New data reveals more pensioners filed a tax returns last year than young people

New analysis by HM Revenue and Customs (HMRC) has revealed that more pensioners filed a tax return for the 2020 to 2021 tax year compared to young people.

The data shows that those aged 65 and over accounted for 16% of individuals who submitted a tax return, whereas 16 to 24 year olds made up just 2.7% of total filers.

The findings also reveal that people aged 45 to 54 were the largest group of filers, accounting for 24% of all tax returns submitted.

More than 294,000 16 to 24 year olds filed a return, making up 2.7% of total of those filing returns.

The data also showed that 62% of those who submitted a return last year were men, compared to 38% who were women.

Furthermore, almost 146,000 people submitted their tax return at the earliest opportunity between 6 and 11 April 2021. More than 12 million people are expected to file a Self Assessment tax return for the 2021 to 2022 tax year.

Those who have not yet submitted their return have until 31 January to complete it, pay any tax owed, or set up a payment plan, or risk having to pay a penalty.

The data highlights a trend of older citizens being more financially responsible and aware of their tax obligations. It also serves as a reminder for young people to stay on top of their tax affairs and avoid potential penalties.

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.”

Payments are also due on 31 January and customers still have time to decide which payment option is best for them. For customers who are due a refund, they should include their bank account details in their tax return so that if HMRC needs to repay them, it can be done quickly and securely.

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