Personal Tax

Even the most careful can be exposed to personal tax issues. But, your affairs do not need to reach the stage of being in a muddle before you consult Butt Miller. Prevention is better than cure, after all.
Personal Tax for Business Owners
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    Of course, we aren’t just here to fill in your Self-Assessment tax return. We can advise on tax rules and are always happy to help clients navigate a complicated paper trail. With our expert advice and innovative solutions, we constantly strive to keep you on top of your tax affairs.

    You have worked hard and paid your fair share, so why not let us help you keep your wealth?

    Welcome to Butt Miller, personal tax accountants

    At Butt Miller, we have been taking care of our clients’ financial concerns for over 40 years, helping them make strategic improvements to scale and grow.

    Our high-quality services cover various areas of personal tax, from offering strategic tax advice to creating personalised tax plans. We aim to understand your current situation and implement effective strategies that align with you.

    Whether you’re looking to reduce the amount of tax you pay, gain a clearer understanding of your financial position or need someone else to handle the paperwork, our experienced personal tax accountants can help.

    Get in touch to discuss your current tax needs.

    What is personal tax planning?

    Personal tax planning requires an innovative and proactive approach to help you better understand your financial position and implement strategies to minimise your tax burden. By carefully managing your personal taxes, you and your family can benefit from a financially secure future.

    At Butt Miller, our personal tax accountants help clients optimise their tax position. Our tax planning services cover numerous taxes, including Income Tax, Capital Gains Tax, Inheritance Tax, trusts and estates.

    Our expert accounting team will meticulously study your financial data, offering advice based on a thorough knowledge of their subject to ensure you avoid any costly consequences.

    What are the benefits of a personal tax accountant?

    The first and most obvious benefit of personal tax accountants is that they can help you complete and file your annual tax return, reducing the burden and providing assurance that your taxes comply with the ever-changing tax laws.

    At Butt Miller, we go beyond the basics of accounting and offer forward-thinking advice and support tailored to your unique situation. Alongside providing clarity and assurance, increasing your tax savings and reducing the risk of financial penalties, our proactive accountants ensure you are financially set for the future.

    As your dedicated personal tax accountant, we can identify areas where your position could be more tax efficient, considering family members rather than you solely as an individual. We will implement simple yet effective strategies, from utilising marriage allowance to preparing you with inheritance planning.

    Our personal tax accounting services

    Our personal tax services accommodate taxpayers of all wealth levels, from high-net-worth individuals to self-employed business owners with modest income levels. We’ll offer you the personal tax advice you deserve and help you save money in the short and long term.

    Whether you need professional tax advice, support in setting up your personal tax account, or complex business tax planning, our skilled team will be on hand to assist you.

    Capital Gains Tax (CGT)

    Capital Gains Tax is due on assets when they are sold for a profit.

    Most commonly, landlords will suffer when they sell residential property for more than they paid. If you fall into this category and decide to sell residential property for a profit, you will be required to complete a Capital Gains Tax return and pay any tax due within 60 days of the sale.

    Individuals are entitled to a £6,000 tax-free allowance (which will be reduced to £3,000 from April 2024). The tax on profits above this allowance depends on the type of asset and your tax bracket.

    Our accountants will ensure you’re meeting your CGT obligations and saving money by offering tax advice ahead of the sale and guiding you through the process.

    Income Tax

    Employees will have tax deducted from their salary via Pay As You Earn (PAYE). The majority of employees will not be asked to complete Self-Assessments. However, this is not a definitive reason for not completing a tax return. It is important to understand the Self-Assessment rules that apply to you.

    High earners will have their personal tax allowance withdrawn if their income exceeds £100,000. If you find yourself in this position or need further support to navigate Income Tax, please contact us today to discuss your current situation. We will identify ways to make you significant savings on your next tax return.

    State benefits

    Your entitlement to state benefits is attached to your National Insurance number. At Butt Miller, we understand the importance of ensuring you receive the benefits which you’re entitled to, such as the state pension.

    Our dedicated team will assess your situation and determine which state benefits you could be entitled to. We’ll guide you through the ins and outs of making National Insurance Contributions and accessing state pensions through your Government Gateway account.

    Why choose Butt Miller as your personal tax accountant

    At Butt Miller, we are committed to providing clients with a comprehensive personal tax service tailored to their individual needs. By taking a proactive approach, we can help you reduce your tax liabilities, increase your savings potential and alleviate the stress associated with complex tax regulations.

    Our teams are dedicated to providing a valuable service that helps you see the bigger financial picture. Contact us today to discover how our personal tax services can benefit you.

    Frequently asked questions about our personal tax services

    To learn more about personal tax, please take a look at some of our most frequently asked questions below:

    Can I manage my personal taxes myself?

    Of course, it is possible to manage your own taxes. Recording income and expenses isn’t often tricky, but it can be time-consuming, and you may miss important tax reliefs, key benefits, allowances or deadlines.

    By delegating the task to our experts, you can relax knowing we’ll ensure all aspects are taken care of, keeping you compliant and tax efficient.

    Is personal tax part of the Self-Assessment tax return?

    Personal tax is the potential tax generated from completing a Self-Assessment tax return.

    What records do I need to keep for personal tax returns?

    The personal tax records you will need to keep for your tax returns depend on your individual circumstances.

    • Self-employed individuals and sole traders: Document all revenue sources and business expenses (including invoices, bank statements and receipts), VAT records and PAYE records (if relevant).
    • Landlords: Keep records of the income and expenses arising from your property investments, along with any documents relating to house purchases and significant improvement costs, as this can limit your tax liability when selling the property.
    • Employees: It is wise to record your payslips, P60 and P11D, for future reference.
    Get in touch today
    If you would like advice and you are interested in our accounting services please call, email or complete our website contact form:

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    Who we help at Butt Miller

    We provide many different businesses with outsourcing solutions to help make bookkeeping and financial reporting simple. Our outsourced finance function is backed by sector specific experts who sit behind the scenes, crunching the numbers and providing valuable advice and insight.

    We are able to offer support across a number of different industries ranging from:

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