An estimated one million individuals have missed the self-assessment tax deadline, leading to an immediate £100 penalty from HMRC.
According to recent data from HMRC, 475,722 taxpayers chose to file their tax returns on the deadline day, with 27,456 individuals submitting theirs in the final hour before midnight.
Out of the expected 12 million people required to file a tax return and settle any owed taxes for the 2024/25 tax year, over 11.48 million met the deadline.
Those obligated to file a self-assessment 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 completed their self-assessment tax return and paid any outstanding taxes by January 31.
Lloyd also advised those who missed the deadline to promptly file their returns to avoid penalties and late payment interest, highlighting HMRC’s digital channels as the most efficient method for managing tax affairs.
In business news, Tony’s Chocolonely reported increased sales of chocolate bars in the past year despite price hikes driven by higher cocoa costs. The chocolatier disclosed revenues of €240 million (£207 million) for the year ending in September, marking a 20% surge compared to the previous year, with sales volume up by 4%.
Moreover, Tony’s revealed that revenues in the UK and Ireland totaled €51.2 million (£44.2 million), representing a 14% rise over the prior year.
CEO Douglas Lamont acknowledged the industry challenges due to escalating prices but expressed satisfaction in achieving a 4% growth in sales volume amidst market fluctuations.
In another development, a well-known hotel and restaurant, Guys Thatched Hamlet, abruptly closed its doors after 46 years of operation, leaving patrons saddened. The closure was confirmed by the establishment located off the A6 near Bilsborrow in Lancashire. The hotel, comprising 65 rooms and various amenities, including a tavern, sports pavilion, and function rooms, has ceased operations with all staff reportedly made redundant.
The closure announcement was affixed to the hotel entrance, signaling the end of nearly five decades of service to the public.
On a different note, Aldi has slashed prices on numerous products throughout January, spanning fresh and frozen foods, pantry essentials, household items, and personal care products. The reductions encompass a wide range of everyday items and healthy options, such as red lentils reduced to 99p from £1.39 and porridge sachets discounted to 79p from 99p.
Julie Ashfield, Chief Commercial Officer at Aldi UK, emphasized the company’s commitment to providing customers with competitive prices without compromising on quality, citing the recent price cuts as part of ongoing efforts to offer affordable products.
Overall, around one million individuals are facing penalties for missing the self-assessment deadline, as confirmed by HMRC. Despite a significant number successfully filing their tax returns by January 31, approximately 97.25% of which were submitted online, there remains a substantial portion who failed to meet the cutoff.
For those who did not file in time, an initial £100 fixed penalty is imposed, irrespective of any tax liability. Failure to submit within three months incurs additional daily penalties of £10, up to a maximum of £900, with further penalties for late payment, including a 5% charge on unpaid tax after 30 days, six months, and 12 months, alongside accrued interest.
Lastly, hundreds of households could receive supermarket vouchers worth £300 as part of the cost of living support initiative spearheaded by Surrey County Council through the Household Support Fund. Residents facing financial challenges can apply for assistance through the Everyday Essentials E-Voucher scheme to help with food and essential expenses at participating supermarkets like Aldi, Asda, Morrisons, and others.