In October 2024, there are nine significant changes on the horizon for Department for Work and Pensions (DWP) claimants in the UK. These changes will impact households across the country in various ways, from energy bills to regulatory adjustments. One notable change is the opening of the Winter Fuel Payment phone lines. While most eligible individuals will automatically receive Winter Fuel Payments of up to £300, some may need to apply for it by phone starting from October 28.
Apart from the Winter Fuel Allowance, which is valued at £300, there are several other changes and financial regulations set to affect people. One change includes an increase in the Ofgem energy price cap starting from October 1. This adjustment will lead to a 10% rise in energy bills, with the average annual bill for gas and electricity reaching £1,717, up by £149 from the current level of £1,568.
Another change to note is the re-opening of the Warm Home Discount Scheme in October. This government initiative aims to provide financial support towards energy bills for some of the country’s lowest earners, offering eligible recipients £150 towards their energy costs. Additionally, new mobile roaming rules are set to come into effect from October 1, as part of a move by Ofcom to introduce enhanced protections. Mobile providers will be required to inform customers about roaming charges and provide accessible information to assist them in making informed decisions when using their phones abroad.
For those required to submit self-assessment tax returns, the registration deadline is October 5. This deadline applies to individuals who need to register following the end of a tax year, such as for the period from April 6, 2023, to April 5, 2024. Meanwhile, the price of standard first-class stamps is set to increase by 22% starting from October 7, as announced by Royal Mail. Stamps purchased before the price hike will remain valid after the new rates come into effect.
Furthermore, on October 7, new fraud protection rules for banks will be implemented, marking a global first. Mandatory refunds will be enforced, with a cap of £85,000 set by the Payment Systems Regulator to cover over 99% of claims. However, some critics have voiced concerns about the lowered cap potentially reducing the incentives for banks and payments firms to take fraud prevention seriously.
On October 16, the Office for National Statistics (ONS) is set to release the latest inflation data, which measures changes in prices over time. In recent updates, inflation has held steady at 2.2% in the 12 months leading up to August. Additionally, Chancellor Rachel Reeves is scheduled to present Labour’s first Budget on October 30, with promises of addressing tax, spending, and benefits.
Lastly, the deadline for self-assessment paper submissions is October 31. Individuals opting to file their self-assessment via paper return need to ensure HMRC receives their submission by midnight on this date. It is crucial to factor in preparation and postage time to meet the deadline effectively. Overall, these upcoming changes and deadlines highlight the importance of staying informed and taking appropriate actions to navigate the evolving financial landscape.