February has arrived, bringing changes to your finances. Prepare for an increase in alcohol prices due to a 3.66% rise in alcohol duty starting February 1. This adjustment, in line with RPI inflation, will raise the cost of various alcoholic beverages, such as Prosecco, red wine, and gin.
If you missed the January 31 deadline for self-assessment tax returns, be aware that from February 1, you will face a £100 fine. This penalty escalates to £10 per day, up to a maximum of £900, for late filings. Additionally, after three months, further penalties apply, including a 5% charge on the tax owed or £300, whichever is greater.
On February 5, the Bank of England will convene to discuss interest rates, currently set at 3.75%. This meeting will influence borrowing costs and savings interest rates. Nationwide customers should note that from February 10, the building society will reduce rates on various savings accounts following the Bank of England’s rate adjustment.
Sky Mobile users can expect a price increase from February 14, with most bills rising by £1.50 per month. The latest inflation data, revealing a current rate of 3.4%, will be released by the Office for National Statistics on February 18. The Bank of England aims for a 2% inflation rate.
From February 23, customers experiencing delays or failed installations of smart meters could receive £40 in compensation. This compensation applies to instances where installation appointments are delayed or fail due to supplier issues.
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