Client (new) has dividend income but has never registered with HMRC and has no UTR. 2011 is the first year that dividends have been received. The income is high enough to trigger a liability (i.e. above basic rate band).
I know we won't get a UTR till after 31 January now. Is there any advantage to filing a paper return now, or is it better to wait until the UTR comes and file online?
I am aware of the potential 'failure to notify' penalty but am hopeful it can be mitigated to a very small percentage or nil, as this is an unprompted disclosure within 12 months from a previously unrepresented taxpayer.