HM Revenue and Customs (HMRC) has disclosed that an impressive number of nearly 250,000 Self Assessment customers eagerly filed their 2022 to 2023 tax returns within the initial week of the new tax year.
The trend of filing on the first day of the tax year, 6 April, has observed a consistent surge in recent years, with an additional 100,000 customers embracing this timely practice since 2018.
Analysing the data from 6 April to 12 April, it was revealed that the most popular day for filing tax returns was 6 April itself, while Sunday remained the least popular day for this activity among Self Assessment customers.
The inclination towards early filing delivers considerable benefits to taxpayers as it grants them greater control over their financial matters. Early filers are able to promptly determine their tax liabilities and effectively budget accordingly. Moreover, those eligible for refunds can expect to receive them expeditiously.
To ascertain whether they are required to complete a tax return, customers can take advantage of the free online tool accessible on GOV.UK. For assistance with filing, individuals are encouraged to use the abundant resources available online, such as video tutorials on YouTube, comprehensive help and support on GOV.UK, and the webchat service provided by HMRC.
Keeping HMRC informed about changes in personal details, such as address or name, and changes in circumstances, including ceasing self-employment or business closure, is crucial. Customers must not assume that someone else will update their information with HMRC; they can conveniently make changes via the GOV.UK platform.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Our figures show more and more customers are benefitting from filing early which means they can relax knowing their tax return is complete, know what they owe and can budget. For those who haven’t yet thought about their tax return, go to GOV.UK, search ‘Self Assessment’ to get started.”