An estimated one million individuals have missed the deadline for filing their self-assessment tax returns, resulting in a £100 penalty from HMRC. According to the latest data from HMRC, 475,722 taxpayers submitted their returns on the deadline day, with 27,456 doing so in the final hour before midnight. Out of the expected 12 million filers for the 2024/25 tax year, over 11.48 million met the deadline.
Individuals required to file self-assessment returns include self-employed individuals and those with additional income sources beyond their primary employment. Myrtle Lloyd, HMRC Chief Customer Officer, expressed gratitude to the millions who met the deadline and urged those who missed it to file their returns promptly to avoid penalties and late payment charges. The HMRC digital channels were recommended as the quickest and easiest way to manage tax affairs.
Meanwhile, Tony’s Chocolonely experienced increased sales despite raising prices due to higher cocoa costs. The chocolatier reported revenues of €240 million (£207 million) for the year ending September, a 20% increase from the previous year, with a 4% rise in sales volume. In the UK and Ireland, revenues reached €51.2 million (£44.2 million), marking a 14% growth from the prior year.
On a different note, the closure of the beloved Guys Thatched Hamlet after 46 years has left customers saddened. The 65-room hotel located near Bilsborrow in Lancashire, alongside various amenities like a tavern, restaurant, and sports facilities, has ceased operations, leading to all staff being made redundant.
Aldi has announced price reductions on numerous products in January, spanning fresh and frozen foods, pantry staples, household essentials, and personal care items. This initiative aims to alleviate the financial strain on customers during the weekly shopping trips, offering discounts on a variety of everyday items while maintaining quality standards.
Moreover, Santander introduced a new 98% loan-to-value mortgage tailored for first-time homebuyers. The ‘My First Mortgage’ deal is a five-year fixed-rate plan at 5.19%, accompanied by £250 cashback and no product fee. The mortgage requires a minimum deposit of £10,000 on loans ranging from £190,000 to £500,000.
Furthermore, data reveals a decrease in food price inflation to the lowest level since April, with grocery prices rising by an average of 4% last month, down from 4.3% in December. Families coping with increased living costs have shifted towards supermarket own-label products, which accounted for over half of all grocery sales.
Lastly, the Financial Conduct Authority (FCA) reported a decline in insurance costs, resulting in annual savings of around £157 million for consumers who opt for monthly payments. Premium finance interest rates have dropped by an average of 4.1 percentage points since 2022, translating to reduced expenses on both car and home insurance policies. The FCA emphasized the importance of fair value for consumers and pledged to intervene if firms fail to meet expectations regarding market practices.