General Insurance Article - 25 dates for your diary in 2025

 1. 1 January – New energy price cap comes into effect

 Annual bills for an average user will rise 1%, or £21, piling on the pressure for older people who didn’t qualify for the Winter Fuel Payment this year. It’s worth bearing in mind that this isn’t a fixed cap on the most you can pay: it’s a cap on prices for the average user. If you burn through more energy, or live in a large or draughty house, you could see prices rise even further.

 1 January – The VAT tax break for private schools ends

 1 January - £2 bus fare cap rises to £3

 The October Budget introduced the change, to cut the cost of the scheme, while still keeping a lid on travel costs.

 2. 17 January - New Ofcom rules on telecoms contracts come into effect

 Among other things, the rules ban mid-contract price hikes linked to inflation. Instead, companies will need to have clear and specific rises stated up front. This should make it easier for people to shop around – although there’s a risk that phone companies will factor in larger annual rises in order to protect their margins. It’ll make this a vital point to check when switching contracts.

 3. 29 January - Ofcom spoofing guidance

 Spoofing is where scammers route calls so that they appear to come from reputable companies. The new guidance will be designed to encourage providers to do what they can to prevent this.

 4. 31 January - Self-assessment deadline

 778,068 people filed their tax return on 31 January 2024 – the last possible day. Leaving it to the last minute means you risk running out of time to check the details, so it’s key to start the process as early as possible to protect yourself.

 5. 1 February - Alcohol duty freeze ends

 Alcohol duty rates that apply to all non-draught products will rise with RPI. The Budget in October introduced relief on draught products in an effort to keep a lid on pub prices.

 6. 6 February - First Bank of England MPC meeting of 2025

 Economists have been expecting this to be the date of the next interest rate cut in the UK.

 7. 1 March - Free wills month

 This event runs in March and October every year. People aged 55 and over can get a simple will drawn up or updated without a charge.

 8. 2 March – Annual rise in regulated rail fares

 Normally the government uses July's Retail Prices Index (RPI) measure of inflation to determine the increase in regulated fares the following year – although at times of very high inflation it can cap this.

 9. 31 March - Stamp duty holiday ends

 Since September 2022, the stamp duty threshold has been raised from £125,000 to £250,000. The threshold for first-time buyers was also increased from £300,000 to £425,000 – and the maximum that a property can be worth and still benefit from this relief rose to £625,000 (up from £500,000). At the end of March, the thresholds will revert.

 31 March - Household support fund ends

 This was established during the cost-of-living crisis, providing councils with additional funds to help the most vulnerable households with the cost of essentials.

 31 March - Winter Fuel Payments claim deadline

 You will have been paid automatically if you received it last year and are still eligible. However, if you didn't get the Winter Fuel Payment last year, you might need to claim.

 10. 1 April – Council tax rises

 The government has confirmed that this tax can rise by a maximum of 4.99% without the council holding a local referendum. For the average person in Band D, this could mean a rise of £109 – from an average of £2,171. For someone in band H, it could add £217 to bills on average.

 1 April - Car tax rises

 This will rise in line with RPI. Meanwhile, car tax on electric vehicles comes into effect.

 1 April - TV licence fee rises

 This is set to rise £5 with inflation from £169.50 to £174.50.

 1 April - Minimum wage rise comes into effect

 The National Living Wage (for those over the age of 21) will rise from £11.44 to £12.21 an hour, while the minimum wage for those aged 18-20 will rise from £8.60 to £10, and for apprentices it will rise from £6.40 to £7.55. The larger rises for younger people are a step on the road to a single minimum wage for all age groups.

 1 April - Water bills rise

 The average bill is set to rise by £27.40 to £473.

 1 April – New energy price cap comes into effect

 This is forecast to fall slightly from the January level, to £1,713. It’s also updated on 1 July and 1 October, although forecasts this far out tend to be less reliable.

 1 April - Air passenger duty changes come in

 11. 5 April – End of the tax year

 This is the deadline to use your ISA and pension allowances for 2024/25, and to take advantage of annual tax allowances, including your capital gains tax allowance.

