Weekly News:
- Inflation Rate Unexpectedly Rises This Week.
- 400,000 Homes May Fall under Incorrect Council Tax Bracket.
- Self-Assessment Tax Returns Deadline at the End of This Month.
- UK House Prices Decline, but Prices Edge Slightly Upward.
Inflation Rate Unexpectedly Rises This Week
The latest data released by the UK National Statistics Office reveals that as of last month (December), the inflation rate in the UK has risen to 4%.
While the inflation rate has increased slightly compared to previously published data, the government has still fulfilled its commitment to halve the inflation rate by 2023.
Additionally, the rise in inflation may exert pressure on lending institutions. As a result, experts predict that we may see a continued increase in the inflation rate from next month, with a downward trend in the following quarter.
Some Homes in the UK Incorrectly Included in Council Tax Bracket
Martin Lewis mentioned in this week’s Money Show that over 400,000 households have paid excessive council tax.
He urges people to check their council tax bands and raise concerns with the local authorities if errors are detected.
Housing in the UK is categorized into different bands based on various factors such as local council and region.
Even if you live in close proximity to your neighbours, different council tax rates may apply.
Self-Assessment Tax Returns Deadline at the End of This Month
If you thought self-assessment tax returns only applied to UK business owners, it’s time to take note.
In fact, if you have a side business or additional income from renting properties, you are required to file and pay taxes on any excess income.
Starting this year, sellers on online trading platforms are required to report their income to HMRC.
If you fall into any of these categories, you need to assess whether you are obligated to file a tax return and pay taxes accordingly.
Slight Fluctuations in UK Prices
The National Statistics Office recently released housing data, indicating an accelerated decline in average house prices as of November last year, with a decrease of 2.1%.
However, there has been an unexpected 4.1% increase in the prices of food and soft drinks. Prices of items like bread, cakes, and chocolate biscuits have continued to rise.
