​Self Assessment

We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment. We can provide you with practical advice on personal tax and the planning opportunities available to you. Over recent years HMRC have increased the penalties for failing to file a return on time and for errors. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.

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Our Personal Accounting service involves collecting all the required information from and for you, performing the tax calculations and submitting the information online.

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In the UK, Self Assessment Personal Tax return (or SA100) must be filed with HMRC by an individual in the following circumstances:

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• If you are a director of a limited company

• If you have income where tax was not withheld at source e.g. rental income or capital gains on your savings and investments

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Income Tax

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Most employees pay tax under the PAYE system and are not required to file a tax return as the PAYE system operates to withhold the correct amount of tax from wages or salaries.

However, you will be required to make your Tax Return if you also run a business or are set up as a Sole Trader with the HMRC. Blythe & Co can advise you and provide a hassle-free, cost-effective service if you need to make a Tax Return.

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Capital Gains Tax

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By careful planning, your tax liabilities can be kept to a minimum. If you own a limited company, are a sole trader or a partner in a business, we can help you ensure you are drawing down monies from your company in the most tax-efficient way.

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Capital Gains Tax is levied on the increase in value of an asset. It can arise on a gift or a disposal of a chargeable asset including land and buildings.

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Many of our clients are surprised to learn that not all assets are liable to Capital Gains Tax. Helping you navigate your way through the range of exemptions and reliefs that you can take advantage of is one of our key services, such as:

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• Use of the annual capital gains tax exemption. (For jointly owned assets, both spouses/civil partners will each have the annual exemption available);

• Transfers between husband and wife/civil partners;

• Entrepreneurs’ relief on business assets;

• Trust fund management.

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Our accountancy service and advice helps you calculate your exposure to Capital Gains Tax, providing you with options for restructuring your affairs accordingly.

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