More than 77,500 taxpayers filed their tax return for the 2022-23 tax year on 6 April 2023, more than double the figure five years ago.
Sara White, Editor, Accountancy Daily
In 2018 only 37,700 completed their self assessment early, while over 860,000 waited for the last minute to file their tax return for the 2021-22 tax year on 31 January 2023.
Myrtle Lloyd, HMRC’s director general for customer services, said: ‘Filing your self assessment early means you can spend more time building your business or doing the things that you enjoy and less time worrying about completing your tax return.
The main benefit of filing early is to find out if they have overpaid tax as once they have submitted their tax return, HMRC lets taxpayers know as soon as the return has been processed if an overpayment has been paid and will arrange for any overpayment to be refunded.
It is also possible to set up a budget payment plan early to help spread the cost and manage their payments.
Taxpayers need to do self assessment if, for example, they:
are newly self-employed and have earned over £1,000;
are a new partner in a business partnership;
have received any untaxed income; and
are claiming child benefit and the taxpayer or their partner have an income above £50,000.
It is important to bear in mind that taxpayers are required to inform HMRC if they no longer need to do self assessment as HMRC does not advise them if tax returns are no longer required.
HMRC is reminding taxpayers to protect their personal information and always be on their guard against tax scams. Never share HMRC login details with anyone, including tax agents. Tax scams come in many forms – some offer a rebate while others threaten arrest for tax evasion. HMRC advises taxpayers to take their time and if they are unsure, check HMRC scams advice on gov.uk.
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