Key financial dates 2025: energy price cap, self assessment and pension top-up deadlines

There are some important dates to be aware of, which could have big repercussions for your financial health.

There are many key events and deadlines that could have a huge impact on your finances this  

We’ve picked out some of the key dates to be aware of, and why they could have an impact on your bank balance.

1 January: Energy Price Cap increased

The energy regulator has raised the Energy Price Cap this week. 

Between January and March 2025, the annual cap, which is set by Ofgem, will stand at £1,738 for a typical household that pays for dual fuel (gas and electricity) by direct debit. 

This is up 1.2% from £1,717 between October and December last year and, for the average household, represents an increase of £21.

Worryingly, the cap is forecast to rise again come April, with analysts at Cornwall Insights predicting it will hit £1,785 in the second quarter.

1 January: Bus fares increased

Bus fares have also risen this week as the cap on fares jumped from £2 to £3.  

The increase was unveiled in the autumn Budget. As such, no single bus fare in routes covered by the scheme is allowed to exceed £3. 

Those fares which are less than £3 will rise in line with inflation. 

29 January: Winter Fuel Allowance deadline

If you are a pensioner due to receive the Winter Fuel Allowance this year, you should receive your payment by 29 January. 

If you qualify, you could receive a payment worth up to £300. However, the new Government has tightened the rules on who can claim the allowance, with only those receiving Pension Credits able to qualify. 

However, if you don't receive your money or a letter from the Government by 29 January, contact the Winter Fuel Payment Centre on 0800 731 0160.

Make sure you have personal details on hand such as your date of birth and National Insurance number.

The deadline to claim for the Winter Fuel Allowance this winter is March 31, 2025.

31 January 2025: Self Assessment deadline (online)

If you’re filing your Self Assessment tax return online, midnight on 31 January is the latest you can do it to avoid a fine.

As we mentioned before, you’ll also need to pay any outstanding tax by this date.

If you're paying your bill online, make sure you allow a few days for the funds to clear or you could still find yourself liable for a fine. 

March: Train fares to increase

Commuters should keep an eye out for the hike in train fares, which is due to come into force in March. 

Regulated rail fares are due to rise by 4.6% from March 2025. This is the second above-inflation hike in 12 years.

Transport for London fares are also expected to rise by the same figure.

April: Pension top-up deadline

Don't miss out on the chance to top-up your State Pension contributions. You now have until April 2025 to do so after the Government extended the deadline from last July. 

To qualify for the State Pension, you will need at least 10 years of National Insurance contributions (NICs), and 35 years to receive the full amount. 

Currently, you can buy back additional years to top up your record, going back to 2006, but from April, this will reduce to six years.

You can use HMRC's online tool to check how much it will cost to top-up different years and the subsequent effect on your pension. 

April 5: Universal Credit replaces Tax Credits system

From April 5, the Tax Credits system will be replaced by the Universal Credit scheme. 

Anyone currently claiming Tax Credits will be moved over to the new system and receive a 'Migration Notice' letter from the Government explaining the change-over. 

Make sure to claim for Universal Credit by the deadline in the Government letter or you could miss out on benefits you are entitled to. 

If you previously claimed Tax Credits and are now eligible to receive your State Pension, you may be asked to apply for Pension Credit instead. 

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