Five DWP and HMRC changes coming in October - with first starting this weekend
Five Department for Work and Pensions (DWP) and HMRC changes in October including the State Pension have been revealed. The DWP and HMRC have announced a series of changes coming into force in October, which began this week.
The shake-up impacts everyone from self-employed people to benefits claimants. Some big changes and new rules are set to take effect in October, the tenth month of the year, as deadlines hit and payments are issued by the DWP and the taxman too.
On 30 October, Chancellor of the Exchequer Rachel Reeves will deliver the Autumn Budget, accompanied by a full fiscal statement from the Office of Budget Responsibility (OBR). Having been elected on a platform of boosting economic stability and growth, the new government has assessed the state of public spending and reported a spending gap in the nation’s finances.
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HMRC deadline - October 5
If you've never submitted a self-assessment tax return before, you must register with HMRC by October 5. This is for the 2023/24 tax year. You can check if you need to complete a tax return on GOV.UK. Tax returns are normally due if you're self-employed and your income hasn't had tax automatically deducted, or if you've earned extra cash outside of your normal employment that has not been taxed.
Some common examples where you may need to fill out a self-assessment tax return include if your self-employed income is over £1,000, you had to pay Capital Gains Tax on profits, or you had to pay the High Income Child Benefit Charge. See more examples on the Money Helper website.
New fraud rules for banks - October 7
Banks will have to reimburse most victims of Authorised Push Payment (APP) scams from October 7 - but the maximum reimbursement limit has been cut from £415,000 to £85,000. The Payment Systems Regulator says more than 99% of APP claims by volume will still be covered by this cap.
APP fraud happens when a victim unwittingly sends money to a scammer who is pretending to be someone they know. Under the new rules, banks will be required to reimburse APP victims unless they have been grossly negligent.
Winter Fuel Payment - throughout October
The Allowance is worth up to £300 and the majority of people who are eligible will receive this cash automatically - but there are some that need to apply. If this is you, then you'll be able to apply by phone from October 28. You need to put in a claim for a Winter Fuel Payment if you live abroad.
You must have moved to an eligible EEA country or Switzerland before December 31, 2020 and be covered by the Withdrawal Agreement, to get a Winter Fuel Payment. As well as getting the UK state pension, you must also be getting a qualifying benefit from the country you live in. Finally, must have a genuine and sufficient link to the UK.
Budget - October 30
Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October. At the beginning of September, she told the BBC it would involve "difficult decisions" on tax, spending and benefits.
On the back of an ambitious King’s Speech, the first Budget of the new government will seek to announce initiatives for growth, alongside activation of plans to balance the books, across the spectrum of personal and business taxes, as well as employment policy.
HMRC deadline - October 31
The deadline for filing your self-assessment tax return by post is October 31. If you miss the deadline, you’ll be charged a late filing penalty of £100 if your tax return is up to three months late. You can be charged more on top of this if it is later - plus interest - 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, 2025. The deadline for paying the tax you owe is also January 31, 2025.