An estimated one million individuals have missed the deadline for filing their self-assessment taxes, leading to a £100 penalty imposed by HMRC. According to recent data from HMRC, 475,722 taxpayers opted to file their tax returns on the final day of January, with 27,456 individuals submitting theirs just before midnight. Out of the anticipated 12 million people required to file taxes for the 2024/25 fiscal year, over 11.48 million met the deadline.
Individuals obligated to file self-assessment taxes include self-employed individuals and those earning additional income beyond their primary employment. Myrtle Lloyd, HMRC Chief Customer Officer, expressed gratitude to the millions who successfully completed their tax returns by the deadline. She emphasized the importance of filing returns promptly to avoid penalties and late payment charges, suggesting the use of HMRC’s digital platforms for efficient tax management.
In other news, Tony’s Chocolonely experienced a surge in chocolate bar sales despite increased prices due to rising cocoa expenses. The company reported revenues of €240 million (£207 million) for the year ending in September, marking a 20% increase from the previous year. Sales volume also grew by 4% year-on-year, with revenues in the UK and Ireland reaching €51.2 million (£44.2 million), a 14% rise from the prior year.
Furthermore, Aldi has announced price reductions on a wide range of products in January, spanning from fresh and frozen foods to household essentials. Notable reductions include red lentils priced at 99p down from £1.39, and porridge sachets now available at 79p from the previous 99p. Julie Ashfield, Chief Commercial Officer at Aldi UK, highlighted the brand’s commitment to offering competitive prices without compromising quality.
Regarding the missed tax deadline, HMRC reported that around one million individuals face a £100 fixed penalty for late filing. Despite the majority (97.25%) of tax returns being submitted online, a significant number waited until the final day to file. Those who fail to file within three months will incur daily penalties of £10, up to a maximum of £900, with additional penalties for late tax payments and accrued interest.
In related support initiatives, Surrey County Council is offering free supermarket vouchers worth up to £300 to eligible households through the Household Support Fund. Residents facing financial challenges can apply for vouchers through the Everyday Essentials E-Voucher scheme to access essential items at major supermarkets like Aldi, Asda, Morrisons, and others.
Lastly, Santander has introduced a new 98% loan-to-value mortgage tailored for first-time homebuyers. The ‘My First Mortgage’ five-year fixed rate deal features a rate of 5.19%, no product fee, and £250 cashback. With a minimum deposit requirement of £10,000 and loan amounts ranging from £190,000 to £500,000, the mortgage aims to address the hurdle of saving for a deposit in homeownership.