The dread day of November 1st is fast approaching for the self-employed. Preliminary tax payments for the 1997/98 tax year are due by that date. Tax accountants and their clients are, as ever, diligently considering schemes to minimise payments. Of the options on offer for payment, many choose to pay 90 per cent of the current years liability. This involves estimating what taxable income will be for the year to ending next April and thus allows the individual to factor in any tax shelters of which he or she hopes to avail in the year to next April. Tax accountants say that many taxpayers are considering investing in urban renewal schemes, buying flats or apartments in tax designated areas and benefiting from tax relief on the rental income. And as well as the areas of Dublin and other cities qualifying, taxpayers can also now get the relief for investing in property in a range of seaside towns, such as Enniscrone and Bundoran. Holiday and tax planning can thus go handin-hand. Business Expansion Schemes also continue to be examined both for their investment potential and their tax relief possibilities. But be warned. Those reducing their preliminary tax payment on the basis that they hope to avail of the 1998 BES season will get no mercy from the taxman if the BES plans fall through. Interest is levied on any tax underpayments and will be backdated to this November.

Of course sensible individuals could decide to top up their pensions through additional contributions, one of the safer ways of reducing what the Revenue Commissioners demands, provided the contributions are not more than 15 per cent of income.