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Home |Latest news |Pensioners outnumber young people for filing self assessment tax returns

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Pensioners outnumber young people for filing self assessment tax returns

January 16 2023

HMRC has revealed that more pensioners filed a tax return for the 2020/21 tax year compared to young people.

Overall, those aged 65 and over accounted for 16% of individuals who submitted a tax return, whereas 16 to 24-year-olds made up 2.7% of total filers.

The new data is part of an analysis by HMRC into the demographic data of self assessment taxpayers. The largest group of self assessment filers were 45 to 54-year-olds, who accounted for 24% of all tax returns submitted.

Men accounted for 62% of those who submitted a return last year, compared to 38% who were women. The data also showed that almost 146,000 people submitted their tax return at the earliest opportunity between 6 and 11 April 2021.

Myrtle Lloyd, HMRC's Director General for Customer Services, said: 'Time is running out for anyone who has yet to start their tax return – there is a wide range of guidance and webinars available online for those who need a helping hand.'

Self assessment tax returns must be filed by 31 January. Those who fail to complete it, pay any tax owed or set up a payment plan risk having to pay a penalty.

We can help with any self assessment queries, so please contact us if you require assistance.

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