 5 April Deadline for voluntary NI contribution catch ups

 Usually, you can choose to pay to top up NI contributions to fill gaps over the previous six years. When the new state pension was introduced in April 2013, certain people were given until 5 April 2023 to top up for any years between 6 April 2006 and 5 April 2016. Issues with the government helpline led to a series of extensions to this deadline – but this is the point when it finally runs out.

 5 April - Tax Credits end

 Claimants will have been moved over to Universal Credit.

 12. 6 April – Start of the new tax year

 Early birds will take as much advantage as possible of their annual tax allowances and put money into ISAs and SIPPs.

 6 April - Employer National Insurance contributions rise

 The earnings threshold at which employer NI is paid will drop from £9,100 to £5,000, and the rate will rise from 13.8% to 15%. This is set to cause issues for employers, and is expected to reduce employment and wage rises in the coming years. It could also create more pressure for price inflation to cover costs.

 6 April - Non-dom tax regime will be abolished

 6 April - Furnished holiday lettings regime is axed

 This removes the tax benefits these landlords enjoyed over other people letting property.

 6 April - Help to Save scheme expanded to all Universal Credit claimants

 At the moment, to qualify, you need to be on Universal Credit and have earned at least £722.45 in your most recent monthly assessment, but from April, it will be widened so it can be used by anyone who works, earns at least £1 in that month, and qualifies for Universal Credit. This is a brilliant scheme, with government bonuses that are so generous that the returns can’t be beaten by any other savings product. It’s also super flexible, so it can fit in around your needs, which makes it ideal for people on low incomes.

 6 April - Tax thresholds remain frozen

 This stealth tax will continue to syphon off more of your money with every pay rise, thanks to the impact of fiscal drag on income tax thresholds that remain frozen until 2028. It’s clever, because it takes more of your pay rise, rather than leaving you worse off, so it’s harder to spot than a tax hike. However, the impact is significant. Millions more people will be dragged into paying income tax, and millions will pay a higher rate. It also affects inheritance tax (which is frozen until 2030).

 6 April - New state pension and benefit rates come into effect

 Benefits will rise with September’s inflation figure of 1.7%, while state pensions will rise (according to the triple lock) with wages at 4.1%.

 13. 1 May - NHS prescription charges could rise

 This doesn’t rise uniformly or at the same time every year, but did so in May 2024 and April 2023.

 1 May – Penalties for late tax returns mount

 In addition to the £100 penalty for missing the 31 January deadline, £10-a-day fines start today. This will keep climbing until they reach £900. Once the form is six months late, you’ll either be charged 5% of the tax due or £300 – whichever is higher. You’ll face the same charge again if it’s still outstanding after 12 months.

 14. 31 May – Deadline for issuing P60s

 This is the first day that many employees can easily submit their tax returns for the previous tax year.

 15. 30 June - Mortgage guarantee scheme closes

 This provided a guarantee to lenders who offered mortgages to people with a 5% deposit, on homes worth up to £600,000.

 16. 31 July - Payment on account deadline

 Self-employed people need to make advance payments towards their tax bill.

 17. 1 August – Student fee rise takes effect in England

 The maximum fee rises from £9,250 to £9,535 – after being frozen since 2017.

 18. 20 August – Inflation figures inform next year’s rail fares rise

 19. 1 September – the rollout of free childcare is completed

 By September, working parents of children under the age of five will be entitled to 30 hours of free childcare a week.

 20. 15 September – Pension Awareness Day

 15 September – First day to claim Winter Fuel Payment

 21. 16 September - Wage figures

 These are used as part of the triple lock for next April’s state pension.

 22. 1 October – rules around displaying prices change

 They’re designed to make it easier for shoppers to compare prices, making unit prices uniform and including loyalty pricing details in costs.

 23. 5 October – Deadline to register for self-assessment

 24. 22 October - Inflation figures

 These are used as part of the triple lock for next April’s state pension, and for uprating working age benefits.

 25. 31 October - Deadline to file paper self-assessment tax return

 We’re overwhelmingly filing our self-assessment tax returns online but those who prefer to do it on paper will need their returns to arrive with HMRC by this date.”