The variety of folks submitting self-assessment returns on the primary day of the brand new tax yr has greater than doubled since 2018, based on HM Income & Customs (HMRC) figures.
Greater than 77,500 folks submitted their tax return for the 2022-23 tax yr on April 6 2023 – the primary day of the brand new tax yr – in contrast with almost 37,000 on April 6 2018.
Myrtle Lloyd, HMRC’s director basic for buyer providers, mentioned: “Submitting your self-assessment early means you possibly can spend extra time constructing your online business or doing the issues that you just get pleasure from and fewer time worrying about finishing your tax return.
“To seek out out how one can begin yours and get assist with price range planning, search ‘self evaluation’ on gov.uk.”
One benefit of submitting self-assessment returns early is that taxpayers might be able to discover out sooner if they’re owed cash.
As soon as they’ve submitted their tax return for the 2022-23 tax yr, HMRC will let folks know as quickly because the return has been processed and prepare for any overpayment to be refunded.
Individuals also can verify if they’re due a refund within the HMRC app as soon as they’ve filed their return.
Submitting returns early might also assist with budgeting. Those that understand how a lot tax they owe can arrange a price range plan to assist unfold the associated fee and handle their funds.
