Today marks significant changes in finances, including DWP benefits shifts and eBay fee updates. Key adjustments affect alcohol duties, tax deadlines, and more.
First up, alcohol duties are changing. The Labour Party is behind this shake-up. Starting February 1, there will be a tax increase on alcohol. A bottle of red wine will see a tax hike of 98p over 18 months.
Miles Beale, from the Wine and Spirit Trade Association, criticized the government’s approach. He believes these tax hikes hurt businesses and consumers.
On February 1, the government will also push people from old benefits to Universal Credit. This affects those on income-related Employment and Support Allowance (ESA).
By March 2026, 800,000 people on ESA will switch to Universal Credit. The government plans to send 63,000 letters each month to encourage this change.
Additionally, from February 1, HMRC will start issuing tax fines for late submissions. If you missed the January 31 deadline, you could face a £100 penalty.
If you’re newly self-employed or have untaxed income, you may need to file a return. Missing the deadline can lead to daily penalties of £10, up to £900.
On February 4, eBay will change its payment system, affecting millions of users.
On February 6, the Bank of England will announce its interest rate decision. Currently, the rate is 4.75%.
Sky Mobile will raise its prices on February 14. Customers out of contract will see a £1.50 increase monthly.
On February 19, the UK Consumer Price Index (CPI) for January will be released.
Chase’s savings rate will drop on February 19. If you joined after December 9, you may have a boosted saver offering a 1.5% AER bonus.
February has 28 days, which may affect Universal Credit payment dates. Payments due on weekends will shift to the preceding Friday.
The next Ofgem price cap announcement is on February 25. Energy bills may rise from the current cap of £1,738.
The Warm Home Discount deadline is February 28. Eligible individuals should have received a letter about their payment.
Cold Weather Payments are also available in February. These provide £25 for low-income households during freezing temperatures.
