Eight money changes happening in October including £300 cost of living payment

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Eight money changes happening in October including £300 cost of living payment
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From the Ofgem price cap drop to the Warm Home Discount scheme, here's everything you need to be aware of that could have an impact on your finances next month.

The month of October will see an array of money changes taking place that all Scots should be aware of.

For the typical household paying their energy bills via direct debit, the Ofgem price cap will drop from £2,074 to £1,923. People of State Pension age can submit a claim online for their Winter Fuel Payment from October 4, after postal applications launched on September 18. For longer stays lasting up to two years, the price is increasing by £24 to £400, and for a five-year visa, the price is going up by £101 to £771. The price for a student visa will increase by by £127 to £490.Anyone who hasn't submitted a self-assessment tax return before has to register with HMRC by October 5 for the 2022/23 tax year. You can check if you need to complete a tax return by using the free online tool on Gov.uk.

The September rate of inflation is normally used to decide how much benefits will rise by next April, so this is a particularly important date. You need to have been entitled to a payment between August 18 and September 17 , or entitled to a payment for an assessment period ending between these dates.You must file your self-assessment tax return by October 31 if you're doing it by post.

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