New money rules and changes in October – from mobile phones to energy price cap

UK households are bracing for a raft of new financial rules and changes next month that will affect everything from mobile phones to Royal Mail stamps.

With the country already going through the uncertainty of waiting for a new bombshell and panic-inducing budget later this month, there are a lot more changes to worry about ahead of that.

But fear not, the Daily Star has you covered with a breakdown of the nine most important ones coming your way.

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Ofgem energy price cap rises – October 1

From October 1, Ofgem’s energy price cap will rise, reports the Manchester Evening News.

Energy bills are set to increase in October after the industry regulator announced a 10% hike in its cap on energy prices. Under the new price cap, the average annual energy bill will jump to £1,717 a year for gas and electricity, a rise of £149 from the current level of £1,568, which has been in effect since July.

The average price cap for standard credit households will see an increase of £161, bringing it to £1,829.

The Warm Home Discount Scheme

This 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

These come into effect on October 1.

Mobile customers can breathe a sigh of relief as Ofcom gets tough on network providers. Starting from October 5, 2024, mobile networks will be required to notify customers when they start roaming.

This move is aimed at ensuring users have all the vital info they need to make wise choices about mobile phone usage while traipsing across borders.

Cristina Luna-Esteban, Ofcom’s Director of Telecoms Consumer Policy, has voiced that customers certainly don’t want the shock of hefty mobile bills upon returning from their travels.

“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,” she said.

“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,” she explained.

Self-assessment registration deadline

Don’t forget, if you’re sorting out self-assessment taxes earmark October 5 in your diary. It’s the cutoff date to register for self-assessment after the end of the tax year.

So, if you were busy crunching numbers for the period from April 6, 2023, to April 5, 2024, make sure you’re signed up by October 5, 2024. Previous filers, fear not; if you’ve done this song and dance last year, you do not have to re-register this time around though do keep an eye out for HMRC’s nudge.

Stamp prices rising . . . again

And in less cheery news, brace yourselves stamp prices are set to rise once more come October 7.

The price of standard first-class stamps is set to skyrocket by a whopping 22% – increasing from £1.35 to £1.65 – starting from Monday, October 7, as confirmed by Royal Mail. However, if you stock up now, they’ll still be valid after the price hike.

Nick Landon, the chief commercial officer at Royal Mail, stated: “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 bank rules

New fraud rules for banks will come into effect on October 7. In a world-first, these refunds will become mandatory from that date, according to the Payment Systems Regulator (PSR).

The watchdog has lowered the maximum compensation from a previous proposal of £415,000, stating that the new cap of £85,000 would cover more than 99% 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 data . . . hurrah

The Mirror reports that new inflation figures are expected from the Office for National Statistics (ONS) on October 16, offering insight into any changes in cost of living. In a previous update, the ONS showed inflation holding steady at 2.2% for the year up until August, significantly down from its peak of 11.1% in October last year.

Budget

Switching to government financial plans, Labour Chancellor Rachel Reeves is poised to reveal her Budget on October 30. She has previously indicated to BBC that the budget will involve “difficult decisions” regarding taxes, spending and benefits. Meanwhile, at the Labour Party conference, she seemed more upbeat about economic prospects.

Self-assessment paper deadline

For those who do not dabble in online tax returns and prefer the traditional method, remember that October 31 is the deadline for paper versions of Self Assessment. Be aware that this is the date your documents need to hit the desks at HMRC, not the date to send them off, so plan postage time accordingly.

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