{"id":1695,"date":"2025-01-03T07:40:33","date_gmt":"2025-01-03T07:40:33","guid":{"rendered":"https:\/\/www.redstarwealth.co.uk\/blog\/?p=1695"},"modified":"2025-01-02T15:22:51","modified_gmt":"2025-01-02T15:22:51","slug":"key-financial-changes-in-2025","status":"publish","type":"post","link":"https:\/\/www.redstarwealth.co.uk\/blog\/key-financial-changes-in-2025\/","title":{"rendered":"Key Financial Changes in 2025"},"content":{"rendered":"<p style=\"font-weight: 400;\">It\u2019s a new year, and with it come lots of changes. We thought we\u2019d give you a quick rundown on some of the changes we are expecting to see this year in order to keep you in the loop!<\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"font-weight: 400;\">Changes From January Onwards<\/h2>\n<ul>\n<li style=\"font-weight: 400;\">There \u00a32 bus fare cap (for a single journey bus ticket) has been increased to \u00a33. However, some areas may have their own bus fare caps through local authorities and mayors choosing to fund local schemes to keep fares down further<\/li>\n<li style=\"font-weight: 400;\">The latest energy price cap of 1<sup>st<\/sup> January 2025 is 1.2% higher than in the previous three months<\/li>\n<li style=\"font-weight: 400;\">Private schools will now pay VAT at 20% on their school fees<\/li>\n<li style=\"font-weight: 400;\">Also, we would like to remind you of some deadlines coming up this month:\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><em>The deadline for filing your Self-Assessment tax return for the 2023\/24 tax year is Friday 31<sup>st<\/sup> January<\/em><\/li>\n<li style=\"font-weight: 400;\"><em>The Winter Fuel Payment deadline to help with heating bills is Wednesday 29<sup>th<\/sup> January<\/em><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 style=\"font-weight: 400;\">Changes from February Onwards<\/h2>\n<ul>\n<li style=\"font-weight: 400;\">Alcohol duty will rise in line with the RPI rate of inflation from September 2024, which is a rate of 2.7%. Alcohol duty rates on draught products below 8.5% ABV will be cut by 1.7%<\/li>\n<\/ul>\n<h2 style=\"font-weight: 400;\">Changes From April Onwards<\/h2>\n<ul>\n<li style=\"font-weight: 400;\">The UK minimum wage will increase to:\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\">\u00a37.55 an hour \u2013 for those under 18 or apprentices <em>(Apprentices under 19, or those who are over 19 but in their first year of their apprenticeship will earn \u00a37.55 an hour. Once apprentices reach age 19 or over and are no longer in their first year, they are entitled to the relevant minimum wage for their age group)<\/em><\/li>\n<li style=\"font-weight: 400;\">\u00a310.00 an hour \u2013 for 18-20 year olds<\/li>\n<li style=\"font-weight: 400;\">\u00a312.21 an hour \u2013 for those aged 21 and over<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\">The basic state pension and new state pension will both rise by 4.1% in April due to protection from the Triple Lock.<\/li>\n<li style=\"font-weight: 400;\">Council tax bills in England are expected to rise by up to 5%. This is because local authorities are allowed to raise their core council tax by up to 3% and the adult social care precept (an additional council tax charge which helps pay for adult social care services) by 2%<\/li>\n<li style=\"font-weight: 400;\">Business Asset Disposal Relief will increase from 10% to 14% (before rising again to 18% a year later). Capital Gains Tax is not due to see any further changes as the rates were already increased in October 2024<\/li>\n<li style=\"font-weight: 400;\">The stamp duty threshold for first-time buyers will decrease from \u00a3425,000 to \u00a3300,000 on 1<sup>st<\/sup> April 2025. For non-first-time buyers, the tax-free threshold will drop from \u00a3250,000 to \u00a3125,000. You can find out more about the changes to stamp duty <a href=\"https:\/\/www.redstareducation.co.uk\/blog\/changes-to-stamp-duty-land-tax\/\">here<\/a><\/li>\n<li style=\"font-weight: 400;\">On 6<sup>th<\/sup> April 2025, National Insurance contributions paid by employers will increase from 13.8% to 15% and the threshold when employers start paying this will be lowered from \u00a39,100 to \u00a35,000<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s a new year, and with it come lots of changes. We thought we\u2019d give you a quick rundown on some of the changes we are expecting to see this year in order to keep you in the loop! &nbsp; Changes From January Onwards There \u00a32 bus fare cap (for a single journey bus ticket) [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[193,1478,430,112,113,1475,1017,1075,60,1474,48,650,142,1335,152,1476,1479,1456,190,1477,284,199,1288,1480],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key Financial Changes in 2025 - Red Star Wealth<\/title>\n<meta name=\"description\" content=\"We talk you through some of the key financial changes we will be seeing in 2025 to help you stay on top of your own finances\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redstarwealth.co.uk\/blog\/key-financial-changes-in-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key Financial Changes in 2025 - 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