HMRC has revealed that more pensioners filed a tax return for the 2020 to 2021 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 analysis by HMRC into the demographic data of the Self-Assessment population. The findings also show:
- people aged 45 to 54 were the largest group of filers, accounting for 24% of all tax returns submitted;
- more than 294,000 16 to 24 year olds filed a return; and
- 62% of those who submitted a return last year were men, 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.
More than 12 million people are expected to file a Self-Assessment tax return for the 2021 to 2022 tax year. Tax returns need to be filed by 31 January otherwise you will receive a late filing penalty of £100 if your tax return is up to 3 months late, and you will have to pay more if it is later than this.
Unpaid self assessment tax for the year ended 5 April 2022 is also due by 31 January. If your total liability was over £1,000 the amount due will also normally include a payment on account towards next year’s tax liability unless 80% of your income gets taxed through PAYE.
