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HM Revenue & Customs (HMRC) has issued a reminder to anyone filing a Self Assessment tax return this year - there's now a new 31 October deadline for paper returns, and it's only weeks away.

Penalty for late submissions

Previously, both paper and online Self Assessment tax returns had to be filed by 31 January. But from this year, paper returns must be with HMRC by 31 October, or you could face a £100 penalty. The deadline for filing online returns remains 31 January.

If you file a paper tax return, you therefore need to get organised now. For example, start thinking about what information you need to complete your return, such as your P60, self employment accounts, records of your savings and investments, and details of any untaxed income.

Online Filing

It's realtively easy to register for online filing - go to the HMRC website at http://www.hmrc.gov.uk/sa and click 'Register for Self Assessment Online'. Filing your tax return online has a number of advantages - your tax is calculated automatically, you get an immediate online acknowledgement once you've filed, and it's processed faster, so any money you are owed by HMRC is repaid more quickly.

Once you've filed your return, any tax due has to be paid by 31 January, whether you file on paper or online.