14 key money dates coming before the end of the year – and what they mean for you

THERE are big changes in the coming months which could have a significant impact on your household finances.

From tax rises expected in the first Labour Autumn Statement to changes to the energy price cap, there’s lots of things that might leave you out of pocket.

Alamy

Financial changes could affect your savings[/caption]

On the other hand, new free childcare provision could help working families with small children, while inflation and earnings figures could see the state pension and other benefits rise.

Planning ahead means that you can understand what’s coming down the track and make sure that you’ve budgeted for any increasing costs.

To help, we have rounded up all the key upcoming dates and explained how they impact you, and what – if anything – you need to do now.

September 1 – free childcare extended

From September, working parents of children aged between nine months and two years old will be eligible for 15 free hours of childcare each week. 

This is the latest roll out in the government’s expansion of funded childcare, and it is the first time that parents of children under two will receive the support.

If your child is turning nine months old in the coming months, you need to make sure that you get your application in on time and get the code to your childcare provider.

Parents of children aged between three and four may also be eligible for 30 hours of free childcare – double the previous limit of 15 hours.

Read our guide to learn how to apply and who is eligible for the help.

September 4 – Barclays axing £5 monthly loyalty reward

Barclays is axing one of the perks of its Blue Loyalty Rewards programme as part of a makeover of the scheme.

Previously, customers have paid £5 a month for the programme in return for high interest savings accounts and regular cashback.

But any customers who had two or more direct debits on the account would get the £5 fee returned to them.

From September 4, Barclays is removing the £5 loyalty reward, meaning that everyone will have to pay for their account.

It is worth adding up how much cashback you get each month, and checking how much interest your savings are earning compared to leading free accounts.

You need to make sure that you’re at least getting more than the £5 fee each month, otherwise you should think about switching to a different bank account. 

You can read more about the changes in our explainer article.

September 10 – Latest wage figures announced

On September 10, figures will be announced which show how much earnings rose by from May to July this year.

This figure is important because it can impact how much state pension people get.

The state pension is protected by something called the “triple lock”, which says that the payout increases every April by the highest of wage increases, inflation or 2.5%.

The September 10 figures are the ones used to determine the increase level.

September 10 – Metro Bank axing credit card 

Metro Bank is withdrawing its personal credit card from sale. It’s already closed to new customers, but existing customers will no longer be able to use their cards for purchases or to withdraw cash from September 10.

If you’re a Metro Bank credit card customer, and you still want access to credit, it’s a good time to shop around for a new provider.

We’ve rounded up some of the best credit cards for freebies including free flights, cashback and perks here.

September 19 – Bank of England base rate decision

The Bank of England’s MPC meets eight times a year to decide if the base rate should be changed. 

This rate is important because it influences how much interest you will pay on money you’ve borrowed, such as mortgages, loans, and credit cards.

If your product is a “tracker” it might be linked to the base rate and immediately go up or down depending on the decision. But even if you have a fixed rate product these decisions influence what rates will be available when your fix ends.

The base rate can also determine how much interest you’ll be paid on money you have saved, so it’s often a good time to shop around and make sure you’re getting the best deal possible.

October 1 – energy price cap change

Four times a year, the energy watchdog sets a price cap, which determines the maximum amount that people on variable tariffs can pay per unit of energy.

The final cap of the year comes into force on October 1. Ofgem has announced that from this date until December 31, the price for energy for a typical household who use electricity and gas and pay by Direct Debit will go up to £149 per year. This is an increase of 10% and adds around £12 per month to an average bill.

However, it adds that the new cap is 6% (£117) cheaper compared to the same period last year (£1,834).

The actual amount you pay will depend on how much energy your household uses, where you live and the type of meter you have.  

You can read more about the new cap including the costs per kWh and how to calculate prices for your household’s usage here.

October 5 – Deadline to apply for self-assessment

If you will need to do a self-assessment tax return for the first time this year, you must apply by October 5. 

This could be for a variety of reasons including because you’ve set up a new business, because your side hustle earnt you more than £1,000, or because you need to repay some child benefit.

Applying is quick and easy using the government’s online tool.

October 16 – inflation figures announced

In mid-October, the inflation figure for September is announced. This figure is really important for a couple of reasons.

The first, is that it’s one of the three elements of the triple-lock, which determines how much the state pension increases by in April.

The second is that this figure is used to determine how much working age benefits and tax credits, such as Universal Credit, increase by from next April.

October 30 – Autumn Statement

This is when Rachel Reeves will give her first budget as Chancellor of the Exchequer. She has already warned that there will be tax rises but has confirmed that income tax and national insurance will not be increased.

Experts are predicting that we could see announcements around changes to inheritance tax, pensions rules, capital gains tax, and even fuel duty. And the chancellor has already confirmed that winter fuel payments will no longer be universal.

You can read more about what changes are expected here.

October 31 – deadline for paper tax returns

Each year, around half a million people fill in a paper tax return. If you’re one of them, you need to submit by October 31.

If you miss the deadline, you might be able to file online as digital tax returns do not need to be filed until January 31, 2025. If you miss both deadlines, you’ll be fined. 

December 21 – Deadline to claim pension credit and backdate three months to qualify for winter fuel payment 

The changes to the Winter Fuel Payment mean that the benefit will no longer be universal, and only those on Pension Credit will get the money.

You can apply for Pension Credit at any time, and should do so as soon as possible if you qualify, as it is a gateway for many other benefits.

When you do apply, you can backdate the claim by up to three weeks. That means if you want to receive the winter fuel payment, the last date you can apply from is December 21.

December 31: Bus fares cap ends

The £2 cap on single bus journeys in England is expected to stop at the end of this year.

It’s possible that the scheme could be extended in the next budget, but this is by no means guaranteed.

This cap saves passengers up to £12 per journey for the most expensive routes.