In this week’s Enews, we look at the record numbers of taxpayers filing early self assessment returns in April. There is also news on new legislation to deal with late payments and the IMF’s latest forecast to update you on.

• Record number of taxpayers file self assessment in April
• Late payment legislation is ‘historic’ moment
• UK growth forecast upgraded by IMF but risks remain

A record 737,891 taxpayers filed their 2025/26 self assessment returns in April, according to figures from HMRC.

The tax authority said that 86,270 taxpayers submitted their return on the first possible day, which was Easter Monday. That made 6 April, the first day of the new tax year, the most popular date for filing.

In total, 298,905 people filed their 2025/26 self assessment tax return in the first week of the tax year.

HMRC says that people who file their tax return early and are owed a tax refund, can receive it sooner.

Anyone unsure whether they need to complete a tax return can use the checker tool on GOV.UK to find out. People new to self assessment must first register to receive their Unique Taxpayer Reference, which they will need when they complete and file their return.

Myrtle Lloyd, Chief Customer Officer at HMRC, said:

‘For thousands of people, filing early and staying on top of their finances has become the norm. It takes the pressure off in January and means they can spend their time focusing on their business and doing things they love.

‘Make a start on your tax return today by searching ‘self assessment’ on GOV.UK.’

Internet link: HMRC press release

The UK government’s formal commitment to legislation to stamp out late payments is an historic moment, according to the Federation of Small Businesses (FSB).

The FSB says small firms have spent years battling a culture of poor payment practices by big businesses towards their smaller suppliers.

The government’s plans for more stringent rules around prompt payment will go ahead in this parliament, the King’s Speech confirmed.

These will include maximum payment terms of 60 days while late payments will also be subject to mandatory interest of 8% above Bank of England base rate.

Tina McKenzie, Policy Chair of FSB, said:

‘Late payment destroys thousands of viable small firms a year, damages growth, hits confidence, and keeps hardworking business owners up at night wondering how they will cover wages, bills, and tax payments.

‘For too long, large businesses have used small suppliers as a free overdraft. That’s why FSB has fought hard for these changes and worked in partnership with the government to make them happen.

‘Among the other measures, regulating unscrupulous third-party intermediaries, such as energy brokers and consultants, ending hidden commissions and cowboy sales tactics, is a much-needed move, and we hope the plans set out today will mean small firms finally get a fair deal and transparent energy prices.

‘Proposals to raise visitor levies in England come at a time when the tourism and hospitality sectors are on their knees. If the legislation goes ahead, it must be designed with small firms in mind and avoid being a deterrent to tourism itself.’

Internet link: FSB website

The International Monetary Fund (IMF) has upgraded its forecast for the UK's growth this year but warned the Iran war could hit the economy.

The growth estimate has been upgraded to 1% from 0.8% for 2026 by the IMF.

It said inflation would increase ‘temporarily’ due to higher energy prices. As the UK imports more energy than it produces domestically, it is more sensitive to rapid rises in global prices.

But the IMF suggested the Bank of England does not need to raise interest rates, which are currently at 3.75%, this year in response.

Chancellor of the Exchequer, Rachel Reeves, said:

‘The IMF upgrading its growth forecasts and backing our fiscal strategy is yet more proof that this government has the right economic plan.

‘The choices I have made as Chancellor mean our economy is in a stronger position as we deal with the costs of the war in Iran. Putting our stability at risk when signs of progress are emerging would leave families and businesses worse off.  

‘Instead, this government is getting on with the job of building an economy that is stronger, more resilient, and prepared for the future.’

Internet link: IMF website | HM Treasury press release