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Daily Record
Daily Record
Lifestyle
Linda Howard

HMRC confirms filing tax returns early this year could mean refunds are paid sooner

HM Revenue and Customs (HMRC) has announced that nearly 66,500 people across the UK filed their 2021/22 tax return on the first day of the new tax year.

HMRC said that in recent years, increasing numbers of "early-bird" customers have been filing their completed self-assessment tax returns on April 6 - the date that marks the start of a new financial year.

It also said nearly 30,000 more customers filed their returns on April 6 this year than in 2018, with 66,465 people filing on April 6 2022 and as a result, they could receive any refunds due to them sooner.

HMRC said while many wait until nearer the annual filing deadline on January 31, for some it may be an opportunity to avoid the last-minute rush while they have the relevant information to hand.

Those who do file earlier may find they receive any overpaid tax refunds from the 2021/22 tax year sooner, according to HMRC.

Once a customer has filed their tax return, they can check if a repayment is due via their Personal Tax Account.

Myrtle Lloyd, HMRC's director general for customer services, said: "You don't need to wait for the January rush to send us your tax return.

"More and more people are getting theirs out of the way early - search 'self assessment' on gov.uk to get started."

Filing your tax return

Customers can file their tax return online.

It is the quickest way to complete a Self Assessment return and it does not need to be finished in one go, as they can access their return online anytime and save their progress until it is completed and ready to submit.

HMRC has updated the Self Assessment guide to help customers navigate through the tax return process.

It includes helpful information on:

  • how to get help with your tax return
  • what to do when declaring furlough payments, Self-Employment Income Support Scheme grants or other COVID-19 support measures
  • what information you need before you can start completing your tax return
  • help with paying your Self Assessment tax bill
  • what to do if you have overpaid tax and are due a refund

Earnings and payments received during the pandemic will need to be reported on the tax return meaning customers must declare any grants or payments from the Covid-19 support schemes received between April 6, 20221 and April 5, 2022 as these are taxable.

This includes:

  • Self-Employment Income Support Scheme
  • Coronavirus Job Retention Scheme
  • Other Covid-19 grants and support payments
  • Any coronavirus payments incorrectly claimed

The Self Assessment deadline to file a return and pay any tax owed for the 2021 to 2022 tax year is January 31, 2023.

To keep up to date with the latest HMRC news, join our Money Saving Scotland Facebook group here, follow Record Money on Twitter here, or subscribe to our twice weekly newsletter here.

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