Not necessarily. If you have yet to file your return, 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 31st January 2015 for submission. Provided you successfully file your return online with HMRC by this date, you will not be charged the £100 penalty.
However, if HMRC receive a paper 2013/14 tax return from you now the 31st October deadline has elapsed, you will be charged the £100 penalty automatically.
And remember, 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. Furthermore, the penalties will increase the longer the delay in filing.
If you would like an accountant to deal with your tax affairs on your behalf, please feel free to contact your local TaxAssist Accountant who would be happy to help.
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.