In 2026, significant financial changes are on the horizon, with key dates to mark in your calendar. These changes span from adjustments to inheritance tax to the removal of the two-child benefit cap. Various updates, such as alterations to the Ofgem price cap and tax deadlines for self-employed individuals, are also in the pipeline.
The Ofgem energy price cap is set to increase from £1,755 annually to £1,758 starting in January, affecting individuals with standard energy consumption paying via direct debit. Inflation updates, like the Consumer Prices Index (CPI), will be released monthly, with the first update scheduled for January 21, showcasing a current inflation rate of 3.6%.
For those awaiting Winter Fuel Payments, the contact window with the Winter Fuel Payment Centre opens on January 28, providing up to £300 for individuals above state pension age. Self-assessment tax return online filing deadline for the 2024/25 tax year is January 31, with penalties for late submissions.
Alcohol duty will rise by 3.66% in February, while the Bank of England will convene on February 5 to discuss future interest rate decisions. The Household Support Fund concludes on March 31, offering assistance to residents facing financial difficulties.
From April, the two-child benefit cap will be eliminated, and minimum wage rates will increase for various age brackets. Council tax bills in England may rise by up to 5%, and potential TV licence fee adjustments could follow in line with inflation rates.
Additionally, water bills are expected to rise, car tax rates may increase, and new regulations on price displays in shops will be enforced. Tax relief for work-from-home expenses will cease from April. Buy now, pay later schemes will be regulated by the FCA from July 15.
In September, the 5p cut in fuel duty will gradually return to normal levels, and free school meal eligibility will expand for children in England whose parents receive Universal Credit. A new vaping product duty will be imposed in October.
Registration deadlines for self-assessment tax and filing methods are also outlined, emphasizing the importance of meeting submission deadlines to avoid fines.