An estimated one million individuals have failed to meet the self-assessment tax deadline, resulting in a prompt £100 fine from HMRC.
According to recent data from HMRC, 475,722 taxpayers waited until the deadline day on January 31 to submit their tax returns, with 27,456 individuals filing in the final hour before midnight.
For the tax year 2024/25, over 12 million people were projected to file a tax return and settle any outstanding taxes. Surpassing expectations, more than 11.48 million individuals successfully filed on time.
Individuals required to complete a self-assessment include self-employed individuals and those earning supplemental income beyond their primary employment.
HMRC’s Chief Customer Officer, Myrtle Lloyd, expressed gratitude towards the millions who met the deadline, emphasizing the importance of timely submission to avoid penalties and late payment charges. Lloyd advised those who missed the deadline to file promptly to prevent further financial consequences.
In a separate development, Tony’s Chocolonely experienced a surge in chocolate bar sales despite increased prices attributable to rising cocoa costs. The chocolatier reported revenues of €240 million (£207 million) for the year ending in September, marking a 20% increase from the previous year. Sales volume also saw a 4% year-on-year growth.
CEO Douglas Lamont highlighted the challenges faced due to industry price hikes but noted a successful 4% volume growth for the company, with revenues reaching €51.2 million (£44.2 million) in the UK and Ireland, a 14% rise from the previous year.
In Lancashire, the closure of the iconic Guys Thatched Hamlet after 46 years has left patrons saddened. The hotel and restaurant, encompassing 65 rooms and various amenities, including a tavern, sports pavilion, and function rooms, confirmed its closure, leading to staff redundancies.
Aldi announced significant price reductions on a wide range of products in January, covering fresh and frozen foods, household essentials, and personal care items. The reductions aim to alleviate the financial strain on customers during their weekly shopping trips.
Santander unveiled a new 98% loan-to-value mortgage tailored for first-time homebuyers. Dubbed ‘My First Mortgage,’ the five-year fixed-rate deal offers a 5.19% interest rate, no product fee, and £250 cashback, with a minimum deposit requirement of £10,000 and loan amounts ranging from £190,000 to £500,000.
Recent data reveals a decrease in food price inflation to its lowest level since April, with grocery prices rising by an average of 4% last month, down from 4.3% in December. The shift towards supermarket own-brand products and increased spending on promotional items has contributed to easing the cost of living for families.
Moreover, insurance costs have seen a reduction, benefiting consumers who opt for monthly payments, leading to annual savings of approximately £157 million. The Financial Conduct Authority highlighted the decline in premium finance interest rates, translating to savings for policyholders on car and home insurance premiums.
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