HMRC divulged today that more pensioners sent in a tax return for the 2020 to 2021 tax year than young folk.
Those aged 65 and over comprised 16% of total filers, whereas the 16 to 24 year old bracket were only 2.7%.
The new figures from HMRC's analysis into the demographic of the Self Assessment population are in! 45 to 54 year-olds make up the largest group of filers, accounting for a quarter of all tax returns. A whopping 294,000 16 to 24 year-olds filed a return, comprising just over 2.7%. And, lastly, 62% of those who submitted a return were men, compared to the 38% who were women.
The data also revealed that nearly 146,000 people were eager to get their taxes done as early possible, choosing the period between April 6th and 11th - right after the end of the tax year.
Here is a full demographic breakdown (individual tax returns only):
| Age Bracket | Other | Female | Male | Total |
|---|---|---|---|---|
| Unknown age | 500 | 35,800 | 41,900 | 78,200 |
| 16 to 24 | 300 | 87,600 | 206,500 | 294,400 |
| 25 to 34 | 1,200 | 504,400 | 960,300 | 1,465,900 |
| 35 to 44 | 2,600 | 867,900 | 1,462,600 | 2,333,100 |
| 45 to 54 | 3,400 | 978,200 | 1,613,200 | 2,594,800 |
| 55 to 64 | 2,400 | 856,200 | 1,390,400 | 2,249,000 |
| 65 and over | 1,800 | 759,600 | 1,068,300 | 1,829,700 |
| Total | 2,200 | 4,089,600 | 6,743,100 | 10,844,900 |
It's estimated that around 12 million people need to file a Self Assessment tax return for the 2021-2022 tax year. If you haven't done yours yet, make sure to get it in by January 31st - otherwise you might be subject to a penalty.