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UK households are bracing for a series of new financial rules and changes next month that will affect everything from mobile phones to Royal Mail stamps. One of the key changes is the opening of the Winter Fuel Payments phone line.
These payments, worth up to £300, will be received automatically by most eligible individuals, but some will need to apply. Here are nine other changes and financial rules and laws which will impact people.
Ofgem’s energy price cap will rise – October 1
Energy bills are set to increase in October after the industry regulator announced a 10 per cent hike in its cap on energy prices. Under the new price cap, the average annual energy bill will jump 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, bringing it to £1,829, reported Manchester Evening News.
The Warm Home Discount Scheme opens in October
This government initiative provides support to some of the UK’s lowest earners with dedicated help towards their energy bills. The scheme reopens this October, and anyone eligible for the help will receive £150 towards their bills through the scheme.
New mobile roaming rules come into effect on October 1
Mobile customers are set to enjoy enhanced protection as Ofcom rolls out new measures. From October 5, 2024, mobile providers will be required to alert customers when they begin roaming and provide clear, cost-free information to enable informed decisions regarding mobile phone use 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.
Self-assessment register deadline – October 5
Also coming up is the important date for self-assessment registration set for October 5 post-tax year-end. For instance, for the tax year spanning April 6, 2023, through April 5, 2024, individuals must register by October 5, 2024.
Those who have already filed a self-assessment return in the previous year need not register anew, though HMRC should send reminders – the onus remains on the taxpayer.
Furthermore, stamp prices are due for another increase on October 7
The price of standard first-class stamps is set to soar by a staggering 22 per cent – increasing from £1.35 to £1.65 – starting Monday, October 7, as confirmed by Royal Mail. However, if you purchase some now, they will still be valid after the price hike.
Nick Landon, chief commercial officer at Royal Mail, commented: “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.”
New fraud rules for banks will come into effect on October 7
In a world-first, these refunds will become mandatory from that date, as announced by the Payment Systems Regulator (PSR). The watchdog has lowered the maximum compensation from a previous proposal of £415,000. It stated that the new cap of £85,000 would cover more than 99 per cent of claims.
Rocio Concha, Which? director of policy and advocacy, criticised the decision, saying that lowering the proposed reimbursement would reduce the incentives for banks and payments 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.
Inflation – October 16
The Office for National Statistics (ONS) is set to release the latest inflation figures on October 16. Inflation tracks the variation in price levels over a period of time. According to the most recent ONS update, inflation remained steady at 2.2 per cent over the 12 months leading up to August. The peak was recorded in October 2022 when inflation soared to 11.1 per cent.
Budget – October 30
On Wednesday, October 30, Chancellor Rachel Reeves is scheduled to present Labour ‘s inaugural Budget. Early in September, she indicated to the BBC that the budget would necessitate “difficult decisions” regarding taxes, spending, and benefits. Nevertheless, her address at the Labour Party conference struck a more hopeful tone about the economy’s prospects.
Self-assessment paper deadline – October 31
For those who opt to submit their Self Assessment tax return in paper form rather than online, the cut-off point is midnight on October 31. It’s important to remember that this is the date by which HMRC must have received your paperwork, so factor in time for preparation and postal delivery when planning.
