The 2021 to 2022 tax year saw a considerable amount of people aged 65 and over filing a tax return.
A report released by HM Revenue & Customs (HMRC) revealed that 16 per cent of individuals who submitted a tax return fell into this age bracket.
The new data is part of an analysis by HMRC into the demographic data of the Self Assessment population.
The figures appear to confirm that more and more workers over retirement age are returning to the workplace.
The HMRC Self-Assessment data shows:
- The largest group of those filing were aged 45 to 54, accounting for 24 per cent of all tax returns submitted
- More than 294,000 16 to 24-year-olds filed a return, making up 2.7 per cent of total filers
- Of those who submitted a return last year, 62 per cent were men, compared to women who accounted for 38 per cent.
More than 12 million people are expected to file a Self Assessment tax return for the 2021 to 2022 tax year.
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.
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.
This increase was driven by rises in part-time work, and those who joined employment worked relatively few hours.
Valued experience
The industries where this type of employment was more common included:
- Hospitality
- The arts
- Entertainment
- Recreation.
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.
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.
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.
These initiatives can help older employees stay engaged, motivated and productive while also allowing them to maintain a healthy and balanced lifestyle.
Looking for Self Assessment or related tax advice? Get in touch today.