Early Happy Returns
Hundreds of thousands of taxpayers got ahead of the game by filing their Self Assessment return early in April, new figures have revealed.
They show that more than 298,900 people filed between April 6 and 12 – the first week of the tax year.
April as a whole set a record, with almost 740,000 submitting their returns for the 2025 to 2026 tax year.
Myrtle Lloyd, HM Revenue and Customs’ chief customer officer, said: “For thousands of people, filing early and staying on top of their finances has become the norm.
“It takes the pressure off in January and means they can spend their time focusing on their business and doing things they love.”
More than 12 million taxpayers are expected to submit a 2025 to 2026 tax return by January 31, 2027.
However, people do not need to wait, as HMRC encourages millions to get started and file early.
It says this means they know what tax they owe sooner, so they can plan for any payments in advance and avoid the stress of leaving it until January.
Taxpayers can set up a budget payment plan to make either weekly or monthly direct debit payments towards their Self Assessment tax bill, spreading the cost across the year, instead of having to pay all at once by the January 31 deadline.
In cases where tax has been overpaid, refunds can be claimed as soon as the return has been processed.
People will be able to check if they are due a refund in the HMRC app. It also means people can take their time to complete their return, ensuring all the information submitted is accurate. This will result in fewer mistakes and potential penalties.
Also, from 6 April 2026, sole traders and landlords with a turnover above £50,000 are required to use Making Tax Digital (MTD) for Income Tax and submit quarterly summaries of their income and expenses to HMRC.
From April 2027, this will also apply to sole traders and landlords with a combined turnover of more than £30,000.
Those within scope of MTD will continue to submit an annual Self Assessment tax return and HMRC is encouraging people to get ahead and file their tax return for the 2025 to 2026 tax year now.
- To discuss any issues raised by this article or any tax issues please contact me on 01772 430000
