{"id":4980,"date":"2023-01-18T15:26:15","date_gmt":"2023-01-18T15:26:15","guid":{"rendered":"https:\/\/www.bainesjewitt.co.uk\/blog\/?p=4980"},"modified":"2023-01-18T15:26:16","modified_gmt":"2023-01-18T15:26:16","slug":"large-number-of-over-65s-file-self-assessment-tax-return","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/large-number-of-over-65s-file-self-assessment-tax-return\/","title":{"rendered":"Large number of over 65s file Self Assessment tax return"},"content":{"rendered":"<p>The 2021 to 2022 tax year saw a considerable amount of people aged 65 and over filing a tax return.<\/p>\n<p><!--more--><\/p>\n<p>A report released by HM Revenue &amp; Customs (HMRC) revealed that 16 per cent of individuals who submitted a tax return fell into this age bracket.<\/p>\n<p>The new data is part of an analysis by HMRC into the demographic data of the Self Assessment population.<\/p>\n<p>The figures appear to confirm that more and more workers over retirement age are returning to the workplace.<\/p>\n<p>The HMRC Self-Assessment data shows:<\/p>\n<ul>\n<li>The largest group of those filing were aged 45 to 54, accounting for 24 per cent of all tax returns submitted<\/li>\n<li>More than 294,000 16 to 24-year-olds filed a return, making up 2.7 per cent of total filers<\/li>\n<li>Of those who submitted a return last year, 62 per cent were men, compared to women who accounted for 38 per cent.<\/li>\n<\/ul>\n<p>More than 12 million people are expected to file a Self Assessment tax return for the 2021 to 2022 tax year.<\/p>\n<p>Anyone yet to submit theirs has until 31 January to complete it, pay any tax owed or set up a payment plan, or risk having to pay a penalty.<\/p>\n<p>In 2022, figures from the Office for National Statistics (ONS) from April to June, showed the number of people aged 65 years and over in employment increased by a record 173,000 in the quarter to 1.468 million.<\/p>\n<p>This increase was driven by rises in part-time work, and those who joined employment worked relatively few hours.<\/p>\n<p><strong>Valued experience<\/strong><\/p>\n<p>The industries where this type of employment was more common included:<\/p>\n<ul>\n<li>Hospitality<\/li>\n<li>The arts<\/li>\n<li>Entertainment<\/li>\n<li>Recreation<\/li>\n<\/ul>\n<p>Both sets of data would appear to confirm that employers value experienced workers who bring a wealth of knowledge and expertise to the workplace. This can help increase productivity and morale.<\/p>\n<p>Additionally, having a diverse age range of employees can help bring a variety of skills to the workplace, which can help with problem-solving as well as assisting with training.<\/p>\n<p>Employers can create a more age-friendly workplace by offering flexible hours, providing training and development opportunities, and encouraging wellness programmes that promote healthy lifestyles.<\/p>\n<p>These initiatives can help older employees stay engaged, motivated and productive while also allowing them to maintain a healthy and balanced lifestyle.<\/p>\n<p><strong>Looking for Self Assessment or related tax advice? Get in touch today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 2021 to 2022 tax year saw a considerable amount of people aged 65 and over filing a tax return.<\/p>\n","protected":false},"author":2,"featured_media":4982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,30,121,25,7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4980"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4980"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4980\/revisions"}],"predecessor-version":[{"id":4981,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4980\/revisions\/4981"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/4982"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}