With October 2024 drawing near, UK households will need to get ready for several significant financial changes that may have far-reaching effects. Energy bills, cell phone roaming fees, fraud protections, and important tax deadlines are just a few of the topics covered by these revisions. Many of these changes are related to the Department for Work and Pensions (DWP), but some will have a wide-ranging impact on people.
It’s crucial to be aware of impending events, whether one is a pensioner anticipating their Winter Fuel Payment or a self-employed person getting ready for the self-assessment tax deadline.
Millions of households continue to struggle to manage their cost of living as inflation continues to be a problem. Modifications to government programs like the Warm Home Discount in addition to the increase in the energy price cap may put further strain on people’s daily expenses. People can better prepare themselves if they are aware of these impending changes and comprehend any potential implications.
Dates of Implementation for the DWP’s October Changes
| New Change | Implementation Date |
|---|---|
| Increase in the Ofgem Energy Price Cap | October 1, 2024 |
| Warm Home Rebate Program | October 2024 |
| New Mobile Roaming Rules | October 1, 2024 |
| Deadline to Register for the Self-Assessment | October 5, 2024 |
| The price increase of Royal Mail stamps | October 7, 2024 |
| New Regulations Against Bank Fraud | October 7, 2024 |
| Release of Inflation Data | October 16, 2024 |
| First Budget of Labour Government | October 30, 2024 |
| Self-Evaluation Paper Submission Deadline | October 31, 2024 |
Ofgem Energy Price Cap Increase
Most households’ energy expenses will increase as a result of the upcoming increase in the energy price cap. Ofgem, the energy regulator for the United Kingdom, will raise the price cap by ten percent starting on October 1.
- Gas and electricity combined will result in an average yearly energy cost of £1,717, up £149 from £1,568.
- The price cap will increase by £161 for typical credit households, indicating that their yearly payment will be £1,829.
- An increase in energy prices is likely to put more people in financial trouble as the winter months get near, given how much the expense of living is already straining many households. Reviewing their energy use and, if qualified, seeking financial aid are important actions that households should take.
Warm Home Discount Scheme
To help low-income households with their energy costs, the government will relaunch the Warm Home Discount Scheme in October. As part of this plan, qualified homes will receive a one-time £150 electricity bill rebate.
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- The project’s target audience is those who receive specific DWP support or have low incomes.
- Typically, the savings are paid directly to your energy bill between October and March.
- To find out if you qualify, visit the government website or contact your energy provider for details on eligibility and application processes.
New Mobile Roaming Rules
On October 1, new mobile phone roaming laws will take effect in anticipation of increased travel. With the introduction of these regulations by Ofcom, customers should be shielded against unforeseen roaming fees while using their mobile phones overseas.
- When a consumer begins roaming, providers are required to alert them.
- Before utilizing cell services overseas, consumers would get easy-to-access, clear information regarding pricing.
- This modification makes sure that travelers are more aware of how much they use their phones overseas and are not surprised by hefty costs when they go back home.
Deadline to Register for Self-Assessment
- You must register with HMRC by October 5, 2024, if you need to file a self-assessment tax return for the tax year that ends in April 2024.
- This pertains to all individuals who earn money through self-employment, rental properties, or other non-taxable sources.
- You do not have to re-register if you completed a return the previous year, but you should be mindful that you must finish filing your taxes before the due date.
- Make sure you register for the self-assessment by the deadline because there could be fines for not doing so.
Price Increase for Royal Mail Stamps
- A large hike in stamp prices, effective October 7, has been confirmed by Royal Mail. Regular mail customers may be significantly impacted by the 22% increase in first-class stamp prices.
- After the price increase, stamps purchased before October 7 can still be used.
- The cost of sending packages and mail throughout the UK is on the rise, which is the cause of the increase.
- Royal Mail has clarified that, even with the rise, decreasing mail volumes make it financially unfeasible to provide universal postal service.
New Bank Fraud Rules
The UK is enacting mandated refunds for victims of fraud, a first for the globe, starting on October 7, 2024. A new maximum of £85,000 has been imposed by the Payment Systems Regulator (PSR) on compensation for victims of fraud; this will cover more than 99% of claims.
- The compensation cap that was originally suggested was lowered from £415,000 to £315,000.
- By guaranteeing that con artists are compensated for their false losses, this modification seeks to give scam victims enhanced protection.
Some consumer advocacy organizations contend, however, that lowering the compensation threshold can make banks less inclined to make investments in fraud prevention.
Release of Inflation Data
October 16 marks the release of the Office for National Statistics (ONS) most recent inflation figures. The cost of living is directly impacted by inflation, which is defined as the rate at which the prices of goods and services are growing.
- Inflation as of August 2024 was 2.2%, although it might increase once more in October.
- When inflation peaked in October 2022, it was 11.1%, which led to a considerable rise in family expenses.
- Government policies regarding benefits and interest rates may be impacted by this data, thus it will be carefully monitored.
First Budget of Labour Government
On October 30, Chancellor Rachel Reeves will deliver Labour’s first budget since the party’s election. The government’s financial plans, including any planned alterations to benefits, tax laws, and spending reductions, will be outlined in the budget.
- Reeves stated that “difficult decisions” will need to be made to balance the UK budget.
- Anticipate changes to policies of government spending, benefits, and income tax.
- The financial governance landscape for the ensuing years is anticipated to be shaped by this budget.
Deadline to File the Self-Assessment Paper
The deadline for turning in self-assessment returns is midnight on October 31st for taxpayers who would rather file on paper. This applies to the tax year that ended on April 5, 2024.
- To avoid fines, make sure HMRC receives your return by this date.
- The deadline has been extended to January 31, 2025, if filing online.
- Don’t wait until the last minute, to meet the paper filing date, you must account for preparation and postal delays.