Income Tax Planning

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Mapus-Smith & Lemmon helping you prepare for your annual self-assessment tax returns

The self-employed, including partners in businesses, company directors, high earning individuals and those with sources of untaxed income, such as property rental income, have to complete annual tax returns (self-assessment tax returns) and submit these to HM Revenue & Customs. Income tax payable is calculated based upon total income from all sources, after deducting any allowances and reliefs.

At Mapus-Smith & Lemmon we can prepare the simplest return through to the most complicated.

Keeping accurate and up to date records is the key to income tax planning, this enables us to:

- Calculate tax liabilities, or even tax repayments at an early stage -
- Identify tax planning opportunities at an early stage -
- Cash flow can be planned carefully once tax liabilities are known -
It is beneficial for all tax payers to submit their tax returns sooner rather than later as once the end of a tax year has passed often no tax saving measures can be identified.

Pre end of year tax planning can help identify measures to maximise tax reliefs and allowances such as:

- Capital equipment purchases and utilising the “Annual Investment Allowance” -
- Pension payments attracting maximum tax relief -
- Tax efficient savings, such as ISA’s -
- Maximising tax allowable expenditure -
- Identifying other tax efficient investments such as Enterprise Investment Scheme “EIS” or Venture Capital Trusts “VCT” -

Specialist tax advice from Mapus-Smith and Lemmon

No two taxpayers are the same and we base our recommendations upon your individual personal and businesses circumstances for the most beneficial tax outcome. Our team of Chartered Accountants, Chartered Tax Advisers and supporting staff can provide solutions even in the most complicated and specialist areas:

  • Farmers averaging claims
  • Lloyds income
  • Enterprise investments schemes (EIS) including registering new schemes with HM Revenue & Customs
  • Construction Industry Scheme (CIS) registration and regular processing
  • Landlords
  • Foreign residents and overseas matters
  • Employee remuneration and incentives
  • Company cars and other employment benefits


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