In a notable shift from the traditional last-minute rush, thousands of UK taxpayers are filing their Self Assessment tax returns well before the January deadline, reports Her Majesty's Revenue and Customs (HMRC).
The tax authority has revealed a 7% rise in the number of people submitting their returns between April and September 2023 compared to the same period in 2022, with a total of 194,000 early filers.
This emerging trend is a departure from the long-standing practice of waiting until the eleventh hour. HMRC has observed a significant increase in the number of individuals taking advantage of the opportunity to submit their returns on the very first day of the new tax year, 6th April. Last year, more than 77,500 taxpayers filed their returns on this date alone, and the figure is expected to have risen this year.
The incentives for filing early appear to be resonating with an increasing number of taxpayers, as thousands are seizing the financial and practical benefits of submitting their returns at the earliest opportunity.
Filing your tax return early offers several advantages:
The tax authority has revealed a 7% rise in the number of people submitting their returns between April and September 2023 compared to the same period in 2022, with a total of 194,000 early filers.
This emerging trend is a departure from the long-standing practice of waiting until the eleventh hour. HMRC has observed a significant increase in the number of individuals taking advantage of the opportunity to submit their returns on the very first day of the new tax year, 6th April. Last year, more than 77,500 taxpayers filed their returns on this date alone, and the figure is expected to have risen this year.
The incentives for filing early appear to be resonating with an increasing number of taxpayers, as thousands are seizing the financial and practical benefits of submitting their returns at the earliest opportunity.
Filing your tax return early offers several advantages:
Peace of mind: Avoid the last-minute rush and stress.
Planning ahead: Knowing your tax bill early helps you plan and budget for the year ahead. You can pay in instalments if needed, and get support if you can't pay.
Faster refunds: Find out sooner if you're due a refund, and receive it more quickly.
Customer support: Access HMRC's user-friendly online services and helpful support staff.
Proof of income: Filing early provides proof of income which you’ll need for a mortgage, loan or to claim benefits.
Flexible payments: HMRC's Budget Payment Plan lets you pay in manageable instalments.
Payment options: If you can't pay your full bill by the deadline, filing early will give you time to explore payment options, like Time to Pay arrangements. Click here to find out more.
Pay through PAYE: If eligible, you can pay through your PAYE tax code if you file before the end of December.
More than 97% of people are completing their tax returns online. Doing so allows you to:
- Submit or amend your tax return
- Pay your tax bill
- See your account balance, upcoming balance, payments, credits and print your tax calculation
- Claim a tax refund
- Check your details – including your Unique Taxpayer Reference, employment and income history
- Report a change of address or name
- Set up a time to pay arrangement
- Set up Budget Payment plan
- View previous tax returns
- Appeal a Self-Assessment penalty
- Tell HMRC why you think you no longer need to complete a tax return
