April squeezes finances as new higher charges take effect

Almost everyone in the country is about to feel the burden of price rises and tax hikes that are set to hit household and business finances from April 2025.

Households will be hit with soaring bills, while businesses also face a rise in Employers National Insurance Contributions and an uplift in the National Living Wage announced in the Chancellor’s October Budget. These are a few of the prices and taxes that are changing:

Employer National Insurance Contributions

ENICs will rise from 13.8% to 15% from April 6^th. The Employer’s NI Secondary Threshold will decrease from £9,100 to £5,000. This change, alongside the rate increase, means a higher NI burden for many businesses.

Stamp Duty

• First-time Buyers: The tax-free Stamp Duty threshold has dropped from £425,000 to £300,000 making it harder for first-time buyers to get on the property ladder.
• Movers & Down Sizers: Stamp Duty is now payable on purchases over £125,000 down from £250,000

Road Tax

The standard rate for cars registered after April 2017 rises by £5 to £195 a year. EVs will not be exempt from Vehicle Excise Duty

Council Tax

An increase in Council Tax bills comes into force today. In Stockport, council tax is set to increase by 4.99% for 2025/26, with 2.99% being a general increase and 2% being the Adult Social Care Precept. A separate charge for garden waste collections has been introduced.

Utility bills

Water bills are also rising by £10 a month on average in England and Wales from this month. The energy price cap is also rising by 6.4pc as of today, which means typical gas and electricity bills will increase by £111 a year, from £1,738 to £1,849.

TV, Broadband and Mobile

Bills are set to rise by as much as 7.5% for many households. TV licence will rise by £5 to £174.50