As 2025 begins, how positive you feel about your finances will depend a lot on your stage of life. Here are some of the important dates to look out for in the first months of the year.
January
1st The latest price cap on household gas and electricity comes into force, and at £1,738 for typical usage it is 1.2% higher than that for the last three months. The headline figure is for direct debit customers using 2,700kWh of electricity and 11,500kWh of gas in a year - if you use more or pay in arrears you will spend more than that. The cap is £190 a year lower than in January 2024, but for many pensioner households the loss of the winter fuel allowance will more than cancel that out.
The cap on bus fares for journeys in England goes up from £2 to £3, where it will be fixed until the end of 2025. The limit does not apply everywhere - Manchester, for example, will retain a £2 cap, while in London fares are capped at £1.75.
VAT is now payable on private school fees, charged at 20%. The tax will apply to fees paid in advance since 29 July 2024 if they relate to 1 January 2025 onwards.
17th A ban on inflation-linked mid-contract price rises on phone, broadband and TV comes into force. From this date, the regulator, Ofcom, says contracts must include details of any future price rises in pounds and pence.
This story is from the January 01, 2025 edition of The Guardian.
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This story is from the January 01, 2025 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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