Uncover the Financial Dates That Shape Your 2025

1 January

The energy price cap rises in January, making gas and electricity bills even more expensive. According to Sky News, this increase will have a direct impact on our monthly outgoings. Additionally, VAT will be added to private school fees from January. Critics claim that this will force schools to close and cause an exodus of private school pupils, flooding the state sector. However, the government insists that this policy is necessary to sustain the underfunded state sector and will raise up to £1.7 billion by 2029/30.

Set every three months by the energy regulator Ofgem, the cap rise will mean a typical yearly bill will be £1,738 from January, an increase of 1.2%. This is a significant change that homeowners and businesses need to be aware of and plan for.

31 January

Online self-assessment tax returns must be submitted by the end of January. This is an important deadline for the self-employed and those who need to complete a tax return for other reasons, such as receiving income from property rental. However, there are warnings of con artists targeting people with offers of tax refunds. It's crucial to be vigilant and ensure that any tax-related matters are handled properly.

6 February

The Bank of England's first monetary policy committee meeting of 2025 will be held on 6 February. MoneyWeek predicts that interest rates are expected to fall further in 2025 but are unlikely to return to the ultra-low levels experienced after the financial crisis. This decision will have implications for borrowing costs and the overall economy.

26 March

The previous Tory governments traditionally held a Spring Budget in March, but chancellor Rachel Reeves said she would not hold an emergency tax-raising UK Budget in the event of low growth or other setbacks blowing a hole in her fiscal plans. Instead, there will be a Spring Forecast on 26 March, which Reeves made clear would not include any new rises in taxes or borrowing. This provides some certainty in an uncertain economic climate.

1 April

Stamp duty thresholds are also due to drop in April, adding to the cost of buying a property. For first-time buyers, stamp duty relief will fall from £425,000 to £300,000, while other home-movers will pay the tax from £125,000 instead of £250,000. These changes are likely to generate volatility in the property market as buyers bring purchases forward. It's a significant development for those looking to enter or move in the property market.

5 April

The deadline to claim extra National Insurance (NI) credits for the past six years is on 5 April. Eligible claimants risk missing out on higher state pension payments over gaps, so it's important to make note of the deadline and take action. Details on how to pay voluntary NI contributions and eligibility are available on the government's website.

6 April

Lots of financial changes take effect in April as the new tax year begins. As announced in the Autumn Budget, employers' NI contributions will rise from 13.8% to 15% from April 2025, while the threshold when businesses start paying NI contributions will be cut from £9,100 to £5,000. The amount employers can claim from their NI bill will rise from £5,000 to £10,500. These changes will have an impact on businesses and their financial planning.

The state pension will also rise to £230.30 per week or just under £12,000 per year. While this is good news for pensioners, it also means that more pensioners are at risk of a bill coming through the door from the government tax department as the increased income could take them above the personal tax allowance.

20 August

After a relatively quiet few months for money matters, the inflation reading for July on 20 August will be important. As it is traditionally used to set the increase in rail fares for the following year, this reading will have implications for commuters and those who rely on public transport.

16 September

On 16 September, the latest UK wage figures will be considered to set the triple lock for the state pension. The state pension will be based on the highest of wage growth, inflation or 2.5%. This ensures that pensioners receive a fair and adequate income.

5 October

October is a big money month for your finances. The deadline to register for self-assessment and to file by paper is 5 October, while postal returns must be filed by the end of the month. This is an important deadline for those who need to complete their tax returns.

November and December

November is relatively quiet financially, but those receiving benefits such as universal credit should check their accounts in December. The government gives certain low-income households a Christmas bonus, worth £10. This usually lands in bank accounts in the first week of December but could be any time before 1 January at the latest. It's a small but welcome boost for those in need.