An estimated one million individuals failed to meet the self-assessment tax deadline, resulting in a £100 fine from HMRC. According to HMRC data, 475,722 taxpayers submitted their tax returns on the deadline day, with 27,456 doing so in the final hour before midnight. Out of an expected 12 million tax filers for the 2024/25 tax year, 11.48 million filed on time.
Those required to file self-assessment include self-employed individuals and those with additional income beyond their primary employment. Myrtle Lloyd, HMRC Chief Customer Officer, expressed gratitude to those who met the deadline and urged late filers to submit their returns promptly to avoid penalties and late payment charges.
Tony’s Chocolonely experienced increased sales despite higher cocoa prices, reporting revenues of €240 million (£207 million) for the year ending in September, a 20% rise from the previous year. The UK and Ireland revenues also saw a 14% increase to €51.2 million (£44.2 million).
In other news, Guys Thatched Hamlet, a well-known hotel and restaurant near Bilsborrow in Lancashire, abruptly closed after 46 years, leaving customers shocked. The closure was confirmed by a notice at the entrance, indicating the end of operations after nearly five decades.
Aldi has reduced prices on numerous products in January, covering a wide range from fresh foods to household essentials. The price cuts include various items like red lentils and porridge sachets. Aldi’s Chief Commercial Officer, Julie Ashfield, emphasized the company’s commitment to providing affordable prices without compromising quality.
HMRC confirmed that around one million individuals face fines for missing the self-assessment deadline. Late filers are subject to penalties, starting with a fixed £100 fine, escalating to daily penalties if not rectified. Additionally, late payment penalties and interest charges on unpaid taxes may apply.
Surrey County Council is offering free supermarket vouchers worth £300 to support struggling households through the Household Support Fund. Residents facing financial challenges can apply for vouchers redeemable at various supermarkets, including Aldi, Asda, Morrisons, and Tesco.
Santander introduced a new 98% loan-to-value mortgage for first-time buyers, aiming to assist individuals in purchasing homes by offering competitive rates and cashback incentives. The mortgage requires a minimum deposit, making homeownership more accessible to aspiring buyers.
Recent data revealed a decrease in food price inflation, with grocery prices rising by an average of 4% last month, down from 4.3% in December. Consumers are increasingly opting for supermarket own-brand products, accounting for over half of all grocery sales. Additionally, spending on promotional items has seen a notable increase.
Insurance costs have decreased, providing savings for monthly payers and contributing to annual consumer savings on insurance policies. The Financial Conduct Authority highlighted the reduction in premium finance interest rates, benefiting consumers with more affordable insurance payment options.