2025 is set to be another significant year for personal finances, with a series of key deadlines and bill hikes. Energy bills, train fares, council tax, and the TV licence are among everyday expenses that will become more expensive. Additionally, new rules for broadband and mobile firms will affect how much they can increase monthly bills.
The Ofgem energy price cap will rise from £1,717 to £1,738 per year on January 1, based on typical usage and direct debit payment. The cap is updated quarterly, so further changes will occur in April, July, and October. Meanwhile, inflation data for December will be released on January 15; the current CPI rate is 2.6%, down from a peak of 11.1% in October 2022.
From January 17, telecom firms are banned from using inflation-linked mid-contract price rises. Instead, customers must be told in pounds and pence how much their contract will increase annually. The self-assessment tax return deadline for the 2023/24 tax year is January 31; missing it incurs a minimum £100 fine.
Alcohol duty on non-draught products (wine, spirits, bottled beer/cider) will rise by 2.7% from February 1, while draught duty (pubs, bars) will be reduced by 1.7%. The Bank of England’s first 2025 meeting on February 6 will decide on interest rates; the base rate is currently 4.75%.
Train fares in England will increase by 4.6% on March 2, and most railcards will rise by £5. The stamp duty holiday ends on March 31; the threshold for main residences will drop from £250,000 to £125,000, and for first-time buyers from £425,000 to £300,000. The Household Support Fund also ends on March 31.
From April 1, the minimum wage for those aged 21 and over will rise 6.7% to £12.21 per hour, and for 18-20 year olds to £10 per hour. Other changes include the Winter Fuel Payment contact date (January 29) and the first inflation data release (January 15).
