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    Home»Commodities»Key changes affecting you in October
    Commodities

    Key changes affecting you in October

    September 25, 20254 Mins Read


    October is shaping up to be a significant month for your finances. Energy bills are set to increase at the beginning of next month, but a scheme offering £150 off your electricity costs is also due to reopen, so keep this in mind if you’re finding it tough.

    The Winter Fuel Payment phone line will also reopen for those who need to apply – though most people will receive it automatically. October is a hectic month 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:

    October 1 – Energy prices go up, reports the Mirror.

    The Ofgem energy price cap will rise from £1,720 per annum to £1,755 per annum on October 1. These figures represent what the typical dual fuel household paying by direct debit can expect to pay for energy.

    This will remain in place until December 31, when the price cap will be revised again. There isn’t actually an overall cap on what you can pay for energy.

    Your bill is still calculated based on your gas and electricity usage.

    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 amounts you pay to be connected to the energy network.

    October 5 – Register for self-assessment.

    If you’ve never submitted a self-assessment tax return before, you must register with HMRC by October 5. This is for the 2024/25 tax year.

    You can verify whether you need to complete a tax return on the GOV.UK website. Tax returns are typically required if you’re self-employed and your income hasn’t had tax automatically deducted, or if you’ve earned additional money outside of your regular employment that hasn’t been taxed.

    If you have a side job, you can earn up to £1,000 each tax year before you need to declare it to HMRC.

    On 13 October, the Winter Fuel Payment phone lines will open. Winter Fuel Payments, worth up to £300, are usually received automatically by most eligible individuals, but some need to apply.

    If this applies to you, you’ll be able to apply by phone from 13 October. For instance, you’ll need to submit a claim if you’ve deferred your state pension since your last Winter Fuel Payment.

    The final day to contribute to the Tesco Christmas Saver scheme is 16 October. This scheme allows you to accumulate your Clubcard points throughout the year to use at Christmas.

    You can also top up your account with cash, and the supermarket will add a bonus on top of this 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.

    The latest inflation data from the Office for National Statistics (ONS) will be released on 22 October. Inflation is a measure of how prices have changed over time.

    The latest update from the ONS reveals that inflation remained steady at 3.8% in August. Inflation peaked at 11.1% in October 2022.

    31 October – Deadline for self-assessment paper.

    The deadline for submitting your self-assessment tax return by post is 31st October. If you miss this date, a late filing penalty of £100 will be imposed.

    If you still haven’t filed after three months, additional daily penalties of £10 per day will be applied, 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 repeats again after 12 months.

    If you fail to submit your paper form on time, you can instead complete your tax return online. The deadline for this is 31st January 2026.

    The deadline for paying the tax you owe is also 31st January 2026.

    October – Warm Home Discount letters begin.

    If you are eligible for the Warm Home Discount, which provides a £150 reduction on your electricity bill, you should receive a letter from 20th October.

    The Warm Home Discount is available to households where someone was claiming a qualifying benefit on 24 August, including the guaranteed credit element of Pension Credit or Universal Credit.

    It is paid directly to your energy provider, rather than as a direct payment into your bank account.

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