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Nine financial and regulatory changes for Department for Work and Pensions (DWP) claimants have been unveiled, set to impact UK households from October, 2024. Among these changes is the opening of the Winter Fuel Payment phone lines.
The changes will affect a range of areas, from energy bills to Royal Mail stamps. Winter Fuel Payments, worth up to £300, will be automatically received 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, valued at £300, there are nine other changes and financial rules that will impact people. Here is a list of changes ahead of the shake-up.
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Ofgem energy price cap
One of the changes includes an increase in the Ofgem energy price cap from October 1. Energy bills will see a rise after the industry regulator announced a 10% increase in its cap on energy prices, reports Birmingham Live.
With the new price cap, the average annual energy bill will increase to £1,717 for gas and electricity, a rise of £149 from the current level of £1,568, which has been in place since July. The average price cap for standard credit households will see an increase of £161 to £1,829.
Warm Home Discount
Another change is the opening of the Warm Home Discount in October. The Warm Home Discount Scheme, a government initiative designed to provide financial assistance towards energy bills for some of the UK’s lowest earners, is set to re-open this October and those eligible for the scheme will receive £150 towards their energy bills.
Mobile roaming rules
New mobile roaming rules are set to come into effect from October 1, 2024, as part of new protections introduced by Ofcom. These rules require mobile providers to notify customers when they start roaming and to provide clear, free-to-access information to help customers make informed decisions about using their mobile phones abroad.
Cristina Luna-Esteban, Ofcom’s Director of Telecoms Consumer Policy, commented: “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.”
Self-assessment
The deadline to register for self-assessment is also approaching, with registrations needing to be completed by October 5. You need to register for self-assessment by that date following the end of a tax year.
For instance, if you’re due to fill out a tax return for the period from April 6, 2023, to April 5, 2024, registration must be completed by October 5, 2024.
If you’ve already submitted a self assessment return in the previous year, there’s no requirement to register once more this time around. HMRC is expected to send a reminder about the need to file a return however, ultimately it remains your obligation to do so, regardless of whether you receive a prompt or not.
First class stamps
In other news, the price of standard first-class stamps is set to see a sizable increase of 22% starting from Monday, October 7, as announced by Royal Mail. Nonetheless, stamps bought prior to the hike will remain valid after the new prices are implemented.
Nick Landon, Royal Mail’s chief commercial officer, said: “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.
“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.”
Fraud protection rules for banks
Also coming into effect on October 7 are new fraud protection rules for banks. 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 decision, saying that reducing the proposed reimbursement would “reduce the incentives for banks and payments firms to take fraud prevention seriously”.
She added: “The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them.”
Inflation
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.
The budget
Chancellor Rachel Reeves is scheduled to present Labour’s first Budget on Wednesday, October 30. In early September, she told the BBC that it would involve “difficult decisions” regarding tax, spending and benefits. However, her speech at the Labour Party conference painted a more optimistic picture of the economy’s future.
Self-assessment – paper deadline
The deadline for self-assessment paper submissions is October 31. For those who choose to file their Self Assessment via a paper return instead of online, the deadline is midnight on October 31. 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.
