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300,000 Tax Returns Filed in the First Week

Published by Prerana
Posted Date: May 30, 2024 , Modified Date: May 31, 2024

The Self Assessment Tax Return for the Tax Year 2023/24 has started off with a bang, with almost 300,000 taxpayers filing their tax returns in the first week. The deadline for completing the Self Assessment report for this year is 31 January 2025. However, there are many benefits to completing the tax returns early.

Why File the Tax Returns Early?

Over 295,000 people have filed their Self Assessment Tax Return ten months before the deadline. Also, almost 70,000 people filed their tax returns on the opening day, which is 6 April 2024. HM Revenue and Customs (HMRC), the tax authority, suggests that people complete their tax returns early. Early tax return filing has been a trend for the last few years.

Here is a table with the data from the first week of tax return filing.

Date

 Self Assessment 2023/24

 Self Assessment 2022/23

6 April

67,870

77,517

7 April

36,432

31,715

8 April

50,428

18,896

9 April

43,736

14,377

10 April

36,678

29,284

11 April

32,092

38,006

12 April

28,014

36,415

Total

295,250

246,210

Filing tax returns early can be beneficial for individuals and businesses as they can take their time to complete the returns and avoid last-minute filing. It can also help avoid the possibility of missing something due to last-minute hurry. Additionally, early tax return filing can help to budget and spread the cost of tax bills. A budget payment plan can also be set up for weekly or monthly direct payments for the next Self Assessment Tax Returns.

Do Pensioners Need to File the Tax Return?

Tax returns should also be filed on pension income. In fact, pensioners must also pay Income Tax on any income above their Personal Allowance threshold. However, there are different ways to pay tax, depending on specific conditions:

  • If you already complete a Self Assessment Tax Return, you will need to file your returns from 6 April to 31 January of a Tax Year.
  • If you have a PAYE tax code, your tax will be automatically collected through your tax code.
  • If the above conditions do not apply, you will receive a Simple Assessment summary from HMRC.

People other than pensioners will need to file tax returns if the following conditions apply:

  • You’re a self-employed individual with an income of over £1,000
  • You have received untaxed income of over £2,500
  • You claim Child Benefit, and you or your partner have an income that exceeds £50,000
  • You are a partner in a partnership
  • You are renting out one or more properties
  • Your taxable income earned from dividends is more than £10,000
  • Your taxable income earned from savings and investments is more than £10,000
  • You have paid Capital Gains Tax (CGT) on assets sold for profit

There are many other conditions that affect the Self Assessment Tax Returns. Also, not completing tax returns on time will make you liable for penalties from the HMRC.

Conclusion

The Self Assessment Tax Return for the Tax Year 2023/24 is off to a strong start, with almost 300,000 taxpayers filing their tax returns in the first week. This not only reduces the stress of last-minute filing but also helps with better financial planning and accuracy.

Submitting tax returns early is likely to make the tax system more efficient and responsive, benefiting individuals and the economy. This record-breaking start shows the advantages of timely tax return submissions, setting a good example for future tax years.

Prerana
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