January has come to an end, bringing relief to wallets with the arrival of payday. However, February brings about several financial adjustments to be mindful of, such as an increase in alcohol prices and a reduction in savings rates for Nationwide customers. Self-assessment taxpayers who missed the January 31 deadline are now subject to immediate £100 fines.
In the upcoming month, there will be announcements regarding inflation and interest rates. Alcohol duty is set to rise by 3.66% starting February 1, leading to price increases for various alcoholic beverages, according to the Wine and Spirit Trade Association.
For those who missed the self-assessment tax deadline, fines will escalate to £10 per day from February 1, reaching a maximum of £900 after three months. Additionally, the Bank of England will convene on February 5 to discuss interest rate adjustments, with the current base rate standing at 3.75%.
Nationwide will be reducing rates on 36 savings accounts from February 10 in response to the Bank of England’s base rate cut. Sky Mobile subscribers can expect price hikes from February 14, with most facing a monthly increase of £1.50.
On February 18, the Office for National Statistics will release the latest inflation data, currently at 3.4%, exceeding the Bank of England’s 2% target. Customers facing delays or failures in smart meter installations may qualify for £40 compensation starting February 23.
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