Summer is almost here and millions of households across the country are set to see energy bills go down as the current spell of warm weather reduces the need for heating our homes ahead of the new price cap kicking in next month. Ofgem is lowering its energy price cap by 17 per cent from the current £3,280 per year to £2,074 for the average household in Scotland, England and Wales from July 1.
Prepayment meter customers will also see charges reduced from the start of July taking them to the same level as direct debit customers, meaning the most expensive way to pay for your energy usage will be by paying in receipt of bills which is around six per cent higher.
However, inflation is still high at 8.7% and not coming down as fast as previously predicted by the Bank of England and food prices are still soaring at the supermarket.
All of this means that most people will still be watching their household spending and setting monthly budgets ahead of the colder months when heating bills will start to rise again.
But there are a series of one-off payments from the UK and Scottish governments along with key dates to watch out for that could help boost your income before the end of the year.
Here are some key dates to add to your diary for the coming months to help you plan your household budget and know exactly what to expect and when.
June
- June 9: Carer’s Allowance Supplement - this is a one-off payment of £270.50 for eligible claimants of Carer’s Allowance living in Scotland. To qualify, you must have been in receipt of the benefit on April 10 - find out more here.
June 13-30: Nationwide £100 member payout - the building society is giving 3.4m customers £100 - find out more here
June 15: Tax Credits renewal packs - these should have arrived by now and must be completed by July 31. If you haven't received it, contact HMRC after June 15.
- June 12: Pension Credit week of action - The DWP will be urging nearly one million low-income pensioner households to check if they qualify for an annual income boost of £3,500 - find out more here.
- June 20-July 4: £150 disability cost of living payment - some 6.7million people in receipt of disability benefits including Personal Independence Payment (PIP), Adult Disability Payment and Attendance Allowance will receive the one-off lump sum this summer. No exact payment dates have been announced yet - find out more here.
- June 21: May inflation figure announced - The Office for National Statistics will announce whether the current rate of 8.7% has fallen again.
- June 22: Bank of England interest rates announced - rates increased in May to 4.5%.
- June 30: Take a meter reading - this will ensure your energy firm has the most up to date readings for your usage ahead of the new price cap starting.
- June 30: Last day to claim Energy Bills Support Scheme vouchers - £66 and £67 vouchers for people on prepayment meters expires today - find out more here.
July
- July 1: New Ofgem price cap - this drops from the current £3,280 per year to £2,074. Prepayment meter charges also drop to same level as direct debit
- July 31: Tax Credits renewal pack deadline.
August
- August 31: Child Benefit will stop for some parents with children who are 16 and leaving eductions - find out more here.
September
- Tax Credits managed migration to Universal Credit: it was recently announced that migration will start to take place in all regions of Great Britain by September - find out more here.
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October
- October 9: New claims for Carer's Allowance must be made to DWP by this date in order to qualify for the £270.50 Carer's Allowance Supplement payment made separately by the Scottish Government in December.
- £300 means-tested Cost of Living Payment: The second instalment of the £900 payment is worth £300 and is due to be made this Autumn, no exact payment window has been given yet.
- October 18: September inflation figure: The Consumer Price Index (CPI) inflation figure is used for the State Pension Triple Lock and benefits uprating for the next financial year, starting in April.
- Autumn Statement: No date has been announced yet, but this usually happens in October.
November
- November 6-12: Winter Heating Payment qualifying week - the devolved payment has increased to £55.05 for winter 2023/24, people on certain benefits need to be in claim during this week to qualify - find out more here.
- Winter Fuel Payments and £300 pensioner cost of living payment: Eligible pensioner households will receive an extra £300 cost of living payment added to their Winter Fuel Payment 2023/24. Payments will be made automatically to eligible households from November until January - find out more here.
- £150 Warm Home Discount Scheme: The scheme typically opens in November. The money is not paid to you - it’s a one-off discount on your electricity bill made directly to your supplier, between October and March. Rules around eligibility were introduced last year - find out more here.
- Child Winter Heating Assistance: This is an annual payment of £235.70 for youngsters in Scotland on disability benefits to help with increased energy costs over the colder months - find out more here.
November 30: Child Benefit will stop for some parents with children who are 16 and leaving eductions - more details here.
December
- DWP £10 bonus: This is a one-off, tax-free £10 payment automatically made to people in receipt of State Pension or 20 DWP benefits if they meet the eligibility during a specific qualifying period, which is typically the first full week of December - find out more here.
- Carer’s Allowance Supplement: This is a one-off payment of £270.50 for eligible claimants of Carer’s Allowance living in Scotland. To qualify, you must have been in receipt of the benefit on October 9 - find out more here.
We will update this list with more one-off payments and key money dates as they are announced.
To keep up to date with the latest energy news, join our Money Saving Scotland Facebook page here, follow us on Twitter @Record_Money, or subscribe to our newsletter which goes out Monday to Friday - sign up here.
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