An approximate one million individuals failed to meet the self-assessment tax deadline and are now subject to an immediate £100 fine from HMRC.
HMRC’s most recent data reveals that 475,722 taxpayers procrastinated until the deadline day (January 31) to submit their tax returns, with 27,456 individuals filing in the final hour before midnight.
For the 2024/25 tax year, over 12 million people were anticipated to file a tax return and settle any owed taxes. Surpassing expectations, more than 11.48 million individuals filed on time.
Individuals required to file a self-assessment include those who are self-employed or earn additional income aside from their primary employment.
Myrtle Lloyd, HMRC Chief Customer Officer, expressed gratitude to the millions who completed their self-assessment tax return and paid any outstanding taxes by January 31.
Lloyd advised those who missed the deadline to promptly file their return to avoid potential penalties and late payment interest. She recommended using HMRC’s digital channels for a quick and efficient resolution by searching ‘self assessment’ on GOV.UK.
In other news, Tony’s Chocolonely experienced increased chocolate bar sales despite price hikes due to elevated cocoa expenses.
The chocolatier reported revenues of €240 million (£207 million) in the year ending September, marking a 20% growth compared to the previous year, with sales volume increasing by 4% annually.
Tony’s also disclosed that revenues in the UK and Ireland reached €51.2 million (£44.2 million), a 14% rise from the prior year.
Chief executive Douglas Lamont acknowledged industry challenges but highlighted the company’s successful 4% volume growth amid pricing pressures.
A popular hotel and restaurant abruptly closed after 46 years, leaving patrons distraught.
Guys Thatched Hamlet near Bilsborrow in Lancashire shut its doors, with the 65-room hotel situated by the canal on St Michael’s Road. All staff have reportedly been let go.
A closure notice has been affixed to the hotel entrance, confirming the end of Guy’s Thatched Hamlet’s operations after nearly five decades of service.
Aldi has slashed prices on numerous products throughout January, spanning fresh and frozen foods, pantry essentials, household items, and personal care products.
Price reductions encompass everyday necessities and healthy choices, such as red lentils reduced to 99p from £1.39 and porridge sachets lowered to 79p from 99p.
Julie Ashfield, Chief Commercial Officer at Aldi UK, emphasized the brand’s commitment to providing customers with the best prices without compromising quality through ongoing price reviews.
An estimated one million individuals are poised to receive penalties for missing the self-assessment deadline, as confirmed by HMRC.
Out of 11.48 million people who filed their tax returns by January 31, a vast majority of 97.25% completed the process online.
There was a last-minute surge, with 475,722 taxpayers waiting until the final day to file, and 27,456 submissions made in the eleventh hour.
Approximately one million individuals failed to submit their returns by the deadline and are now facing an initial £100 fixed penalty, applicable even if no tax is owed.
Failure to file within three months will result in additional daily penalties of £10 per day, up to a maximum of £900. Late payment penalties start at 5% of unpaid tax at 30 days, six months, and 12 months, with interest accruing on overdue taxes.
Hundreds of households may qualify for free supermarket vouchers worth £300 as part of cost of living assistance provided by Surrey County Council.
Residents can apply via the Everyday Essentials E-Voucher scheme if they are struggling to afford food and essentials. Vouchers can be redeemed at various supermarkets including Aldi, Asda, Farmfoods, Iceland, Morrisons, Sainsbury’s, Tesco, and Waitrose.
Santander unveiled a new 98% loan-to-value mortgage tailored for first-time buyers.
Dubbed ‘My First Mortgage,’ the five-year fixed-rate deal at 5.19% with no product fee and £250 cashback requires a minimum £10,000 deposit, with loan amounts ranging from £190,000 to £500,000.
David Morris, head of homes for Santander UK, highlighted the challenge of saving for a deposit and the bank’s efforts to facilitate homeownership for aspiring buyers.
Food price inflation has eased to the lowest level since last April, as indicated by recent data.
While grocery prices rose on average by 4% last month, down from 4.3% in December, families coping with the cost of living turned to supermarket own-brand ranges in record proportions.
Own-label products, often more cost-effective than major brands, accounted for over half of all grocery sales, while spending on promotional items surged by 10.9% year over year, marking the fastest growth rate