As the cost of living crisis continues, even affluent households may be feeling the pinch financially. That’s why managing your money effectively and making savings wherever possible is crucial if you want to make the most of your wealth.
What’s more, the government is introducing several rule changes in 2026 that may affect your financial health.
Staying up to date with these reforms and preparing for upcoming deadlines could help you stay organised, avoid potential penalties, and keep your financial plan on track.
So, here are the key dates you can’t afford to miss in 2026 – you might find it helpful to add any relevant ones to your diary now.
25 February – Energy price cap announcement
The energy regulator, Ofgem, is expected to announce the price cap for the April to July 2026 period by 25 February. While the cap doesn’t limit your total bill, it sets a maximum unit rate and standing charges for standard variable tariffs in Great Britain.
Knowing how much your energy bills are likely to rise or fall several months ahead of time could allow you to adjust your budget to accommodate this change.
3 March – The Spring Forecast
Chancellor Rachel Reeves has confirmed that the Spring Forecast will take place on 3 March. While this is typically smaller than a full Budget, it could have a real impact on your household or business finances.
Indeed, the Spring Forecast often confirms and reinforces previous announcements, providing certainty and allowing you to plan with confidence. It may also include important amendments and rule clarifications on upcoming reforms.
Moreover, this key financial statement may indicate the government’s plans for future tax changes.
1 April – Council Tax rises
Most local authorities are permitted to raise Council Tax by up to 4.99% without holding a local referendum.
Smaller district councils that do not have social care duties may be limited to increases of around 3%. In contrast, the government has granted additional flexibility to some local authorities – particularly those in London, such as Kensington and Chelsea – allowing them to raise Council Tax beyond the 4.99% cap.
It’s expected that most local authorities will increase Council Tax in line with these limits, to cover rising service costs and budget pressure.
1 April – National Living Wage and National Minimum Wage increases
From April, the National Living Wage (NLW) paid to workers aged 21 and over will rise by 4.1%, from £12.21 to £12.71 an hour. This equates to an annual increase of £900 for full-time employees.
The National Minimum Wage (NMW) for 18 to 20-year-olds will go up by 8.5% to £10.85 an hour, equivalent to around £1,500 a year for a full-time worker. For 16- and 17-year-olds, and those on apprenticeships, the NMW will increase by 6%, from £7.55 to £8 an hour.
If you’re a business owner, these changes could have a direct and immediate impact on your costs, especially if you have a large workforce with a high proportion of employees paid at minimum rates.
Preparing for this change as soon as possible could allow you to maintain control over cash flow, protect profit margins, and avoid rushed or poor decisions.
5 April – End of the tax year
Each tax year, you’re entitled to various allowances and exemptions that could help you manage your wealth as tax-efficiently as possible.
Many of these valuable allowances reset at the start of the new tax year on 6 April 2026. Here are a few you may want to make the most of before this happens:
- ISA allowance – In 2025/26, you can contribute up to £20,000 across multiple ISAs. There is a separate annual allowance of £9,000 a year for Junior ISAs. Any interest or returns generated on funds held in an ISA are free from Income Tax and Capital Gains Tax, making them a powerful tool for saving and investing. If you don’t use your allowance before the end of the tax year, you’ll lose it.
- Dividend Allowance – If you’re a business owner or hold shares in dividend-paying companies, this allowance could increase how much you can receive through dividends before tax is due. You cannot carry forward any unused Dividend Allowance to the next tax year.
- Capital Gains Tax (CGT) Exempt Amount – This allows you to make overall gains of up to £3,000 (2025/26) before CGT is due.
- Pension Annual Allowance – This is the maximum amount you can contribute to a pension each tax year while still receiving tax relief and without incurring additional tax charges. For most people, the Annual Allowance is £60,000 (2025/26), although this could be lower if you’ve already flexibly accessed your pension or your income exceeds certain thresholds. You can only claim tax relief on up to 100% of your earnings.
This is not an exhaustive list of available tax allowances. If you’d like a more detailed understanding of how to make the most of your allowances before 6 April, you might benefit from seeking financial advice.
6 April – State Pension increases
From 6 April, the State Pension will increase by 4.8% due to the government’s triple lock commitment.
This means that the full new State Pension (for those who reached State Pension Age after 6 April 2026) will rise from £230.25 to £241.30 a week, equivalent to an annual increase of £574.60.
Meanwhile, for those who reached State Pension Age before 6 April 2016, the basic State Pension will rise from £176.45 a week to £184.90 a week, which is an annual increase of around £440.
While this may sound like welcome news, these increases could have implications for your overall finances, especially as Income Tax thresholds are frozen. So, it’s worth scheduling a review with your financial planner who can offer advice and guidance on managing your wealth tax-efficiently.
6 April – Dividend Tax rises
The amount you’ll pay on dividends that exceed your Dividend Allowance will increase from 8.75% to 10.75% for basic-rate taxpayers and 33.75% to 35.75% for higher-rate taxpayers.
Planning for this change, for example, by spreading dividends across tax years where possible, could make a meaningful difference to your overall tax bill.
6 April – Making Tax Digital (MTD) for Income Tax starts
If you’re registered for self-assessment and receive a total gross income above £50,000 a year from self-employment or property (£30,000 from April 2027), the new MTD requirements may apply to you.
If so, you’ll need to do the following for your next accounting period:
- Keep digital records
- Use MTD-compliant software
- Submit updates every quarter.
Read more: 3 practical ways business owners can prepare for Making Tax Digital for Income Tax
5 October – Deadline for registering for self-assessment
If you’re self-employed and earned more than £1,000 in the previous tax year, you need to register for self-assessment. However, contrary to popular belief, it’s not only business owners and self-employed individuals who need to register. For example, you may need to do so if you owe CGT from selling assets.
If you’re not sure whether you need to complete a tax return, contact HMRC to check well ahead of the 5 October deadline. If you register late, you could face a “failure to notify” penalty.
Get in touch
As you can see, there are a lot of financial dates to keep track of in 2026. If you’d like help preparing for the year ahead and building key deadlines and rule changes into your financial plan, we can help.
To learn more, please email hello@sovereign-ifa.co.uk or call us on 01454 416653.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
The Financial Conduct Authority does not regulate tax planning.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
Approved by Best Practice IFA Group Ltd on 19/2/26