𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

HMRC has issued a warning to anyone who completed a self-assessment tax return earlier this year, as a new deadline looms.

A self-assessment tax return must be completed by anyone who is self-employed or who receives income other than from their regular job, such as from a rental income, dividend or a side hustle. That helps to determine how much tax and National Insurance Contributions they must then pay on those earnings.

While self-assessments must be completed annually by 31 January, a second mid-year payment must be made on 31 July, which goes towards the next tax year bill. That means payments made this month contribute to the final tax payment needed on your 2024-25 tax bill.

Anyone who misses the 31 July deadline will see fines imposed at a high rate of interest – 8.25 per cent on any tax owed – with further penalties possible the longer non-payment continues.

The FTSE 100 has surged to new record levels after investors piled back into the stock markets they deserted in April following Donald Trump’s announcements of tariffs.

The new highs are seen as good news for investors but also for most people in the UK, whose pensions will likely be invested in companies in the stock market.

Here’s what that means for your pensions and investments, now and across the rest of the year.

BT has paid out £18m in refunds to customers after regulator Ofcom decided they did not give enough information on contracts.

More than 1.1m customers were affected by the breach and the company was ordered to also change its sales process.

It relates to not giving EE and Plusnet customers the required information in the “clear and simple” manner mandated.

Barclays’ results earlier today have propelled the share price 2.4 per cent higher today – reaching a level not seen since the 2008 financial crisis.

Profits continue to grow and the bank looks in good shape according to analysts – with scope for further improvement.

“It has taken an awfully long time for shareholders to forgive and forget but Barclays is finally earning and paying its way back into investors’ affections, as its share price hits its highest mark since 2008 after a strong set of second-quarter profits,” said AJ Bell investment director Russ Mould.

“The April-to-June period was the fourth best quarter for Barclays this decade, as the loan book grew, net interest margins held firm and litigation costs and loan losses remained subdued, with the result that the bank sanctioned both a new £1 billion share buyback and an increased dividend.”

Supermarket chain Morrisons are launching a new initiative to raise awareness and funds for Marie Curie, showing that a quarter of people die without proper end-of-life care.

“Morrisons has turned one in four supermarket items yellow to raise awareness of the fact that a quarter of people in the UK die without receiving the end of life care they need,” read a statement.

“To celebrate the launch, the Morrisons Croydon store has brightened up its baskets, trolleys, café chairs and even car parking spaces in daffodil yellow to launch its ‘Every Pack Gives Back’ initiative, which will see donations made to Marie Curie for every promotional product purchased by customers.”

Yellow packaged products being bought will see a percentage of the price donated to the cause.

Donald Trump has again cited North Sea oil drilling as a means to increase energy production, but his claims are repeatedly being met with resistance and fact-checking.

Tessa Khan, executive director of Uplift – an organisation which claims to “support efforts to create a rapid and fair transition away from oil and gas production in the UK” – says further oil drilling in the region will not cut bills and urged ministers to ignore his overtures on the matter.

“Donald Trump’s knowledge of the North Sea is clearly limited to his view from his golf course. His demand for more drilling is pure fantasy – it will do nothing to provide us with an affordable supply of energy. New drilling won’t cut bills and, after 50 years of extraction, the basin is fast running out of gas – that’s geology not a political choice,” Ms Khan said.

“The reason the UK’s energy bills are high is because of our reliance on expensive gas – and the way to reduce them is to shift to homegrown renewable energy, offshore wind in particular, which the UK is lucky to have in abundance.

“Why on earth would Scotland forego some of the best wind resources on the planet and abandon an industry that is vital to replacing declining oil and gas jobs?

“Trump is cheerleader-in-chief for an oil and gas industry that has made obscene profits while millions of people here have struggled with unaffordable energy bills, and which is fuelling the rapid changes we’re seeing to our climate. Already Scotland is struggling with record wildfires, drought, and flooding – let’s not make this worse for ourselves or our children by following the advice of someone who is in denial of the science.

“Let him play his golf, but let’s not listen to him when it comes to how we power our country.”

Anglian Water have been handed a £62.8m fine by water regulator Ofwat.

The fines relate to failures to manage wastewater treatment and having “failed to operate, maintain and upgrade” their assets managing sewage flows.

Anglian Water is one of six water companies, along with Thames Water, that are banned from paying bonuses for the 2024-25 financial year to their chief executives and chief financial officers.

Uber have lost a UK supreme court case where they sought to force rival operators to pay 20 per cent VAT on profits outside London.

The court found there was no contract between private hire operators and customers.

It followed the 2021 case which classed Uber drivers as workers, having a knock-on effect on profits, taxes and obligations.

Rachel Reeves set up a meeting between key finance figures and the fintech bank Revolut – only for Bank of England governor Andrew Bailey to step in and prevent it, the FT has reported.

Revolut has yet to receive full authorisation despite receiving a banking licence in the UK last year.

The report claims the meeting was cancelled as the BoE believe regulation “should be independent from political interventions”.

The South Crofty tin mine, near the Cornish village of Pool, is set to reopen after almost 30 years.

More than 1,000 jobs are set to be created by its reopening after a £29m government investment.

It was the last such mine to close in the UK when it shut in 1998 due to falling tin prices, but the price of the metal has more than doubled over the last decade with its use in consumer electronics and EVs.

Don Turvey, the chief executive of Cornish Metals, said: “Tin is a critical mineral for the clean energy transition, essential to electronics, electric vehicles and renewable infrastructure. By reviving domestic production at South Crofty, we’re not only creating over 300 direct jobs but also supporting many more across local supply chains and regional businesses.”