In 2026, significant financial changes are on the horizon, and the Mirror has compiled a list of essential dates for your calendar. These changes range from alterations to inheritance tax to the removal of the two-child benefit cap. Some of these updates were previously announced in the Budget, while others have been in the works for some time.
Additionally, there are periodic updates to keep track of, such as adjustments to the Ofgem price cap and important deadlines for self-employed individuals regarding their tax obligations.
For instance, the Ofgem energy price cap will see an increase from £1,755 to £1,758 starting in January, affecting those with typical energy usage who pay via direct debit. This price cap undergoes adjustments every three months.
Furthermore, the first inflation update from the Office for National Statistics is set for January 21, with the Consumer Prices Index (CPI) currently standing at 3.6%. Inflation figures are released monthly to track price fluctuations over time.
Moreover, various key dates include the deadline for online submission of self-assessment tax returns, set for January 31, and the rise in alcohol duty by 3.66% in February, aligning with RPI inflation.
In April, multiple changes will take effect, including the removal of the two-child benefit cap, an increase in the minimum wage for different age groups, and a rise in council tax bills by up to 5%. Additionally, benefits will see a 3.8% boost, with Universal Credit receiving a larger increase.
Several other changes will occur throughout the year, such as the end of the Household Support Fund on March 31, the introduction of new inheritance tax rules for farmers in April, and the regulation of “buy now, pay later” schemes by the Financial Conduct Authority starting July 15.
As the year progresses, it is crucial to stay informed about these financial developments to manage your budget effectively and prepare for any upcoming changes.