Income Tax Planning

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.

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At Bruch & Co we can prepare the simplest return through to the most complicated.

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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
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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.

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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”