An estimated one million individuals have missed the deadline for submitting their self-assessment tax returns, resulting in an immediate £100 penalty from HMRC.
According to the latest data from HMRC, 475,722 taxpayers waited until the final day, January 31, to file their tax returns, with 27,456 individuals submitting theirs just before midnight.
Although over 12 million people were expected to file tax returns and settle any taxes due for the 2024/25 tax year, more than 11.48 million individuals managed to do so on time.
Those required to file a self-assessment include self-employed individuals and those earning additional income outside their primary employment.
Myrtle Lloyd, Chief Customer Officer at HMRC, expressed gratitude to the millions who met the deadline, emphasizing the importance of promptly filing returns to avoid penalties and late payment charges.
HMRC’s digital platforms are recommended for efficiently managing tax affairs, with detailed information available by searching ‘self assessment’ on GOV.UK.
In other news, Tony’s Chocolonely experienced increased chocolate bar sales last year despite higher cocoa prices, reporting revenues of €240 million (£207 million) for the year ending September, a 20% rise from the previous year. Sales volume also increased by 4% year-on-year.
The chocolatier disclosed that revenues in the UK and Ireland reached €51.2 million (£44.2 million), marking a 14% increase from the prior year.
CEO Douglas Lamont acknowledged the challenges faced due to industry pricing fluctuations but highlighted their success in achieving a 4% volume growth amidst market conditions.
Furthermore, a well-known hotel and restaurant, Guys Thatched Hamlet, abruptly closed after 46 years of operation, leaving customers saddened. The 65-room hotel situated near Bilsborrow in Lancashire has ceased operations, with all staff reportedly made redundant.
The closure notice posted at the hotel entrance confirmed the shutdown of Guy’s Thatched Hamlet after nearly five decades of service.
Aldi has recently slashed prices on a wide range of products, including fresh and frozen foods, pantry staples, household essentials, and personal care items.
These price reductions encompass various everyday essentials and healthy choices, such as red lentils now priced at 99p from £1.39 and porridge sachets reduced to 79p from 99p.
Julie Ashfield, Chief Commercial Officer at Aldi UK, emphasized the commitment to providing customers with competitively priced products without compromising quality.
Regarding tax matters, around one million individuals are expected to receive fines for missing the self-assessment deadline, as confirmed by HMRC. While 11.48 million taxpayers successfully filed their returns by January 31, representing a vast majority of 97.25% filed online.
Despite the last-minute rush, approximately one million individuals failed to meet the deadline and now face an initial £100 fixed penalty, even if no tax payment is due.
For those who continue to delay, additional daily penalties of £10 per day will be imposed after three months, up to a maximum of £900. Late payment penalties and interest on overdue tax payments will also be enforced.
In a bid to assist households coping with rising living costs, Surrey County Council is offering free supermarket vouchers worth £300 through the Household Support Fund to support vulnerable families.
Residents in Surrey can apply for the Everyday Essentials E-Voucher scheme if they are experiencing challenges affording food and essential items, with vouchers redeemable at various supermarkets, including Aldi, Asda, Morrisons, and Tesco, among others.
Santander unveiled a new 98% loan-to-value mortgage for first-time buyers called ‘My First Mortgage,’ featuring a five-year fixed rate of 5.19%, no product fee, and £250 cashback. The mortgage is accessible through Santander mortgage advisers or brokers, requiring a deposit of at least £10,000 on loans ranging from £190,000 to £500,000.
Food price inflation has slightly eased, with grocery prices increasing by 4% last month, down from 4.3% in December, as more families opt for supermarket own-label products, accounting for over half of all grocery sales.
Moreover, insurance costs are decreasing, with consumers saving an estimated £157 million annually by paying monthly premiums, as interest rates for premium finance have dropped by an average of 4.1 percentage points since 2022. The FCA highlighted the importance of fair value for consumers and stated readiness to intervene if firms fail to meet expectations.