An estimated one million individuals have failed to meet the self-assessment tax deadline and are now subject to an immediate £100 penalty from HMRC.
Recent data from HMRC indicates that 475,722 taxpayers waited until the final day (January 31) to submit their tax returns, with 27,456 individuals filing in the last hour before midnight.
While over 12 million people were anticipated to complete a tax return and settle any owed taxes for the 2024/25 tax year, more than 11.48 million individuals managed to do so on time.
Individuals required to file a self-assessment include those who are self-employed or earn additional income apart from their regular employment.
Myrtle Lloyd, HMRC Chief Customer Officer, expressed gratitude to the millions who successfully submitted their self-assessment tax return and settled any taxes due by January 31.
For those who missed the deadline, Lloyd advised immediate filing to avoid potential penalties and late payment charges. Utilizing HMRC digital channels is recommended as the most efficient and convenient method to manage tax affairs.
In other news, Tony’s Chocolonely reported increased chocolate bar sales despite price hikes due to elevated cocoa expenses. The company disclosed revenues of €240 million (£207 million) for the year ending in September, marking a 20% surge from the previous year, with a 4% growth in sales volume year-on-year.
Additionally, Tony’s revenue in the UK and Ireland amounted to €51.2 million (£44.2 million), reflecting a 14% increase from the prior year. Chief Executive Douglas Lamont acknowledged the challenges faced amidst industry price escalations but expressed satisfaction in achieving a 4% volume growth.
Furthermore, a well-known hotel and restaurant, Guys Thatched Hamlet, abruptly closed after 46 years of operation, leaving customers dismayed. Situated near Bilsborrow in Lancashire off the A6, the 65-room hotel by the canal on St Michael’s Road confirmed its closure, with all staff reportedly being made redundant.
The closure notice, affixed to the hotel entrance, declared the end of Guy’s Thatched Hamlet’s 46-year trading run. The extensive site encompassed nearly 14 acres, featuring a tavern, restaurant, sports pavilion, function rooms, cricket ground, bowling green, and three parking lots.