Your October Financial Checklist: Important Dates You Can’t Afford to Miss

October is upon us, and it’s not just about pumpkin spice lattes and autumn leaves. This month is packed with crucial dates that could impact your finances. From changes in energy prices to bans on single-use plastics, here’s your must-know guide to navigate October’s financial landscape.

1. Ofgem Price Cap Change – October 1

Start the month by marking October 1 on your calendar. That’s when the Ofgem price cap is set to decrease from £2,074 to £1,923 for a typical dual fuel household using direct debit. Although this is a step in the right direction, it’s essential to remember that the price cap doesn’t limit your overall energy bill. Your actual expenses depend on factors like your usage and how you pay your bills.

2. Ban on Single-Use Plastic – October 1

The fight against single-use plastics gains momentum on October 1, as England implements a ban on items like plastic cutlery, plates, and bowls in businesses such as takeaways, restaurants, and cafes. While there are some exceptions, this move aligns with similar legislation in Scotland and Wales, emphasizing the importance of sustainability.

3. Winter Fuel Payment Application Opens – October 4

For state pensioners in need of financial relief during the colder months, October 4 is an important date. Online applications for the Winter Fuel Payment, worth up to £600, open on this day. While most eligible recipients receive this payment automatically, some must apply for it. The Winter Fuel Payment, combined with the pensioner cost of living payment, can provide a welcome financial boost for households.

4. New Visa Fees – October 4

If you’re planning international travel, be aware of changes in UK visa fees starting October 4. The price of a six-month visiting visa will rise by £15 to £115, and fees for longer stays will also increase. Stay informed to avoid unexpected costs when applying for visas.

5. Self-Assessment Register Deadline – October 5

For those who are self-employed or have additional income that hasn’t been taxed at source, October 5 is the deadline to register for self-assessment with HMRC for the 2022/23 tax year. Determine your tax obligations and avoid potential penalties by using HMRC’s online tool to check if you need to complete a tax return.

6. Inflation Figures – October 18

The Office for National Statistics (ONS) will unveil the inflation rate for the 12 months to September on October 18. This figure is crucial, as it influences benefit adjustments for the following April. Keep an eye on this data, as high inflation can impact your purchasing power and living costs.

7. £300 Cost of Living Payment – October 31

Towards the end of the month, many individuals receiving benefits from the Department for Work and Pensions (DWP) can expect a £300 cost of living payment. This financial boost aims to alleviate some of the economic challenges many are facing. Ensure you meet the eligibility criteria to receive this valuable support.

Warm Home Discount Scheme – October (Exact Date TBD)

While the exact date is yet to be announced, the Warm Home Discount scheme is set to reopen in October. Eligible households can receive a £150 discount on their electricity bill. This relief can make a significant difference as temperatures drop and energy bills rise.

Stay informed and proactive this October by marking these important dates in your calendar. Financial planning and preparedness can help you navigate these changes and make the most of available benefits and discounts. Don’t let the month pass by without taking steps to secure your financial well-being.