An estimated one million individuals have failed to meet the self-assessment tax deadline, leading to a potential £100 fine by HMRC. HMRC’s latest data reveals that 475,722 taxpayers waited until January 31 to submit their tax returns, with 27,456 filing in the final hour before the deadline. Out of an expected 12 million tax filers for the 2024/25 tax year, over 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 encouraged late filers to submit their returns promptly to avoid penalties and late payment charges.
In other news, Tony’s Chocolonely saw an increase in chocolate bar sales despite higher cocoa prices, reporting revenues of €240 million (£207 million) in the past year, a 20% rise from the previous year. The company also disclosed a revenue increase to €51.2 million (£44.2 million) in the UK and Ireland, up by 14% compared to the prior year.
Moreover, a well-known hotel and restaurant, Guys Thatched Hamlet in Lancashire, abruptly closed its doors after 46 years of operation, leaving customers dismayed. The closure affected all 65 hotel rooms and various facilities within the 14-acre site, including a tavern, restaurant, sports pavilion, and more.
Furthermore, Aldi has slashed prices on numerous products in January, spanning from food items to household essentials. The reductions encompass a variety of items, with examples like red lentils now priced at 99p from £1.39. Julie Ashfield, Aldi UK’s Chief Commercial Officer, emphasized the brand’s commitment to providing affordable prices without compromising quality.
Additionally, hundreds of households may receive free supermarket vouchers valued at £300 as part of Surrey County Council’s Household Support Fund initiative. This support aims to aid vulnerable families struggling to afford food and essentials, with vouchers redeemable at various supermarkets.
The Financial Conduct Authority (FCA) reported a decrease in insurance costs, with premium finance interest rates dropping by an average of 4.1 percentage points since 2022. These savings benefit consumers paying monthly premiums, resulting in significant annual savings on car and home insurance policies. Graeme Reynolds, FCA’s director, highlighted the importance of ensuring fair value for consumers in the insurance market.
