Nine money and DWP changes coming in October including new bank accounts and mobile rules | Teesside Live

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 everything from energy bills to Royal Mail stamps. Winter Fuel Payments can be worth up to £300, with most eligible individuals receiving this sum automatically. However, some will need to apply. If you fall into this category, applications by phone will be open from October 28.

Beyond the Winter Fuel Allowance, valued at £300, there are nine other changes, financial rules and laws that will affect people. Here are a list of changes ahead of the shake-up.

Ofgem energy price cap rises – October 1

Energy bills will increase in October following a 10% hike in the industry regulator’s cap on energy prices, reports Birmingham Live.

Under the new 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.

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

Warm Home Discount – opens in October

The government’s Warm Home Discount Scheme is set to lend a helping hand once more, providing crucial support towards energy bills for some of the UK’s lowest earners. Set to launch anew in October, eligible individuals will receive £150 towards their energy costs through the initiative.

New mobile roaming rules – October 1

New protections for mobile users are on the horizon commencing from 1 October 2024, Ofcom has announced that mobile providers will be required to alert customers as soon as they begin roaming. In an effort to equip users with all they need to know, providers will have to offer clear and readily accessible information, empowering customers to make better-informed decisions about their mobile usage while 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,” affirmed Cristina Luna-Esteban, Ofcom’s Director of Telecoms Consumer Policy.

Self-assessment register deadline – October 5

As the calendar turns, another key date approaches: the deadline to register for self-assessment falls on 5 October.

You need to register for self-assessment by 5 October following the end of the tax year. For instance, if you’re due to file a tax return for the period of 6 April 2023 to 5 April 2024, your registration deadline is 5 October 2024.

Those who filed a self-assessment return last year don’t need to register again; HMRC should send a reminder to complete a return, but ultimately it’s your responsibility to remember.

Stamp prices rise again – October 7

In other news, stamp prices are set to soar from Monday 7 October, with standard first-class stamps seeing a hefty 22% increase, as announced by Royal Mail. However, stamps bought before the hike will remain valid post-increase.

Nick Landon, Royal Mail’s chief commercial officer, commented on the price rise: “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 logistics involved in mail delivery: “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 – October 7

In a groundbreaking move, the Payment Systems Regulator (PSR) has announced that from 7 October, refunds for scam victims will become mandatory. However, the watchdog has reduced the maximum compensation from the initially proposed £415,000 to £85,000, which it claims will cover over 99% of claims.

Rocio Concha, Which? director of policy and advocacy, expressed disappointment, stating 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.

The latest inflation data from the Office for National Statistics (ONS) will be released on October 16. Inflation is a measure of how prices have changed over time. In the latest update from the ONS, inflation was revealed to have stayed unchanged at 2.2% in the 12 months to August. At its highest point, inflation reached 11.1% in October 2022.

Budget – October 30

Chancellor Rachel Reeves will deliver Labour’s first Budget on Wednesday 30 October. At the beginning of September, she told the BBC it would involve “difficult decisions” on tax, spending and benefits. However, her speech at the Labour Party conference was more optimistic about the future of the economy.

Self-assessment paper deadline – October 31

If you file your Self Assessment via a paper return rather than online, then midnight on 31st October is your deadline to do so. Do keep in mind that 31st October is the date by which HMRC needs to have received your return, so make sure you allow for preparation and the post in your timings.

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