The number of people filing self-assessment returns on the first day of the new tax year has more than doubled since 2018, according to HM Revenue & Customs (HMRC) figures.
More than 77,500 people submitted their tax return for the 2022-23 tax year on April 6 2023 – the first day of the new tax year – compared with nearly 37,000 on April 6 2018.
Myrtle Lloyd, HMRC’s director general for customer services, said: “Filing your self-assessment early means you can spend more time building your business or doing the things that you enjoy and less time worrying about completing your tax return.
“To find out how you can start yours and get help with budget planning, search ‘self assessment’ on gov.uk.”
One advantage of filing self-assessment returns early is that taxpayers may be able to find out sooner if they are owed money.
Once they have submitted their tax return for the 2022-23 tax year, HMRC will let people know as soon as the return has been processed and arrange for any overpayment to be refunded.
People can also check if they are due a refund in the HMRC app once they have filed their return.
Filing returns early may also help with budgeting. Those who know how much tax they owe can set up a budget plan to help spread the cost and manage their payments.
Paul Falvey, a tax partner at accountancy and business advisory firm BDO, said: “While early filing does indeed mean that taxpayers avoid last-minute filing stress and late filing penalties, the increase in early filers might be as a result of taxpayers seeking tax refunds.
“If you think you have paid too much tax then the sooner your tax return is sent to HMRC, the earlier you will get your money back.”
