Heat the oil in a large frying pan and gently fry the shallot, garlic, paprika and red pepper until softened.
Add the rice and stir until coated in oil.
Add the saffron and wine and simmer until the liquid has reduced by half.
Add the stock and simmer for ten minutes, or until most of the stock has been absorbed.
Add the prawns and squid rings and cook for a further 3-4 minutes, or until the rice is tender and the prawns and squid are cooked through.
Sprinkle over the parsley, season, to taste, with salt and freshly ground black pepper and stir well.
To serve, place servings of the paella onto plates and garnish with lemon wedges.