Significant financial changes are on the agenda for the latter half of 2024, with a swath of cost-of-living support measures including Winter Fuel Payments, benefits, and the Household Support Fund due to be doled out. But, Britons are warned of other adjustments that might tighten the purse strings.
Accordingly, it’s vital that you get up to speed with all the impending shifts to avoid any nasty surprises. Here’s an extensive rundown of all the pivotal money dates for the remainder of 2024.
Wage figures – September 10
September 10 will see details of wage figures announced, signalling how earnings have fared from May to July this year. These numbers are crucial as they could affect state pension amounts.
The state pension has a “triple lock” safeguard, ensuring the payout rises each April by either the highest of the following – wage growth, inflation or 2.5 per cent.
New base rate – September 19
On September 19, the Bank of England is all set for its upcoming interest rates announcement. With the base rate at five per cent following the Bank’s last meeting on August 1, there is much speculation on what will happen when the Bank’s MPC meet.
This base rate is what the Bank charges other financial institutions affecting your own borrowing costs as a result.
New energy price cap – October 1
Kicking off the start of the Autumn/Winter period will be the new energy price cap which will see households pay more on average for their energy bills. Ofgem confirmed that the typical dual-fuel household that pays through Direct Debit will see their bills increase by £149 a year – a 10 per cent increase.
In total, bills will increase to £1,717 annually. While the new cap is roughly 6 per cent cheaper compared to the same period last year (£1,834), it is still an increase from the current price cap of £1,568.
Self-assessment deadline – October 5
Self-employed workers who are filing tax returns for the first time have until October 5 to finalise their application. Those who have set up a new business or began earning more than £1,000 on their side jobs will be required to file a tax return this tax year.
New inflation figures – October 16
The Office for National Statistics (ONS) will release the new Consumer Prices Index (CPI) figures for August. Many banks and businesses use CPI figures as a baseline measure to monitor the health of the economy and average price of goods.
Government Autumn Budget statement – October 30
Chancellor Rachel Reeves is expected to deliver her first official Budget at the end of October. It is not yet fully clear what she and the government plan to announce, however, she has hinted towards an increase in taxes.
Following recent cuts to the Winter Fuel Payment eligibility, many may be concerned about further cuts or restrictions being announced on this date. The Chancellor herself has warned that “more difficult decisions” will be made.
Paper tax return deadline – October 31
Those who have registered to file a tax return with HMRC must complete it by the end of October if they are doing a paper tax return. However, if they’re doing an online return, there is a bit more breathing room with a deadline of January 31, 2025.
Pension credit backdate deadline – December 21
The final date to make a backdated claim for Pension Credit is December 21, provided the claimant has met the Pension Credit entitlement conditions over the past three months. If a person is entitled to Pension Credit for at least one day of the Winter Fuel Payment qualifying week, they will automatically be entitled to the Winter Fuel Payment.
Claimants don’t need to take any additional steps to backdate their claim. If they apply online, they will automatically be asked if they want to backdate it.
If they apply over the phone, the advisor will guide them through this process.
