In 2026, significant financial changes are on the horizon, and essential dates have been compiled for your convenience by the Mirror. These dates include alterations to inheritance tax and the removal of the two-child benefit cap. The Ofgem energy price cap, which shifts every quarter, will climb from £1,755 to £1,758 in January for typical energy users who pay via direct debit.
On January 21, the first inflation update by the Office for National Statistics will be disclosed, with the current Consumer Prices Index (CPI) inflation rate standing at 3.6%. The Winter Fuel Payment worth up to £300 for individuals over state pension age can be requested starting January 28. Self-employed individuals must file their online tax returns by January 31 for the 2024/25 tax year.
Alcohol duty will increase by 3.66% in February, affecting various beverages, as per the Wine and Spirit Trade Association. The Bank of England will convene on February 5 to determine interest rate adjustments. The Household Support Fund will conclude on March 31, offering aid to residents facing financial challenges.
Come April 2026, the two-child benefit cap will be removed, and minimum wages will rise for different age brackets. Council tax bills in England may surge by up to 5%. Other impending changes include potential TV license fee hikes, water bill increases, and adjustments to car tax rates.
Moreover, benefits are set to increase by 3.8% from April 6, with Universal Credit seeing a larger boost of around 6.2%. Inheritance tax modifications for farmers will be implemented in April 2026, featuring a new £1 million cap on inherited agricultural assets.
From July 15, 2026, the Financial Conduct Authority will regulate buy now, pay later schemes, ensuring responsible lending practices. Additionally, university tuition fees in England will rise in line with inflation, and fuel duty reductions introduced in March 2022 will gradually revert to standard levels by September 2026. Free school meal eligibility will expand in September 2026, and new duty charges on vaping products will be imposed from October 2026.
Lastly, self-assessment tax registration deadlines fall on October 5 annually, with fines applicable for late registrations. Paper tax return submissions must be completed by October 31, with online submissions due by January 31 of the following year.