January has come to an end, bringing relief to wallets with the arrival of payday. However, February brings about various financial changes to be mindful of, such as an increase in alcohol prices and a reduction in savings rates for Nationwide customers. If you missed the January 31 deadline for self-assessment tax payments, be prepared for instant £100 fines starting today.
In February, expect the usual announcements regarding inflation and interest rates. Alcohol duty is set to rise by 3.66% from February 1, following the RPI inflation rate. This increase will result in additional costs for alcoholic beverages, as reported by the Wine and Spirit Trade Association.
For those who missed the self-assessment tax deadline, fines of £100 will be imposed from February 1, with penalties escalating to £10 per day up to a maximum of £900 for late filings. Additionally, interest will accumulate on any outstanding tax payments beyond the deadline.
On February 5, the Bank of England will convene to discuss interest rates, currently set at 3.75%. Nationwide will reduce rates on 36 savings accounts from February 10 in response to the Bank of England’s base rate adjustment. Sky Mobile will raise prices on February 14, affecting most customers with an increase of £1.50 per month.
The Office for National Statistics will release the latest inflation data on February 18, with the current rate standing at 3.4% against the Bank of England’s 2% target. Starting February 23, smart meter customers facing installation delays or failures could receive £40 in compensation for specific issues.
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