Important Money and DWP Changes Coming in October You Should Know About

In October 2024, UK households will face several new rules, including the opening of Winter Fuel Payment phone lines as part of the updates.

Among the nine key changes for DWP claimants and others are adjustments to benefit payments, new financial regulations, and updates impacting energy support.

Upcoming Changes to Financial Rules and Payments for Households in October

Households will see changes affecting everything from energy bills to Royal Mail stamps. Winter Fuel Payments, worth up to £300, will be paid automatically to most eligible individuals. However, if you are required to apply, you will be able to do so by phone starting from October 28.

In addition to the £300 Winter Fuel Allowance, there are nine other changes to financial rules and laws that will affect people. BirminghamLive reveals the full list of these changes ahead of the upcoming shake-up.

Energy Price Cap Increase – October 1

Starting October, energy bills will go up after Ofgem announced a 10% rise in the energy price cap. This means the average yearly bill for gas and electricity will increase to £1,717, which is £149 more than the current rate of £1,568 that’s been in place since July. For households paying by standard credit, the cap will increase by £161, bringing their annual bill to £1,829.

Warm Home Discount – Available in October

The Warm Home Discount Scheme is a government program that helps people on low incomes with their energy bills. Starting in October, those who qualify can get £150 to help with their energy costs.

New Mobile Roaming Rules – October 1

Ofcom is making changes to help mobile phone users. From October 1, 2024, mobile companies are required to tell customers when they start roaming. They also have to provide clear and easy information so that customers can understand how to use their phones when they're abroad.

Self-Assessment Registration Deadline – October 5

You need to register for self-assessment by October 5 after the end of the tax year. For example, if you need to file a tax return for the tax year from April 6, 2023, to April 5, 2024, you must register by October 5, 2024. If you submitted a self-assessment last year, you don’t need to register again this year. HMRC will usually remind you to complete your return, but it’s still your responsibility to keep track of it.

Stamp Prices Going Up – October 7

The price of standard first-class stamps will increase by 22% starting Monday, October 7, as confirmed by Royal Mail. However, if you buy stamps before the price hike, you can still use them afterward.

New Fraud Rules for Banks – October 7

Starting October 7, banks will be required to offer refunds for fraud, making this a world first, according to the Payment Systems Regulator (PSR). The maximum compensation has been cut from £415,000 to £85,000. Rocio Concha, director of policy and advocacy at Which?, is worried that lowering the reimbursement amount might discourage banks from focusing on fraud prevention.

She said, "The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them."

Inflation Update – October 16

The latest inflation numbers from the Office for National Statistics (ONS) will come out on October 16. Inflation measures how much prices have changed over time. The most recent update shows that inflation has stayed the same at 2.2% for the year ending in August. It peaked at 11.1% in October 2022.

Budget Announcement – October 30

Chancellor Rachel Reeves will present Labour's first Budget on Wednesday, October 30. In early September, she told the BBC that the Budget would include "difficult decisions" about taxes, spending, and benefits. However, her speech at the Labour Party conference was more hopeful about the economy's future.

Self-Assessment Paper Deadline – October 31

If you’re filing your Self Assessment using a paper return instead of online, your deadline is midnight on October 31. Remember, HMRC must receive your return by this date, so make sure to account for preparation and postal times in your planning.