As January bids farewell and paychecks replenish, February ushers in notable financial adjustments. Prepare for an increase in alcohol prices, a reduction in Nationwide savings rates, and penalties for self-assessment taxpayers missing the January 31 deadline.
Alcohol duty will climb by 3.66% starting February 1, aligning with RPI inflation. This translates to an additional 11p on a bottle of Prosecco (11% ABV), 14p on red wine (14.5% ABV), and 38p on gin (37.5% ABV), reports the Wine and Spirit Trade Association (WSTA).
Self-assessment taxpayers late in filing face a £100 fine effective February 1, escalating to £10 daily up to £900 after three months. Further delays will incur a 5% tax owed or £300 penalty after six months, followed by repetition at the one-year mark. Additionally, late tax payments accrue interest post-January 31.
Mark your calendar for the Bank of England’s February 5 meeting, where adjustments to the current 3.75% base rate will be deliberated. Nationwide will trim rates on 36 savings accounts from February 10 in response to the Bank of England’s rate cut.
Sky Mobile subscribers should anticipate a price hike of £1.50 monthly from February 14. Additionally, the latest inflation data, currently at 3.4%, will be unveiled by the Office for National Statistics on February 18, with a 2% target set by the Bank of England.
Customers facing smart meter installation delays or failures could qualify for £40 compensation beginning February 23. Compensation scenarios include extended wait times, failed installations due to supplier faults, and unresolved issue plans post-reporting.
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