In February, post-January paychecks bring a sense of financial relief for many. However, the new month ushers in various financial adjustments worth noting. Expect an increase in alcohol prices and a reduction in savings rates if you are a Nationwide customer.
Self-assessment taxpayers missing the January 31 deadline will face immediate £100 fines starting today. Additionally, February will witness typical announcements on inflation and interest rates.
Alcohol duty is set to rise by 3.66% from February 1, aligning with RPI inflation. This change will mean an increase of 11p for a bottle of Prosecco (11% ABV), 14p for a bottle of red wine (14.5% ABV), and 38p for a bottle of gin (37.5% ABV), as per the Wine and Spirit Trade Association (WSTA).
For late self-assessment filers, a penalty of £100 awaits from February 1, escalating to £10 per day up to £900 after three months. The penalty increases further after six and twelve months. Interest accrues on late tax payments after January 31.
The Bank of England’s first 2026 meeting on February 5 will determine future interest rates. The current base rate stands at 3.75%, influencing borrowing costs and savings interest. Nationwide will reduce rates on 36 savings accounts from February 10 due to the Bank of England’s rate cut.
Sky Mobile plans to raise prices, with most customers seeing a monthly increase of £1.50 from February 14. Inflation data from the Office for National Statistics (ONS) will be out on February 18, with the current rate at 3.4%, surpassing the Bank of England’s 2% target.
Customers facing delays in smart meter installations could receive £40 in compensation from February 23 for various service failures. Stay informed with the latest news by making Daily Mirror your ‘Preferred Source’ on Google News.