Pensioners outnumber young people for filing self assessment tax returns

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.

In fact, the total number of people aged 65 and over who submitted a tax return for the 2020/21 tax year came to over 1.8 million. Only 294,000 of those aged 16-24 carried out the same process.

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:

“There is a wide range of guidance and webinars available online for those who need a helping hand. Just search ‘self-assessment’ on to make a start.”

Amy Telford, Director at HTB Accountants, believes that young people need more help with their self-assessments.

“Our help with self-assessments can save young people a lot of hassle. At HTB, we’ll complete your return on your behalf, and even offer advice on tax liability. Something that we believe young people need support with going forward.”

It has been projected that more than 12 million people have filed a self-assessment tax return for the 2021/22 tax year.

For more information on self assessment tax filing, get in touch with the team today.