An approximate one million individuals failed to meet the self-assessment tax deadline, now facing an immediate £100 penalty from HMRC.
According to the latest data from HMRC, 475,722 taxpayers submitted their tax returns on the final day (January 31), with 27,456 individuals filing theirs in the eleventh hour before midnight.
For the 2024/25 tax year, over 12 million people were anticipated to file a tax return and settle any due taxes. Surpassing expectations, more than 11.48 million individuals met the deadline.
Those required to file a self-assessment include self-employed individuals and those earning supplementary income outside their primary employment.
HMRC’s Chief Customer Officer, Myrtle Lloyd, commended the millions who successfully filed their self-assessment tax returns and paid their taxes by January 31, saying, “Anyone missing the deadline should promptly submit their return to avoid penalties and late payment charges.”
Lloyd emphasized the efficiency of HMRC’s digital channels for handling tax affairs, directing individuals to search ‘self-assessment’ on GOV.UK for further information.
In other news, Tony’s Chocolonely experienced increased chocolate bar sales despite elevated cocoa costs, reporting revenues of €240 million (£207 million) for the year ending September, a 20% surge from the previous year. Sales volume also grew by 4% year-on-year.
Additionally, the company disclosed that revenues in the UK and Ireland amounted to €51.2 million (£44.2 million), marking a 14% rise from the previous year.
CEO Douglas Lamont expressed satisfaction with the company’s 4% volume growth amidst industry challenges due to price hikes from subsequent waves, emphasizing their resilience.
Furthermore, a well-known hotel and restaurant abruptly ceased operations after 46 years of service, leaving patrons disheartened. Guys Thatched Hamlet near Bilsborrow in Lancashire shut down, with reports indicating all staff have been laid off.
A closure notice was affixed to the hotel entrance, confirming the shutdown of Guy’s Thatched Hamlet after nearly five decades of operation. The site encompassed nearly 14 acres and featured various amenities including a tavern, restaurant, sports pavilion, function rooms, cricket ground, bowling green, and three car parks.
The closure was confirmed, and individuals who missed the self-assessment deadline are now at risk of incurring penalties. HMRC reported that out of 11.48 million individuals who filed their tax returns by January 31, a vast majority of 97.25% submitted their returns online.
Despite the late rush, approximately one million individuals failed to meet the submission deadline and now face an initial £100 fixed penalty, applicable even if no taxes are due.
Failure to submit the return within three months will result in additional daily penalties of £10, up to a maximum of £900. Late payment penalties include a 5% charge on unpaid taxes after 30 days, six months, and twelve months, with interest accruing on overdue taxes.
Lastly, Surrey County Council is providing support to hundreds of households in the form of free supermarket vouchers worth £300. This assistance is part of the Household Support Fund, aimed at aiding vulnerable families, with residents in Surrey eligible to apply through the Everyday Essentials E-Voucher scheme if struggling to afford essentials. The vouchers can be redeemed at various supermarkets including Aldi, Asda, Farmfoods, Iceland, Morrisons, Sainsbury’s, Tesco, and Waitrose.