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Monday 31 October: Three deadlines you can’t afford to miss

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31/10/2022
The end of the month is here, and, while it may be Halloween for the children, the 31 October is equally significant for credit card holders, first-time buyers and taxpayers.

There are three deadlines you need to be aware of which fall on Monday 31 October 2022 (today):

John Lewis Partnership card holders

In the summer, John Lewis confirmed the current Partnership credit card would stop working after 6pm on Monday 31 October 2022 following the end of its agreement with provider HSBC in favour of NewDay.

Existing customers are invited to re-apply for its relaunched product. As there isn’t an automatic transfer from one provider to the next, it does mean customers are required to undergo credit checks when applying for the card.

If you don’t wish to apply for the NewDay version of the John Lewis Partnership card (many customers are furious as they’ve been rejected or had their credit limits slashed) then you won’t be able to use the HSBC version for any transactions after 6pm Monday 31 October.  Here’s what you need to know:

Customers with a zero balance: You won’t need to do anything as the account will be closed.

Customers with an outstanding balance: You will need to continue paying as usual until the balance is paid in full. If you pay by Direct Debit or Standing Order, these need to remain active. John Lewis confirmed it will send monthly statements until the balance is paid in full. You should get in touch with John Lewis if any of your contact details change. The account will then close automatically once the balance has been repaid in full.

Account in credit: John Lewis confirmed HSBC UK won’t close your account on 1 November 2022, but you will need to contact HSBC UK on 0345 300 3833 to provide details of the account you would like the refund to be paid into.

Existing customers can apply for the new Partnership credit card until 31 December using the unique code sent from John Lewis. If your application is successful, you will earn triple points on all eligible purchases for 90 days from the date the card is activated. After this date existing customers can still apply, but they will need to use the standard application process for new customers.

End of Help to Buy

First-time buyers have until 6pm on Monday 31 October to submit an application for the Help to Buy Equity Loan scheme.

On a practical level, this means prospective buyers must have been in contact with a home developer/house builder registered under the government scheme and to have reserved a new build property.

There are other important deadlines that need to be met later in the process, but for now, you need to be aware of the initial new applicant deadline. Homes England, which runs the scheme, has been clear this deadline will not be extended.

The Help to Buy Equity Loan allows first-time buyers to purchase a new-build property with a minimum of a 5% deposit and to use an equity loan of up to 20% of the purchase price (40% in London). The loan is interest-free for the first five years. See YourMoney.com’s Help to Buy Equity Loan guide for more information.

Paper tax return filers

The vast majority (95%) submit tax returns online, but 452,629 paper tax returns were filed last year.

If you want to fill in a paper tax return for 2021/22, HMRC must receive it by 31 October 2022 (or three months after the date on your notice to complete a tax return if that’s later).

If you miss the paper deadline, you can still fill in your self-assessment tax return online by 31 January 2023 (or three months after the date on your notice to complete a tax return if that’s later).

The deadline for paying your tax bill, or any Class 2 National Insurance, is 31 January 2023. If HMRC doesn’t receive your tax return by the deadlines, you’ll have to pay a £100 penalty, even if you don’t owe any tax. Further penalties will also be applied if your return is more than three, six and 12 months late.

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