Starting from today, investment platform Hargreaves Lansdown has highlighted the important dates to keep an eye on this autumn to help you to manage your finances.
September – New prime minister incoming
2 September
More than a million families on tax credits will get their first cost of living payment from 2 September. There will be a £326 automatic payment into bank accounts, followed by a second payment during the winter.
5 September
After the much-followed leadership race between Rishi Sunak and Liz Truss, the new prime minister will be announced on 5 September, providing the nation with much-needed clarity on what to expect in terms of financial support as prices continue to soar.
13 September
The Office for National Statistics (ONS) will announce wage increase data, covering May to July 2022. This is important because it feeds into the “triple lock guarantee” which underpins the rise in state pensions in April. This figure isn’t expected to drive the increase because the inflation figure (measured in September and announced in October) is likely to be higher.
14 September or 21 September
Whether it is Liz Truss, the current favourite, or Rishi Sunak, the new prime minister will be expected to make a financial statement as soon as possible, laying out plans to help with the cost of living crisis.
15 September
The Bank of England Monetary Policy Committee will make its next interest rate announcement. At the moment, a 0.5% rise is widely predicted.
20 September
The £150 disability cost of living payment will be paid from this date. Anyone who qualifies will receive the money automatically and most will do so by the start of October.
22 September
The new UK and London Living Wage rates for 2022-2023 will be announced. This is the voluntary real living wage rather than the government minimum.
Other September announcements to keep an eye on
A law is also expected to change in September to allow unmarried parents to claim bereavement benefits.
October – Budget watch
1 October
The 80% rise in the energy price cap will come into force on 1 October, pushing the cost per year for dual fuel for the average household from £1,971 to £3,549.
The same date marks the deadline for whether enough people sign up in support of a ‘Don’t Pay’ protest. If a million people sign up to take part by this point, it will encourage consumers to cancel their energy bill direct debits in protest at energy price rises.
Hargreaves Lansdown notes that anyone who is considering doing this must appreciate that their energy supplier will still pursue the money. Building up debts and not paying them could have a profound impact on your credit rating. The supplier could insist on installing a pre-payment meter, so you can’t use energy without paying for it – and the cost of energy will be even higher as a result.
5 October
This is HMRC’s deadline to register for self-assessment tax returns.
19 October
September’s inflation figure will be announced on this date. This is used as one of the measures in the triple lock on the state pension, as well as the basis for uprating benefits too. There are concerns that due to the timing it won’t reflect October’s energy price cap hike or any further rises in January and April next year. By the time the inflationary increase kicks in next April, prices could have risen significantly beyond this level.
31 October
The deadline for submitting paper tax returns is midnight 31 October. It is worth noting that the deadline for online tax returns, which is by far the most popular route, is midnight 31 January 2023.
Other potential announcements
The Budget is usually scheduled around the end of October. In light of soaring inflation and the cost-of-living crisis, this Budget will be an important one for the incoming prime minister, particularly if they haven’t announced measures to help struggling families before this date.
Another announcement to look out for is the date for second cost of living payment for people on universal credit, pension credit and other means-tested benefits, following the first payment in July. The second payment of £324 will be made during the autumn but a date hasn’t been confirmed yet.
November – Energy cap announcement
3 November
This date marks the next interest rate announcement. At the moment, the market is expecting another rise, which could be as much as 0.5%.
24 November
The energy price cap for January will be announced on 24 November. Bar a resolution of the conflict in Ukraine, it is widely expected to spell more bad news for households.
Other November announcements
The cost of living payment for pensioners will be rolled up and paid with the winter fuel allowance. This will be paid to anyone over the state pension age in November or December. The total you receive will depend on your age and living circumstances.
Cold Weather payments will also be made from November of this year. In England and Wales, older people and those on specific benefits will get £25 for each seven-day period between November and the end of March that the average temperature outside is below freezing. In Scotland, this has been replaced by a £50 one-off payment to everyone who qualifies in February, regardless of how low the temperature gets.
