As we approach the new tax year, there are some key dates for 2025. Some of these dates will have a direct impact on your cashflow and financial planning. So now maybe the ideal time to take stock and arrange a financial review.
April
Before 5th April:
• From 1st April the point at which house buyers pay stamp duty falls from £250,000 to £125,000.
• First-time buyers will see it drop from £425,000 to £300,000.
• Council Tax goes up. The maximum amount a council can increase council tax is 5% without applying to the government for “permission” to increase by a higher number.
• Second energy price cap will come into play from 1st April to 30th June, forecast to nudge higher.
• TV licence goes up £5 a year to £174.50.
• Water bills are anticipated to rise.
• Childcare bills tend to rise in April and may go higher due to the increase in national minimum wage and Employer National Insurance Contributions.
From 6th April:
New state pension increases by 4.1% to £11,973 p.a. with a full qualifying NI record.
For employers, the earnings threshold at which ER NI is paid reduces from £9,100 to £5,000 and the tax rate increases from 13.8% to 15.0%.
August:
Annual tuition fees for most courses in England will rise from £9,250 to £9,535.
Students starting university in September 2025 are expected to walk away with average debt of £43,000.
September:
Working parents with children over 9 months MAY be entitled to 30 hours funded childcare in England during term times.
In order to qualify, parents must earn between £9,520 and £100,000. If you are over the £100,000 ceiling, making a pension contribution would help so that “adjusted net income” is below the threshold.
November:
Likely the government will introduce its second budget in November.