In 2026, significant financial changes are on the horizon, with key dates outlined for your reference by the Mirror. These changes span from adjustments in inheritance tax to the removal of the two-child benefit cap, covering a range of crucial updates. Some modifications were highlighted in previous Budget announcements, while others have been in the works for some time.
Regular updates, such as the Ofgem price cap revisions and essential tax deadlines for self-employed individuals, are also worth noting. The Ofgem energy price cap is set to increase from £1,755 annually to £1,758 starting in January, impacting those with standard energy usage paying via direct debit. This cap adjusts quarterly, with subsequent changes slated for April, July, and October.
On January 21, the Office for National Statistics will release the first inflation update for the year, reflecting the Consumer Prices Index (CPI) measure currently at 3.6%. Inflation figures are released monthly, tracking price fluctuations over time.
For those awaiting Winter Fuel Payment, the contact point is the Winter Fuel Payment Centre, open from January 28. This payment, valued up to £300, is accessible to individuals over state pension age, subject to repayment obligations for those earning above £35,000 annually.
Self-assessment tax return filers must submit their online forms by January 31 for the 2024/25 tax year to avoid penalties, with a minimum fine of £100 even if no tax is due for that period. Moreover, an increase of 3.66% in alcohol duty will take effect from February, aligning with RPI inflation rates.
Mark your calendars for the Bank of England’s meeting on February 5, where interest rate decisions will be made. The current base rate stands at 4%, influencing borrowing costs and savings interest, reviewed every six weeks by the Bank of England.
The Household Support Fund will conclude on March 31, providing financial assistance to residents facing bill arrears or low incomes through grant aid or vouchers. Additionally, the two-child benefit cap removal is scheduled for April 2026, allowing low-income families to claim additional means-tested benefits for third or subsequent children.
Come April, minimum wage increases will benefit millions of workers, with varying hourly rates based on age brackets. Council tax bills are also set to rise, with local authorities in England permitted up to a 5% increase or requiring a referendum for larger hikes.
While adjustments in various sectors continue throughout the year, stay informed about imminent changes affecting your finances and daily life.
