New self assessment deadline is just weeks away

HM Revenue and Customs (HMRC) has issued a reminder to anyone filing a Self Assessment tax return this year - that the deadline for paper returns is now October 31.

Previously, both paper and online Self Assessment tax returns had to be filed by January 31. But from this year, paper returns must be with HMRC by October 31, with the prospect of a £100 penalty for late filers. The deadline for filing online returns remains January 31. HMRC advised: "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.

"Alternatively, you could switch to online filing. It's easy to register - visit the HMRC website 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 January 31, whether you file on paper or online.