Teens to Retirees – HMRC reveals who files a tax return

Did you know 16% of those who filed tax returns for the 2020–2021 tax year were 65 years of age and older?

According to data released by HMRC on 12 January 2023, pensioners filed more tax returns for the 2020–2021 tax year than children and young adults. Individuals 65 and over made up 16% of those who filed tax returns overall, while those between the ages of 16 and 24 made up 2.7% of all filers.

The new data is part of the analysis by HMRC into the demographic data of the Self Assessment population. The findings also show:

• The majority of tax returns were filed by those aged 45 to 54, who made approximately 24% of all tax filings
• More than 294,000 16 to 24-year-olds, or 2.7% of all filers, submitted a tax return
• Men made up 62% of those who filed returns last year, while women made up 38%.

The information also revealed that between April 6 and April 11, 2021, about 146,000 persons filed their tax returns at the earliest opportunity.

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. Just search ‘Self Assessment’ on GOV.UK to make a start.”

For the tax year 2021–2022, more than 12 million persons are anticipated to file a self-assessment tax return. Anyone who has not yet submitted theirs has until January 31 2023 to do so, pay any taxes due, or set up a payment plan; otherwise, a penalty may be issued.

The full article can be found at: www.gov.uk/government/news/from-pensioners-to-teenagers-hmrc-reveals-who-files-a-tax-return