Key dates for 2025 money

We discuss the important dates and significant financial developments that could impact your financial well-being this year

In 2025, households should be aware of a number of changes in personal finance that could impact everything from their energy costs to whether savings rates and mortgages increase or decrease.

At its first Monetary Policy Committee (MPC) meeting of the year, the Bank of England lowered interest rates to 4 percent, and on April 1st, the energy price cap was raised by 6 percent. These are just two of the significant changes that have already occurred this year.

The VAT tax exemption for private schools ended in January, and the Premium Bonds prize fund rate has also been lowered.

We examine what else 2025 holds and compile the important dates you should be aware of.

Perhaps.

Prescription costs for the NHS as of May 1.

Prescription costs were expected to increase in May, but the government has declared that, for the first time in three years, the single item prescription charge for 2025 - 2026 will stay at 9.90.

MPC meeting on May 8.

On May 8, the Bank of England's Monetary Police Committee will convene to determine whether to alter the base rate. That it will be cut is the expectation.

A separate article examines whether interest rates will be lowered.

June.

June 19 is the MPC meeting.

On June 19, there will be another base rate meeting.

On June 30, the mortgage guarantee program ends.

This gave lenders a guarantee when they granted mortgages for homes up to £600,000 to borrowers who made a 5% down payment.

July.

1 July: new cap on energy prices.

On July 1st, the third-quarter energy price cap will take effect.

The second payment is due on July 31.

Self-employed individuals must make their second and last payment by the end of July for the 2024 - 2025 tax year.

August.

England's student fee increase goes into effect on August 1.

Once frozen since 2017, the maximum fee will increase from 9,250 to 9,535.

Meeting of the MPC on August 7.

The date of the next base rate meeting is August 7.

20 August: Announcement of July inflation.

Since the July inflation rate is typically used to determine the increase in rail fares for the following year, it is significant.

Sept.

The free childcare rollout is finished as of September 1.

In September, the government will implement the last phase of its free childcare program. This will increase the weekly allotment of free childcare from 15 to 30 hours, doubling it. After their child is nine months old, parents will be qualified.

Wage figures as of September 16.

These are a part of the triple lock for the state pension in April of next year.

The MPC meeting is on September 18.

On September 18th, there will be another base rate meeting.

OCT.

October 1st is the new energy price cap.

October 1st marks the start of the October to December Ofgem energy price cap.

The deadline to register for the self-assessment is October 5.

The deadline for registering with HMRC if you're new to self-assessment is today. If you have established a side business to supplement your PAYE job or have made money selling cryptocurrencies, this may be relevant to you.

You might also have just started working for yourself or become a new landlord. Or you might be required to pay the high income child benefit fee.

22 October: Announcement of September inflation.

Since it is used to determine adjustments to benefits, the state pension, and tax credits, the September inflation rate is significant.

For instance, the triple lock indicates that the state pension rises by the greater of the following three amounts annually: earnings growth, inflation rate, or 2 percent. In this comparison, the September inflation rate is used.

Postal self-assessment is due on October 31.

Rather than submitting their self-assessment tax return online, nearly half a million taxpayers opt to mail their paper version. If you do this, you have until October 31 to turn it in.