The number of people filing their tax returns on the first day of the new tax year has more than doubled in the last four years. Almost 30,000 more people submitted tax returns for the year 21 – 22 on 6 April 2022 compared with 2018’s numbers. This year there were nearly 66,500 early birds when it came to tax return filing. They are amazing!
“It’s ideal to avoid the last-minute rush just before the annual filing deadline on 31 January,” says of Felicity Reader, Accounts Senior with re:accounts in Stevenage. “The sooner your return is completed, the easier it is to find the relevant information and answer any queries. The closer we get to 31 January, the more potential there is for stress!”
Of the 12.2 million Self-Assessment tax returns expected by 31 January 2022, 630,000 were filed on deadline day. 2.3 million customers filed returns after 31 January.
HMRC confirms that customers who file their tax return early could benefit from:
- receiving a tax refund on any overpaid tax from the 2021 to 2022 tax year sooner. Once a customer has filed their tax return, they can check if a repayment is due via their Personal Tax Account.
- managing their tax bill via direct debit. Customers can use the Budget Payment Plan service to set up weekly or monthly direct debit payments to spread the cost of any tax owed. The Self-Assessment tax payment deadline for balancing payments remains unchanged – 31 January 2023.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “You don’t need to wait for the January rush to send us your tax return. More and more people are getting theirs out of the way early.”
Would you like to avoid the last-minute rush to submit your Self-Assessment tax return?
Talk to the re:accounts team! Our favourite job is saving our clients’ money by minimising how much tax they pay. This involves international tax too. We’d love to number crunch so you don’t have to. Let’s get ahead this tax year.
