October is set to be another big month for your wallet
There are a number of deadlines to make a note of(Image: Halfpoint Images via Getty Images)
October is shaping up to be a significant month for your finances, and there are a number of crucial dates you need to mark in your calendar.
Energy bills are set to increase at the beginning of next month, but there’s also a scheme offering a £150 discount on your electricity costs due to reopen. So, if you’re finding it tough, keep an eye out for this.
The Winter Fuel Payment phone line will also reopen for those who need to apply – although most people will receive it automatically. October is a particularly busy period for the self-employed, with the self-assessment tax register deadline looming.
There’s also a deadline for submitting your self-assessment tax if you opt to do this by post. Here’s everything you need to know, reports the Mirror.
October 1 – Energy prices go up
The Ofgem energy price cap will increase from £1,720 per annum to £1,755 per annum on October 1. These figures represent what a typical dual fuel household paying by direct debit can anticipate spending on energy.
This will remain in effect until December 31, when the price cap will be revised once more. There isn’t actually a total limit on what you can pay for energy.
Your bill is still calculated based on your gas and electricity consumption.
The Ofgem price cap restricts what you can be charged for units of gas and electricity, as well as standing charges, which are fixed daily fees you pay for connection to the energy network.
October 5 – Register for self-assessment.
If you’ve never filed a self-assessment tax return before, you must register with HMRC by October 5. This applies to the 2024/25 tax year.
You can verify whether you need to submit a tax return on GOV.UK. Tax returns are typically required if you’re self-employed and your income hasn’t been automatically taxed, or if you’ve earned additional untaxed income outside of your regular employment.
If you have a side job, you can earn up to £1,000 each tax year before you need to report it to HMRC.
October 13 – Winter Fuel Payment phone lines open
October 13 marks the opening of the Winter Fuel Payment phone lines. Winter Fuel Payments, worth up to £300, are usually received automatically by most eligible individuals, but some need to apply.
If you fall into this category, you can apply via phone starting from October 13. For instance, if you’ve deferred your state pension since your last Winter Fuel Payment, you’ll need to make a claim.
October 16 – TescoChristmas
October 16 is the final day to contribute to the Tesco Christmas Saver scheme. This scheme allows you to accumulate your Clubcard points throughout the year for use during the festive season.
You can also supplement your account with cash, and the supermarket will add a bonus on top in the form of Tesco vouchers. The smallest bonus is £1.50 when you save between £25 and £49.50.
The largest bonus is £12, which you receive when you save between £200 and £360.
October 22 – Inflation update
On October 22, the latest inflation data from the Office for National Statistics (ONS) will be published. Inflation is an indicator of how prices have fluctuated over time.
The latest data from the ONS reveals that inflation remained steady at 3.8% in August. Inflation peaked at 11.1% in October 2022.
October 31 – Self-assessment paper deadline
October 31 marks the deadline for submitting your self-assessment tax return via post. Failure to meet this deadline will result in a late filing penalty of £100.
If you haven’t filed after three months, additional daily penalties of £10 per day are imposed, up to a maximum of £900. After six months, an additional penalty of 5% of the tax due or £300, whichever is greater, is applied.
This process repeats after 12 months.
If you miss the paper form deadline, you can opt to complete your tax return online. The deadline for online submission and payment of any owed tax is January 31, 2026.
October – Warm Home Discount letters begin
From October, letters regarding the Warm Home Discount will start being dispatched. If you’re eligible for the Warm Home Discount, which provides a £150 reduction on your electricity bill, you should receive a letter fromOctober 20.
The Warm Home Discount is available to households where someone was claiming a qualifying benefit on August 24, including the guaranteed credit element of Pension Credit or Universal Credit.
The discount is directly credited to your energy provider, rather than deposited into your bank account.
