Based in Eltham we specialize in helping small businesses and their owners. We offer a full range of services covering tax, accounts and business support. Whether you are already established and looking to change or just starting out and need some advice, give us a call today.
• Sole trader accounts and tax returns
• Personal tax returns
• Year-end accounts and tax returns for partnerships and limited companies
• Property accounts and tax returns for Buy to Let landlords
• Capital gains tax and ways of reducing it
• Vat returns and queries
• Business start-up advice and assistance
• Management accounts and cash-flow reports
• Accountants reports for mortgage lenders or bank funding
• Pensions Auto Enrolment
With over 30 years experience, you’ll be in safe hands.
For a no obligation chat call us on 020 3488 0529 or contact us through our website
Royds Accountancy Reviews
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Most of our client work is straightforward accounting or tax, but some are a little more challenging:
• Tech Start-Up – the founder of this innovative technology business needed a tax efficient way to attract further investment into his business, without giving away control. We recommended the Seed Enterprise Investment Scheme, a government promoted scheme that gives investors significant tax breaks on their initial investment and subsequent sale. Naturally there are some very strict conditions to the scheme and at first he appeared unlikely to qualify, but we were able to overcome initial obstacles and manage the whole process from start to its successful conclusion. Result one happy business owner and one happy investor. He has since come back with a second tranche of investment, again successfully completed. • Journalist and Broadcaster – recently turned self-employed with a web of earnings from books, broadcasting, public speaking and film royalties, across Britain, Europe and South America. A very complicated vat position as the rules surrounding his income streams are mind bending at times. Despite this and despite him – by nature of what he does – being out of touch for large chunks of time – we successfully submitted his first vat return on time, including recovering over £900 of vat that without our involvement would have gone unclaimed. • Established IT Services Company – profitable business based in the City but with Dutch majority shareholder, needed year end accounts prepared quickly for Head Office audit. The short timescale came under even greater pressure when we discovered historical discrepancies in the accounts going back three years. Nevertheless by pulling out all of the stops both the accounts and tax return were delivered ahead of schedule, much to the clients relief. Result one happy client who has since commissioned us to prepare both his personal tax return and to carry out an extensive review of the company’s expenses system. • Capital gains tax on property disposal – most people know that if you sell your home – your main residence – then it is exempt from capital gains tax. This is generally true, but there are very specific rules around this exemption. For most people most of the time it is not an issue, but it is not always straightforward. Complications arise when the property has not always been your main residence – maybe you had to work in a different city for a while, maybe even abroad, possibly you rented it out. There are specific rules that apply to each of these scenarios and they interact in ways which can make it very difficult to establish what tax if any is due. We have helped a number of clients in these kind of circumstance recently to get a fix on their tax position, both in terms of actual property sales but also for those seeking to invest in property, wanting to know the implications further down the line. Its easier to make sound decisions with sound advice. • Sales and Marketing Executive, had accumulated fines of over £1,000 by not submitting any tax returns! On receiving the notice to file a tax return this otherwise very savvy businesswoman had simply put it in the drawer! Likewise all of the follow up letters and notices of the fines building up! By the time we took on her case she had two years of un-submitted tax returns and fines totalling nearly £1,200! With the fines racking up on a daily basis we needed to move fast and with her help we were able to put in the two overdue returns and generate a tax refund of nearly £3,000! That whopping refund more than covered our fees and wiped out the fines as well! An unexpected windfall for our client. • Other selected cases, in brief: o Euro 2016 – vat treatment of sale by UK based agency of tickets to non EU customers for football matches taking place in France. Very complicated vat situation. o Mobile Phone Airtime Wholesaler – normally the seller pays HMRC vat at 20% on his sales. In certain industries such as wholesale telecoms, the very peculiar rules here require the seller not to charge vat, but to pass that responsibility onto the customer – the customer pays the sellers 20% vat to HMRC, then reclaims that same amount back from HMRC! You couldn’t make it up could you!? o Human Resources Management Start up – another Seed Enterprise Investment Scheme, this time going up to the maximum investment of £150,000 and targeting investment from High Net Worth Individuals o Healthcare Company, Uganda – the owner of this business wanted to improve the appeal of his company by basing it in the UK whilst continuing to trade exclusively in Africa. Not as simple as it sounds – if that sounds simple! But successfully set up. o Tax Avoidance Scheme Exit – successful, profitable company where the two directors had been persuaded by previous accountants to sign up to a legal but highly artificial tax reduction scheme which has since been ruled to be tax avoidance. We have successfully disentangled them from the scheme and negotiated with HMRC not to apply any penalties in this case. Penalties could easily have been 100% of the tax due – a significant sum - so a good result all round.
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