Friday is deadline day for paper tax returns

If you're doing your tax return on paper this year, make sure you send it to HM Revenue & Customs (HMRC) by this Friday, 31 October, or you could face a £100 penalty.

From this year, there are now two separate Self Assessment deadlines - 31 October for paper returns and 31 January for those filed online.

If you want to avoid a last-minute rush, one option is to switch to online filing. This has a number of advantages: online returns don't have to be filed until 31 January, so you get three months longer to file; your tax is calculated automatically; you get an immediate online acknowledgement once you've filed; and it's processed faster, so any money you're owed is repaid more quickly.

However, if you are filing your tax return on paper, you'll need to act now if you want to beat the deadline and get all the relevant information together, such as your P60 and savings records. Leave it too late, and you could end up with a £100 late-filing penalty.

If you need any help, or want to register for online filing, visit the HMRC website at hmrc.gov.uk/sa. Further help on completing your return is available from the Self Assessment helpline on 0845 9000 444 (open seven days a week from 8am to 8pm) and an HMRC video podcast featuring the new face of Self Assessment, Moira Stuart, available free from hmrc.gov.uk/podcasts.