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A series of nine money and rule changes for Department for Work and Pensions (DWP) claimants have been unveiled, set to impact UK households in October 2024. Among these changes is the opening of the Winter Fuel Payment phone lines.
Households will see alterations affecting everything from energy bills to the cost of Royal Mail stamps. Winter Fuel Payments, worth up to £300, will be received automatically by most eligible individuals, but some will need to apply.
Those needing to apply can do so by phone from October 28. Beyond the Winter Fuel Allowance, which is valued at £300, there are nine other changes and financial rules that will affect people.
BirminghamLive has revealed the list of changes ahead of the shake-up. These include a rise in the Ofgem energy price cap from October 1, leading to an increase in energy bills.
The industry regulator has announced a 10% hike in its cap on energy prices, meaning the average annual energy bill will rise to £1,717 for gas and electricity, up £149 from the current level of £1,568. The average price cap for standard credit households will increase by £161 to £1,829, reports Birmingham Live.
The Warm Home Discount scheme will also open in October.
The Warm Home Discount Scheme, a government initiative designed to support some of the UK’s lowest earners, is set to open again this October. Those eligible for the scheme will receive £150 towards their energy bills.
In addition, new mobile roaming rules are being introduced by Ofcom to better protect consumers. Starting from 1 October 2024, mobile providers will be required to notify customers when they start roaming and provide clear, accessible information to help them make informed decisions about using their phones abroad.
“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.
Lastly, the deadline for self-assessment registration is on October 5.
You must register for self-assessment by 5 October following the end of the tax year. For instance, to file a return for the tax year starting 6 April 2023 and ending 5 April 2024, you should register by 5 October 2024.
Those who filed a self-assessment last year need not register again; HMRC is expected to send a reminder, but ultimately, it’s your responsibility to ensure you complete a return.
In pricing news, stamp costs are set for a hefty hike as standard first-class stamp prices will soar by an inflation-exceeding 22% from Monday, 7 October, as announced by Royal Mail. Purchases made before the increase will remain valid for use, providing some relief for customers.
Royal Mail’s chief commercial officer, Nick Landon, commented on the price adjustment: “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 logistical challenges: “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.”
Additionally, new fraud rules for banks will come into play from 7 October.
In a pioneering move, refunds will become compulsory from 7 October, 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 says will cover over 99% of claims.
Rocio Concha, Which? director of policy and advocacy, criticised the decision, stating that reducing the proposed reimbursement would “New fraud rules for banks – October 7. In a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced. The watchdog has reduced the maximum compensation from a previous proposal of £415,000. It said the new cap of £85,000 would cover more than 99% of claims.
She said lowering 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,”.
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. In early September, she informed 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.
The deadline for self-assessment paper submissions is October 31.
For those who prefer 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 this is the date by which HMRC needs to have received your return, so ensure you factor in time for preparation and postal delivery.
