No, because you still have the option to file your return online with HM Revenue & Customs (HMRC) and as an incentive to go paperless, HMRC allow until 31 January 2012 for submission. Provided you successfully file your return online with HMRC by this date, you will not be charged the £100 penalty.
Following the introduction of a new penalty regime this year, a late return will cost you a £100 penalty- even if there is no tax to pay or you pay the tax due on time. Under this new penalty regime, taxpayers will face much harsher penalties and the longer the delay; the larger the penalties.
If you would like some assistance with filing your return or would like an accountant to deal with it on your behalf, please feel free to contact your local TaxAssist Accountant.
By Jo Nockels
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