An estimated one million individuals are facing penalties for missing the self-assessment tax deadline, resulting in an immediate £100 fine from HMRC. According to recent data from HMRC, 475,722 taxpayers submitted their tax returns on the deadline day, with 27,456 filing in the final hour before midnight.
For the tax year 2024/25, over 12 million people were expected to file tax returns, out of which 11.48 million did so on time. Individuals who need to file self-assessment include the self-employed and those earning additional income beyond their primary employment.
Myrtle Lloyd, HMRC Chief Customer Officer, expressed gratitude to those who met the deadline, emphasizing the importance of filing returns promptly to avoid penalties and late payment interest. She recommended utilizing HMRC’s digital channels for efficient tax management.
In other news, Tony’s Chocolonely reported increased sales revenue of €240 million (£207 million) in the year ending September, a 20% surge compared to the previous year. The UK and Ireland alone accounted for €51.2 million (£44.2 million) in revenues, marking a 14% rise.
Meanwhile, Guys Thatched Hamlet, a well-known hotel and restaurant located near Bilsborrow in Lancashire, abruptly closed after operating for 46 years, leaving customers saddened by the news. All staff members were reportedly made redundant following the closure.
Aldi announced price reductions on numerous products in January, spanning from food items to household essentials. The discounts include various everyday items, such as red lentils and porridge sachets, aiming to provide customers with affordable options without compromising quality.
Additionally, HMRC confirmed that around one million individuals will face penalties for missing the self-assessment deadline, with late filers subject to initial fixed fines and subsequent daily penalties if returns are not submitted promptly. Moreover, households in need may be eligible for free supermarket vouchers worth £300 through the Household Support Fund offered by Surrey County Council.
Santander introduced a new 98% loan-to-value mortgage targeted at first-time buyers, featuring a competitive fixed rate, no product fee, and cashback benefits. The lender aims to support aspiring homeowners by easing the deposit requirements in a challenging housing market.
On the economic front, food price inflation eased to the lowest level since April, with grocery prices increasing by an average of 4% last month. Consumers are increasingly opting for supermarket own-label products, which accounted for over half of all grocery sales.
Furthermore, insurance costs have decreased, with monthly payers saving a collective £157 million annually due to reduced premium finance interest rates. The Financial Conduct Authority highlighted the importance of fair value in insurance markets and emphasized ongoing monitoring to ensure consumer protection.