May 9th 2024 3:55 pm

Written by Robert Perkins

home :: tax news :: tax return

Almost 300,000 Tax Return Early Birds This April

295,520 people filed their self assessment tax return for 2023/2024 in just the first week of April.

HMRC reveals that some of the most organised people have already filed their tax returns for income related to tax year 2023 to 2024 (April 2023 to April 2024).

Even though the paper deadline isn't until October this year and the online filing deadline isn't until the end of January next year (2025) - leaving a whole ten months for time to procrastinate - many have chosen to get their finances in order at the earliest possible opportunity.

295,520 were filed in just the first week of April, and around 70,000 of these so-called 'early birds' filed literally on the first day of the new tax year, so April 6th.

The numbers of people filing early like this appears to be on the increase. Nearly 50,000 more tax returns are already on HMRC systems compared to the same period last tax year.

There are many advantages, or in fact reasons, for filing early. Not least is avoiding the rush toward the end of the filing period, where the risk of missing the deadline and receiving penalties/fines is much higher.

Getting business admin out of the way as soon as possible to let yourself focus on the day-to-day running of the business is advantageous for many obvious reasons, but also having financial data on hand early can help with planning moving forward.

Other reasons could include providing financial information for the purposes of loans or mortgages, where the earliest opportunity is now available.

Self Assessment Tax Returns are generally for people with multiple income sources, self employed or higher incomes. You can estimate your tax return using our multiple income tax estimate.

You may need to file a tax return for the 2023-2024 tax year if:

Pensioners must pay Income Tax on taxable income above their Personal Allowance. If you're receiving a pension you can pay tax through:

Pensioners could also use the Simple Assessment. If you're a pensioner and don't file a tax return or have a PAYE code and you receive a Simple Assessment, HMRC will notify you of the tax owed and deadline (January 31st). You don't normally need to take any action, as HMRC generates the assessment from existing information.

See more articles from May 2024

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