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Many readers will be aware of the £100 "Late Filing Penalty" for Self Assessment tax returns, that has been around for - well, since Self Assessment.

In the past, this has been reduced to nil - even if the tax return were delivered after the filing deadline of 31 January - provided the tax liability for the year in question had been settled.

This is no longer the case - the £100 penalty will still be charged even if the tax has been fully paid by 31 January.

Furthermore, HMRC has introduced a new deadline of 31 October for paper returns, so from 1 November through to 31 January, returns must be submitted online.

Even if you send in a paper return after 31 October - and then try to remedy the situation by sending one in electronically - the penalty will still be charged and cannot be removed - except, say, by having a "reasonable excuse".

Please also note the new penalty regime which applies both for late returns and for late payment this year, for 2010/11 tax returns - see our previous news item Deadline Day Looms for Paper Self Assessment Tax Returns