Key money dates you need to know about in 2025 - see list

January 1: Price Rises in Transport, Energy, and Education

• Bus Fare Increase: The price cap on local bus fares across England will rise from £2 to £3 for single journeys. However, fares in Greater Manchester and London will remain capped at £2 and £1.75, respectively.
• Energy Price Cap: The energy price cap will increase, with the average annual energy bill rising by £28 to £1,738. The cap limits how much suppliers can charge per unit of energy for customers on standard tariffs.
• VAT on School Fees: From January 1, private school fees will be subject to VAT, adding up to 20 per cent to the cost. However, many schools are not expected to pass on the full VAT charge.

January 31: Self-Assessment Deadline

• Tax Return Deadline: The deadline to file self-assessment tax returns for the year April 6, 2023, to April 5, 2024, is January 31. Failing to meet this deadline will result in an automatic £100 fine. It’s not just self-employed workers who need to file; anyone earning more than £50,000 while claiming child benefit, or earning over £150,000, must also complete a return.

February 6: Bank of England Interest Rate Decision

• Interest Rate Update: The Bank of England’s first interest rate decision of the year will be announced on February 6. Currently at 4.75 per cent, many homeowners will be hoping for a rate cut that could lead to lower mortgage rates. If remortgaging is due, it’s a good idea to shop around for the best deals now.

March 1: Free Wills Month

• Free Wills for Over 55s: People aged 55 or older can get a basic will written or updated for free during Free Wills Month. While it’s available to those in their 50s, it’s best not to wait too long to write a will. Doing so ensures that assets are distributed as per their wishes.

March 2: Rail Fare Increase

• 4.6 per cent Hike in Rail Fares: Starting March 2, regulated rail fares in England, including season tickets and Tube fares in London, will rise by 4.6 per cent. If using a season ticket, it may be worth purchasing one before the increase takes effect.

March 31: Winter Fuel Payment Deadline

• Pensioner Payments: Pensioners living in England and Wales do not need to apply for the winter fuel payment, which is worth up to £300 if eligible. However, if living abroad, a claim will need to be made. They may also be eligible for pension credit, which can help top up income.

April 1: Price Hikes

• Stamp Duty Changes: From April 1, the threshold for paying stamp duty on properties will drop to £125,000, down from £250,000. First-time buyers will also see a reduction in the threshold from £425,000 to £300,000.
• Council Tax Rise: Council tax will increase by up to five per cent, the maximum permitted without special approval. This will result in an average rise of about £109 for Band D properties.
• Energy Price Cap Rise: The second energy price cap of the year will increase, pushing annual bills up to around £1,762, according to analysts.
• TV Licence and Water Bills: The TV licence fee will rise by £5, reaching £174.50, and average water bills will increase by £86, potentially reaching £500.
• Childcare Costs: Childcare costs are expected to rise due to increases in national insurance and the minimum wage, with bills possibly climbing by up to 20 per cent.
• National Living Wage: The National Living Wage will rise to £12.21 per hour, marking a 6.7 per cent increase for 1.6 million workers.

April 5: End of the Tax Year

• Last Chance for Tax Savings: The 2024-25 tax year ends on April 5. This is the last opportunity to max out the £20,000 ISA allowance and to make contributions to pensions or investments, including the £3,000 capital gains tax allowance.

April 6: New Tax Year Changes

• State Pension and Universal Credit Rise: The new state pension will rise by 4.1 per cent, reaching £230.25 per week. Universal Credit will also increase, with the standard allowance for single people over 25 rising to £400.14 per month.
• National Insurance Threshold Changes: The threshold at which employers start paying national insurance will drop to £5,000, with the tax rate rising to 15 per cent.

August 1: Tuition Fee Increase

• Higher University Fees: From August 1, tuition fees for full-time courses in England will rise to £9,535, up from £9,250. Students starting university this year will finish with an average debt of £43,700. Those concerned about costs might consider apprenticeships or studying abroad in cheaper locations.

September 1: Free Childcare for Working Parents

• Free Childcare Hours: Working parents of children aged nine months and over may be entitled to up to 30 hours of funded childcare per week during school term times in England. To qualify, parents must earn between £9,520 and £100,000 a year.

The Rest of the Year: Other Key Dates

• Inflation and Benefits Updates: Watch for inflation data, particularly in October, which will determine how much state pensions and working-age benefits will rise for the following tax year.
• Autumn Budget: The government’s autumn budget, expected in early November, could bring further financial changes.
• Interest Rate Decisions: The Bank of England will hold its final interest rate meeting on November 6, with experts predicting potential cuts depending on inflation and economic growth.