In 2026, significant changes are on the horizon for personal finances, and a comprehensive list of important dates has been compiled by the Mirror for your reference. These dates encompass alterations to inheritance tax and the removal of the two-child benefit limit, among other critical updates. Some changes were previously outlined in the Budget, while others have been in development for a longer period.
Regular updates include adjustments to the Ofgem energy price cap and essential deadlines for self-employed individuals concerning their tax obligations. For instance, the Ofgem price cap is set to increase from £1,755 to £1,758 annually starting in January, with subsequent revisions scheduled for April, July, and October.
Moreover, the Office for National Statistics will publish the first inflation update for the year on January 21, reflecting the current Consumer Prices Index (CPI) inflation rate of 3.6%. The release of inflation figures occurs monthly to track price fluctuations over time.
Individuals awaiting their Winter Fuel Payment can contact the Winter Fuel Payment Centre from January 28. This payment can amount to £300 and is accessible to individuals above state pension age, with repayment required through the tax system for those earning over £35,000 annually.
For those required to file a self-assessment tax return, the online submission deadline is January 31 for the 2024/25 tax year. Failure to meet this deadline incurs a minimum fine of £100, even if no tax is owed, along with the obligation to settle any outstanding tax from the previous tax year.
Subsequently, from February onwards, alcohol duty will increase by 3.66% in alignment with RPI inflation rates. This adjustment will result in price increments of 11p for Prosecco, 13p for red wine, and 38p for gin per bottle, as reported by the Wine and Spirit Trade Association.
Mark your calendars for the Bank of England meeting on February 5, where decisions regarding interest rates will be deliberated. The current base rate stands at 4%, influencing borrowing costs and savings interest rates. The Bank of England convenes every six weeks to determine the base rate.
Looking ahead, the Household Support Fund will conclude on March 31, providing crucial aid to residents struggling with bill payments or low incomes. The fund typically offers cash grants or vouchers for essentials without repayment obligations.
As of April 2026, the two-child benefit cap will be removed, allowing low-income families to claim additional means-tested benefits for third or subsequent children born after April 6, 2017. Additionally, minimum wage increases will benefit millions of workers, with varying pay raises based on age categories.
Council tax bills are set to rise by up to 5% in April, subject to local authorities’ decisions, with larger increases necessitating referendums. Meanwhile, the TV licence fee, water bills, and car tax are anticipated to rise in April, alongside the conclusion of the current tax year, prompting the utilization of tax allowances before they reset.
Benefit recipients can expect a rise in benefits from April 6, with Universal Credit recipients receiving a higher boost. Inheritance tax amendments for farmers, dividend tax rate adjustments, and new regulations on price displays in shops are among the other changes slated for April.
Be prepared for the regulation of buy now, pay later schemes by the Financial Conduct Authority from July 15, emphasizing affordability checks and financial support for consumers. Further changes in university tuition fees, free school meal eligibility expansion, vaping product duties, and self-assessment tax registration deadlines are on the agenda for the ensuing months of 2026.