2026 is set to bring significant financial changes, and the Mirror has compiled a list of important dates for your calendar.
Among the updates are alterations to inheritance tax and the removal of the two-child benefit cap. These changes have been either previously announced in the Budget or have been in the works for some time.
Notable updates include the Ofgem energy price cap increase from £1,755 to £1,758 in January. Inflation figures from the Office for National Statistics will be released on January 21, reflecting a current Consumer Prices Index (CPI) inflation rate of 3.6%.
Winter Fuel Payment inquiries can be made starting January 28, with payments of up to £300 available for individuals over state pension age. Self-assessment tax returns for the 2024/25 tax year must be filed online by January 31, with penalties for late submission.
Alcohol duty will rise by 3.66% in February, impacting prices on various beverages. The Bank of England will convene on February 5 to discuss interest rates, with the current base rate at 4%.
The Household Support Fund will conclude on March 31, offering assistance to residents struggling with bills or low incomes. Starting in April, the two-child benefit cap will be eliminated, and minimum wages will increase for various age groups.
In April, council tax bills will rise by up to 5%, and potential increases in TV licence fees, water bills, and car tax are expected. The end of the tax year on April 5 marks a reset of tax allowances.
Benefits will rise by 3.8% from April 6, with Universal Credit seeing a larger increase. In April, inheritance tax changes for farmers will be implemented, along with adjustments to dividend tax rates.
New regulations regarding price displays in shops will come into effect. Tax relief for working from home costs will no longer be available from April 2026. Buy now, pay later schemes will be fully regulated by the Financial Conduct Authority from July 15, 2026.
University tuition fees will increase in September, and the fuel duty cut introduced in March 2022 will gradually return to normal by March 2027. Free school meals eligibility will expand in September, and new duties on vaping products and tobacco will be imposed in October.
Registration for self-assessment tax must be completed by October 5, with paper tax return deadlines on October 31. Opt for online filing by January 31 to avoid penalties.
Stay informed about these financial changes to plan your budget effectively for the year ahead.