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UK households face a string of new money rules and changes next month affecting everything from mobile phones to Royal mail stamps. month.
They include the opening of the Winter Fuel Payments phone line opening. They are worth up to £300 and the majority of people who are eligible will receive this cash automatically – but there are some that need to apply.
If this is you, then you’ll be able to apply by phone from October 28.
READ MORE: Met Office issues new heavy rain and flooding warning for Greater Manchester
Here are nine other changes and financial rules and laws which will impact people….
Ofgem energy price cap rises – October 1
Energy bills will rise in October after the industry regulator announced a 10% increase in its cap on energy prices. Under the new price cap, the average annual energy bill will rise to £1,717 a year for gas and electricity, up £149 from its current level of £1,568, which has been in place since July.
The average price cap for standard credit households will go up by £161 to £1,829.,
Warm Home Discount – opens in October
The Warm Home Discount Scheme is a government initiative that helps support some of the lowest earners in the UK with dedicated help towards their energy bills. The scheme once again opens this October and anyone eligible for the help will be given £150 towards their bills through the scheme.
New mobile roaming rules – October 1
To make sure all mobile customers are given the information they need when they need it Ofcom is introducing new protections. From October 5, 2024, mobile providers need to notify customers when they start roaming. Providers also need to provide clear, free to access information so customers can make informed decisions about whether and how to use their mobile phone 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 register deadline – October 5
You must register for self assessment by October 5 after the end of the tax year. For example, if you need to complete a tax return for the tax year April 6, 2023 to April 5, 2024, you must register by October 5, 2024.
If you completed a self assessment return last year, there is no need to register again this year. HMRC should automatically remind you of the need to complete a return (but it is your responsibility whether they remind you or not).
Stamp prices rise again – October 7
The cost of standard first-class stamps will rise by an inflation-busting 22% – up from £1.35 to £1.65 – from Monday October 7, Royal Mail has confirmed. But if you buy some now, you’ll still be able to use them after prices go up.
Nick Landon, chief commercial officer at Royal Mail, 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.”
New fraud rules for banks – October 7
In a world first, these refunds will become mandatory from October 7, 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.
Rocio Concha, Which? director of policy and advocacy, said 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 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, October 30. 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 October 31 is your deadline to do so. Do keep in mind that 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.
