post. If you have never had one you can register online via the HMRC website.
If you miss the tax deadline you will pick up a £100 fixed fine, while additional fees will be charged if you delay further. This is not one to put off.
3. Apply for a balance transfer card
If you are worried you have overspent this Christmas and know you will not be able to pay off your credit card bill, then don't wait until you receive it. Instead, apply now for a balance transfer card in preparation for putting the money on that, and thereby avoid racking up interest charges.
Most of these cards charge a percentage of the debt to transfer it, and then give you time to save up to pay it off.
If you just need a few months' breathing space, try something like the Virgin Money Credit card, which will give you 20 months' free of interest for balance transfers, and charges you 2.99 per cent of your balance or a minimum of £3 to transfer it.
Once you have applied you have 60 days to make the transfer.
4. Buy your season ticket
If you are planning to buy an annual rail card for the first time, make sure you don't get stung by the price rises. The average price of these will jump by 6 per cent on January 2, so it makes sense to get in early – although you cannot buy a ticket to start later in the year and still get it at the old price.
If you need to buy one soon, make sure it starts on January 1, not 2, in order to benefit from lower prices. Existing tickets can be renewed up to seven days in advance.
5. Buy Christmas travel tickets now
Driving home for Christmas? If not you need to hit the transport websites for advance fares. These tickets are nearly always the cheapest option, so log on and see what prices you could get now against those on the day. As an extra plus you should be able to reserve seats on specific services – useful for beating the Christmas crush.
by the Telegraph
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