Related Articles
A series of nine monetary and regulatory changes for Department for Work and Pensions (DWP) claimants have been unveiled. UK households are set to face a raft of new rules in October 2024, including the opening of Winter Fuel Payment phone lines as part of the shake-up.
The changes will affect everything from energy bills to Royal Mail stamps. Winter Fuel Payments, worth up to £300, will be received automatically by most eligible individuals, however, some will need to apply.
Those needing to apply can do so via phone from October 28. Beyond the Winter Fuel Allowance, which is valued at £300, there are nine other changes and financial rules and laws that will impact people.
BirminghamLive has revealed the list of changes ahead of the shake-up. These include an increase in the Ofgem energy price cap from October 1, with energy bills set to rise following the industry regulator’s announcement of a 10% increase in its cap on energy prices.
Under the new price cap, the average annual energy bill will rise to £1,717 for gas and electricity, up £149 from its current level of £1,568, which has been in place since July. The average price cap for standard credit households will increase by £161 to £1,829, reports Birmingham Live.
The Warm Home Discount will also open in October. The government’s Warm Home Discount Scheme, aimed at supporting the UK’s lowest earners, will once again open this October. Those eligible for the scheme will receive a £150 contribution towards their energy bills.
In a move to empower mobile users with necessary information, Ofcom has slated new protections. Starting from 1 October 2024, mobile operators are required to inform customers upon initiating roaming and provide transparent, accessible information.
This initiative ensures travellers can make informed choices about using their mobile phone abroad without the fear of unexpected costs.
“The last thing holidaymakers want when returning from a trip abroad is an unexpected mobile phone bill. At the moment, some customers aren’t getting clear information from their provider to help them manage their mobile use and plan their spend. Our new protections will mean you’re told what it’ll cost when you start roaming, so you can be confident that there won’t be any surprises when it comes to your mobile bill while on holiday,” explained Cristina Luna-Esteban, Ofcom’s Director of Telecoms Consumer Policy.
Individuals must register for self-assessment by 5 October.
You must register for self-assessment by October 5 following the end of the tax year. For instance, if you’re due to complete a tax return for the tax year April 6 2023 – April 5 2024, you must register by October 5 2024.
There’s no need to re-register if you completed a self-assessment return last year; HMRC should send a reminder to file your return, but it remains your responsibility to do so whether they remind you or not.
Stamp Prices
In other news, stamp prices are set to soar from Monday, October 7, with Royal Mail announcing a significant 22% hike in the cost of standard first-class stamps. However, stamps purchased now will remain valid post-hike.
Nick Landon, chief commercial officer at Royal Mail, commented on the price increase: “We always consider price increases very carefully. However, when letter volumes have declined by two-thirds since their peak, the cost of delivering each letter inevitably increases.”
He further explained the logistics involved in mail delivery: “A complex and extensive network is needed to get every letter and parcel across the country for a single price – travelling on trucks, planes, ferries and in some cases drones before it reaches its final destination [delivered] on foot. We are proud to deliver the universal service, but the financial cost is significant.”
New fraud rules for banks will come into effect on October 7.
In a global first, mandatory refunds will be enforced from October 7, as announced by the Payment Systems Regulator (PSR). The watchdog has lowered the maximum compensation from an earlier proposal of £415,000 to a new cap of £85,000, which it claims will cover over 99% of claims.
Rocio Concha, Which? director of policy and advocacy, criticised the reduced reimbursement, arguing that it would lessen the incentives for banks and payment firms to take fraud prevention seriously. “The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,” she added.
The latest inflation data from the Office for National Statistics (ONS) is set to be released on October 16. Inflation measures how prices have changed over time.
According to the most recent update from the ONS, inflation remained steady at 2.2% in the 12 months leading up to August. Inflation peaked at 11.1% in October 2022. Chancellor Rachel Reeves is scheduled to present Labour’s first Budget on Wednesday 30 October. She hinted at “difficult decisions” on tax, spending and benefits during a BBC interview in early September.
However, her speech at the Labour Party conference painted a more optimistic picture of the economy’s future. The deadline for self-assessment paper submissions is October 31.
For those who opt to file their Self Assessment via a paper return instead of online, the deadline is midnight on 31st October. It’s important to remember that 31st October is the date by which HMRC needs to have received your return, so ensure you factor in time for preparation and postage.
