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The Department for Work and Pensions (DWP) has announced nine money and rule changes that will affect claimants and more. UK households are set to face a series of new rules in October 2024, including the opening of Winter Fuel Payment phone lines as part of the shake-up.
Changes will be seen across various sectors, from energy bills to 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 who need to apply can do so by phone from October 28. Beyond the Winter Fuel Allowance, which is worth £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.
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Energy bills
The Ofgem energy price cap will rise on October 1. Energy bills will increase in October after the industry regulator announced a 10 percent hike 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, an increase of £149 from the current level of £1,568, which has been in place since July, reports Birmingham Live.
The average price cap for standard credit households will rise by £161 to £1,829. The Warm Home Discount will open in October.
The Warm Home Discount Scheme, a government initiative supporting some of the UK’s lowest earners with their energy bills, is set to open again this October. Eligible recipients will receive £150 towards their energy expenses through the scheme.
Moblie phones
In a move to enhance transparency for mobile users, Ofcom is introducing new protections, effective from 1 October 2024. Mobile providers will be required to notify customers as soon as they commence roaming and must offer clear, free-to-access information, enabling customers to better manage their mobile phone usage 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,” said Cristina Luna-Esteban, Ofcom’s Director of Telecoms Consumer Policy.
Self-assessment tax return
Remember also that the deadline for the self-assessment register is on October 5.
You must register for self-assessment by 5 October following the end of the tax year. For instance, to submit a tax return for the tax year 6 April 2023 – 5 April 2024, registration is required by 5 October 2024.
If you filed a self-assessment return last year, there’s no need to do so again this year. HMRC should send reminders to complete a return; however, the onus remains on you whether or not they prompt you.
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 October 31. It’s important to note that this is the date by which HMRC must have received your return, so ensure you factor in time for preparation and postage.
Stamp prices
In other news, stamp prices are set to soar from the upcoming Monday, October 7, with Royal Mail announcing a substantial increase of 22 percent for standard first-class stamps. But stamps purchased now will remain valid even after the hike.
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 bank rules
Lastly, as of 7 October, there will be new fraud rules for banks to follow.
In a global first, mandatory refunds will be enforced 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 claims will cover over 99 percent of claims.
Rocio Concha, Which? director of policy and advocacy, criticised the reduced reimbursement, arguing it would lessen the incentives for banks and payment firms to take fraud prevention seriously.
She said: “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 data
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 percent in the 12 months leading up to August. Inflation peaked at 11.1 percent in October 2022.
Chancellor Rachel Reeves is scheduled to present Labour’s first Budget on Wednesday, October 30. 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.
