October will bring a number of money changes that will impact many householders including those who are self-employed. This new month is set to see the DWP paying the next round of the cost of living payments to help those who are struggling, reports the Mirror.
Also, some households will see a one-off discount of £150 from their electricity bill, through the Warm Home Discount scheme. There are also some big dates for those who work for themselves.
There are eight changes in total, one of which has come into force - on October 1 - the ban on some single-use plastics. It came into force on Sunday and means that takeaways, restaurants and cafes and other businesses will no longer be able to use single-use plastic cutlery, plates and bowls.
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But there are some exceptions to the ban depending on whether the item is already packaged or is being supplied to another business. The ban in England follows changes made in Scotland and Wales in 2021.
October - Warm Home Discount
While no date has been announced, the Warm Home Discount scheme is due to re-open in October. It gives those who are eligible £150 off their electricity bill.
It is not cash into your bank account as the money is paid directly into your energy account. Those on a prepay meter are usually sent a top-up voucher. You should get the payment automatically if you, or your partner, receive the Guarantee Credit portion of Pension Credit.
This is known as "Core Group 1" in England and Wales and "Core Group" in Scotland. Those on a low income, claiming certain benefits and with high energy costs may also be able to claim the Warm Home Discount.
October 4 - New Visa fees
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From Wednesday, October 4, charges for visa fees are increasing. The cost of a visiting visa, for a stay lasting up to six months, will rise by £15 to £115.
For stays lasting up to two years, the price is to rise by £24 to £400, and for a five-year visa, the price is going up by £101 to £771. The price for a student visa will increase by by £127 to £490.
October 4 - applications for Winter Fuel Payments open
Claims from pensioners to receive a Winter Fuel Payment worth up to £600 can be made on online applications from October 4. It follows postal applications, which opened on September 18.
Winter Fuel Payments are received automatically by most people but there are some who need to physically apply for it. Dependent on your living arrangements and circumstances, the Winter Fuel Payment itself is worth up to £300.
Some households could get up to £600 this winter. That's because the government is topping this up with an extra £300 pensioner cost of living payment.
October 5- deadline for self assessment register
Those who have not submitted a self-assessment tax return before have to register with HMRC by October 5. This is for the 2022/23 tax year.
Tax returns are normally due if you're self-employed and your income hasn't had tax automatically deducted. Alternatively, they are due if you've earned extra cash outside of your normal employment that has not been taxed.
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Those who are self-employed and have an income over £1,000, or had a total taxable income of more than £100,000, or had to pay the High Income Child Benefit Charge are some common examples of those who may need to fill out a self-assessment tax return. Find out if you need to register by using the free online tool on Gov.uk
October 18 - inflation
On October 18, the Office for National Statistics (ONS) will release the inflation rate for the 12 months to September. What makes this crucial is that the September rate of inflation is normally used to decide how much benefits will rise by next April.
Consumer Price Index (CPI) inflation is a figure used to explain how much the prices of goods and services have increased over time. When inflation is high, it means prices have risen more sharply and you are getting less for your money than before.
October 31 - cost of living payment
Those claiming benefits from the DWP will be paid their cost of living payment between October 31 and November 19 . Those who claim Tax Credits only are set to be paid between November 10 and November 19.
You need to be claiming one of the following benefits during the qualifying period to claim the payment:
- Income Support
- Income-related Employment and Support Allowance
- Child Tax Credit
- Tax Credits (Child Tax Credit and Working Tax Credit)
- Pension Credit
- Income-based Jobseeker’s Allowance
- Universal Credit
- Working Tax Credit
Another rule is you need to have been entitled to a payment between August 18 and September 17 or entitled to a payment for an assessment period ending between these dates.
October 31 - self assessment paper deadline
October 31 is the deadline for people to fill in their self-assessment tax return by post. If the deadline is missed you face being charged a late filing penalty of £100 if your tax return is up to three months late.
There could be more charges on top of this, plus interest, if it is later than this or if you pay your tax bill late. If you don't send your paper form on time, you can instead fill out your tax return online.
The deadline for this is January 31, 2024. This date coincides with the deadline for paying the tax you owe.
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