Feeling strapped for cash at the moment? It’s safe to say many Brits are feeling the pinch this year with the cost of living crisis hitting millions.
Fortunately the government has introduced a flurry of money schemes to help struggling households. The price of first-class stamp are going up, while the bus fare cap is ending.
Also millions of households are set to receive £300 cost of living payment within weeks. While applications for the Winter Fuel Payment is set to open.
You can read more money saving tips here .
Here are eight key money changes coming in October…
Energy price cap – October 1
Ofgem’s new energy price cap is coming into effect from October 1. It means typical dual-fuel tariff households will pay £1,923 a year for their energy bills, down from £151.
The energy price cap works by setting a limit on the maximum amount suppliers can charge for each unit of gas and electricity. It’s worth noting, the more you use, the more you’ll pay.
First-class stamps rise – October 2
The Royal Mail is increasing the price of its first class stamps on October 2, from £1.10 to £1.25. Second class stamps will be staying the same at 75p.
Winter Fuel Payment – October 4
Applications open for the scheme where state pensioners can claim help from the government. Postal applications opened on September 18, but from October 4, Brits can apply via phone.
Most people receive the Winter Fuel Payment automatically but some have to apply for it. It’s worth £300 and this year the government is topping it up with an extra £300 so it’s £600.
Self-assessment register deadline – October 5
If you’ve never completed a self-assessment tax return, you have to register with HMRC by October 5 for the 2022/23 tax year. You will have to fill in one of these tax returns if you’re self-employed or haven’t had tax deducted.
You may also have to file a self-assessment tax return if you’ve earned extra cash outside your normal employment.
£300 cost of living payment – October 31
Around 8million households will start receiving a £300 cost of living payment between October 31 and November 19. Those in line for the tax-free payment won’t have to do anything as it’s being made automatically.
You need to have been entitled to a payment or any of the qualifying benefits below between August 18 and September 17:
- Universal Credit
- Income-based jobseekers allowance
- Income-related employment and support allowance
- Income support
- Working tax credit
- Child tax credit
- Pension credit
Households on tax credits only will receive their payment from HMRC between November 10-19. This is to ensure those on other benefits and tax credits won’t get the payment twice.
Self-assessment tax return – October 31
The deadline for filling your self-assessment tax return by post is the end of the month. If you miss the deadline by up to three months, you will be charged £100.
If it’s more than three months, you will be charged more on top of this. You don’t need to send your paper form on time, you can fill out your tax return online.
Bus fare cap ending – October 31
The £2 bus fare cap was launched on January 1 to encourage commuters back onto buses. A number of bus operators signed up the scheme.
But now it’s ending on October 31 and the fare cap will be hiked to £2.50 for single tickets. This cap will last until November 30, 2024.
Warm Home Discount scheme – October
The Warm Home Discount scheme is opening next month where it will offer households £150 off their energy bill. However there is no exact date announced yet.
This money is not paid to you, but is a one-off discount on your energy bills between October 2023 and March 2024. Customers on prepayment meters will most likely be sent a top-up voucher.
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