In 2026, significant financial changes are on the horizon, and staying informed is crucial. The Mirror has compiled a list of important dates for your diary that you should be aware of.
These changes encompass various aspects, from modifications to inheritance tax to the removal of the two-child benefit cap. Some adjustments were outlined in the Budget, while others have been in development for some time.
Periodic updates are also expected, such as the Ofgem price cap adjustments and critical deadlines for self-employed individuals regarding tax obligations.
For instance, the Ofgem energy price cap will see a rise from £1,755 to £1,758 annually starting in January, affecting those with standard energy usage paying through direct debit. This cap undergoes adjustments every quarter, with upcoming changes scheduled for April, July, and October.
Moreover, the first inflation report from the Office for National Statistics is slated for release on January 21, reflecting the Consumer Prices Index (CPI) inflation rate currently at 3.6%.
For those awaiting Winter Fuel Payments, the contact window opens from January 28, offering up to £300 in assistance to individuals over state pension age. However, repayment is required for those earning above £35,000 annually through the tax system.
Self-employed taxpayers must submit their online tax returns by January 31 for the 2024/25 tax year to avoid penalties starting at £100, even if no tax is due.
Alcohol duty will see a 3.66% increase in February, aligned with the Retail Price Index (RPI) inflation, impacting prices of various beverages.
The Bank of England’s first 2026 meeting on February 5 will determine future interest rates, currently set at 4%, influencing borrowing costs and savings interest rates.
Additional changes include the conclusion of the Household Support Fund on March 31, the removal of the two-child benefit cap in April, and minimum wage raises for different age groups.
Council tax bills are expected to rise by up to 5% in April, with potential government announcements on TV licence fee adjustments.
Water bills are also anticipated to rise in April, following Ofwat’s approval for a 36% increase in average bills by 2030 in England and Wales.
As the tax year ends on April 5, individuals are advised to maximize their tax allowances before they reset for the new year, ensuring they benefit from available allowances such as ISAs and pension contributions.
Furthermore, benefit increases, inheritance tax alterations, dividend tax rate adjustments, and new regulations on buy now, pay later services are among the forthcoming changes in 2026.