Key October dates for your money

October is a big money month for your household finances with everything from energy bill rises to extended help from the household support fund and Labour’s first budget. Here are all of this month’s changes that will make a difference to what’s left in your wallet.

Energy price cap rises – 1 October

The energy price cap is set by Ofgem and changes every three months. In October the price cap will rise by 10%, resulting in energy bills for the average dual-fuel household paying by direct debt increasing by £149.

October’s energy price rise has been put down to rising international prices brought on by tension in the Middle East and this year’s extreme weather conditions around the world.

It is expected to rise further in January and March 2025.

Apply for help from the household support fund – 1 October

The next phase of the household support fund (HSF) will open on 1 October and is available until 31 March 2025.

The HSF provides support to help low-income families with rising living costs. You can apply for help with a range of costs from energy and water bills to food, housing support and other essentials.

The HSF is administered by local authorities so what you get will depend on how your council has chosen to use its allocation.

Protection from data roaming charges – 1 October

Ofcom, the communication industry’s regulator, will impose new rules to protect mobile phone users from huge data roaming costs from 1 October. The changes mean mobile phone providers must notify customers when they begin using roaming services and inform them how to limit their spending.

Self-assessment deadline – 5 October

If you have found a new way to make money or earn in the past year and have never submitted a self-assessment tax return before, you must register to do so before 5 October.

This will give you time to get your unique taxpayer reference (UTR) number and activation code in time, which you’ll need to file your first return.

Stamps to rise in price – 7 October 

Royal Mail’s stamp prices will rise again in October, with first-class stamps to increase by 22% to £1.65. Second-class stamps will stay the same price, but the amount it costs to send larger letters, parcels, signed for letters and tracked mail will all go up.

The price hikes have been blamed on Royal Mail’s falling letter volumes and rising business costs.

New fraud rules – 7 October

Bank customers who are the victim of fraud will receive less compensation from this month. The Payment Systems Regulator (PSR) will reduce the maximum amount of compensation from a proposed £415,000 to £85,000, which it claims will cover 99% of claims. Industry watchdog, Which? is unhappy with the changes saying it might encourage banks to take fraud less seriously.

September’s inflation figures – 16 October

Inflation remained flat in August at 2.2% not far off the Bank of England’s (BoE) target of 2%.

The BoE believes inflation is likely to increase to around 2.5% towards the end of the year before starting to fall in 2025. 

If there aren’t any major surprises in September’s figures, which will be announced by the Office for National Statistics (ONS) on 16 October, the BoE could cut interest rates when it next meets in November.

September’s inflation figures are also used as part of the triple lock pension system to calculate the following April’s increase.

Credit card bills land – 20 October

Around the 20th of each month, your credit card statement will typically arrive. Take the time to review your statement carefully, checking for any unfamiliar transactions or errors. If you spot anything suspicious, contact your credit card provider immediately to resolve the issue.

Remember, paying your credit card bill on time and in full each month can help you avoid interest charges and maintain a healthy credit score.

Budget – 30 October

Labour’s eagerly awaited first budget will be delivered by chancellor Rachel Reeves at the end of October.

In its manifesto, the party promised not that it wouldn’t put up income tax, VAT or national insurance.

But lots of other changes are expected such as increases in inheritance tax and capital gains. And it has already been announced that winter fuel payments will only be received by those eligible for pension credit.

Paper tax returns due – 31 October

The end of the month is the deadline for filing your paper tax return. If you miss the deadline, don’t be tempted to try and file it late. Instead, complete an online tax return as these aren’t due until 31 January.

Remember, paying your credit card bill on time and in full each month can help you avoid interest charges and maintain a healthy credit score.

Halloween and the end of British Summer Time – 31 October

While not strictly a financial date, 31st October 2024 marks the end of British Summer Time. As the clocks go back, you might find you’re using your lights more and turning up the heating, leading to larger energy bills. Plan ahead for the winter to make your home as energy-efficient as possible.