Compliance Services | Advisory Services | Business Support Services

Big firm expertise, local firm values

Dedicated to providing you with accurate, timely, reliable accounting,  bookkeeping, and business advice

Three distinct client services departments

1. Accounting

RCT Accounting offers:

• Statutory business accounts
• Personal and business taxation services
• Landlord taxation services
• VAT
• Tax advice and planning
• Tax investigation management

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Statutory business accounts

We’ll make sure that your accounts are filed on time with both HMRC and Companies House, including all the necessary disclosures that are needed from you.

The benefit to you and your company will be lower tax bills as we will claim every possible allowance to bring down your profit including:

• annual investment allowances
• writing down allowances
• enhanced capital allowances
• R&D tax credits
• proper classification of all expenditure that qualifies as legitimate business expenses
• offsetting past losses against future profits

RCT believes the money is better in your company, whether it’s so that you can reward yourself for the hard work and risk you’ve taken or if you want to invest that money in new staff, new equipment, and expansion. 

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Personal & business taxation

We help you keep accurate records of your tax affairs. From your records, it’s then our job to minimise the tax you have to pay on it and advice you in good time of what you’ll have to pay HMRC so you have time to prepare.

For sole traders and partnerships, we will use all means at our disposal to reduce your income levels to the minimum possible amount using every applicable allowance.

For shareholding company directors, getting the salary and dividend mix is very important, even more so if you have additional sources of income like rental payments, interest, and so on.

You can carry tax losses forward or backward and RCT Accountants can help you save more money by strategic allocation of losses to particular years. If you are company or an entrepreneur with a number of companies, it's likely you will benefit from an optimised group tax structure. Your dedicated RCT Accountant will be at hand to guide you.

All of your tax affairs will be completely correctly and on time to your satisfaction and to the satisfaction of HMRC. 

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Landlords

Our team provides you with the expert guidance and advice you need, specifically designed and delivered for residential and commercial landlords.

The advantage to landlords like you in using RCT is that our team are fully conversant with the changing landscape that landlords now operate in.

You can rest assured that we will secure every possible tax advantage for you on handling your rental income, capital versus revenue issues, and dealing with capital gains tax on the sale of all or part of your portfolio.

How this benefits you is that, with us as your accounting partner, you can concentrate on the difficult business of operating and growing your property business in what is becoming an increasingly difficult tax and financing climate. 

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VAT

RCT provides your company with specialist VAT advice including:

• completion of your VAT returns
• appeals
• settlement negotiations.

As we understand you and your business, we can register you with the most appropriate scheme for your business and what it does, including:

• cash accounting VAT (when you pay VAT on the cash your business receives, not the invoices it issues)
• flat rate VAT
• annual accounting

We take care of registering you for VAT, switching you between different VAT schemes if a different one becomes more appropriate for your business, and VAT calculation.

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Tax advice & planning

Taxes sometimes have a habit of creeping up on businesses and their owners only to spring a wholly unexpected and unwelcome surprises. That’s why tax planning and advice from RCT will really deliver tangible financial benefits for you and your company.

We’ll prove you with cover for all types of taxes including but not limited to:

• capital gains tax on the sale of your business (making sure you claim Entrepreneurs’ Relief)
• inheritance tax and how to reduce your family’s liability as much as possible (preferably to zero)
• capital gains on land and building sales
• annual investment allowances
• writing-down allowances
• R&D tax credits
• SEIS and EIS investments
• pensions and pension trusts

As your situation constantly changes, we’ll ensure that all of our planning for you and your estate changes as required to provide ultimate protection. 

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Tax investigations

According to the Federation of Small Business, the average full HMRC investigation takes “16 months and costs a potential £5,000 in accountancy fees”.

HMRC are conducting more investigations than ever into limited companies, directors, sole traders, and partners on everything tax-related, from dividends to rental income to VAT.

Although many HMRC investigations are carried out as a result of consistent late filings and payments and because of the technical reach of the Connect database, at least 7% of investigations are random.

The benefit of working with RCT should your company be investigated by HMRC is that we talk their language more than you do. We’re much better able to spot areas of their investigations and their conclusions which are either wrong or can be challenged.

RCT will make sure that, by keeping clear lines of communication open with you and HMRC, that we act as a real bridge of understanding meaning that investigations can be resolved as quickly and amicably as possible. 

2. Advisory services

RCT Accountants offers:

• financial planning
• management consultancy
• business coaching
• virtual/part-time FD
• management reporting
• business planning

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Financial planning

If you’re looking for the right team of experienced accounting and tax professionals to help you with both wealth planning and investment management, you’ve found it with RCT.

Using the very latest in financial monitoring and analysis software, we can provide you with itemised and detailed valuations of your investment portfolios. If you have money to invest and want to really understand the advantages and disadvantages of certain financial products and services, we can provide you with understandable and detailed analysis.

As an RCT client, you plug into a wider network of trusted, certified financial advisors and planners with an expertise ranging across:

• commercial and residential mortgages and remortgages
• self-administered personal pensions
• self-invested personal pensions
• auto enrolment through your own business
• wills
• business exit strategies
• business protection insurance
• inheritance tax

Call our office to book an appointment today or email us. 

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Management consultancy

With our management consultancy service, we look at your business’s:

• strategy,
• structure,
• leadership across all levels, and
• its operation.

We work with you to improve your performance, growing your company and its capacity and capabilities by solving problems and bottlenecks, looking for newer and better ways of doing things.

We can help you devise strategic plans to unlock growth, encourage innovation within your business, or reduce your cost base.

We take that from the theoretical and put into place systems to deliver the results you want in the real world.

A fully hands-on consultative service focused on producing your desired outcomes, management consultancy with RCT is anything but “business as usual.” 

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Business coaching

Being a chartered accountant gives you a unique insight into businesses. Specifically:

• how to make more money from the same level of activity
• reading cashflow movements to know whether you have money to invest or you need to keep money aside
• how to reduce fixed costs permanently to increase profitability levels
• the role of variable costs and how to guard against them creeping up as your business grows
• learning lessons from the way other businesses are run, whether they are in the same industry as you or not
• how to use accounting to work out the most profitable routes to market and customers to target

All of the business people RCT works with have lots in common. What is more remarkable is what makes you all so different. And it’s those differences, those unique perspectives on sales, management, attitude to cash and debt, and more that provides some of the greatest insights.

The answer to your business success in growth lies in the people you employ and the numbers they generate in your accounts.

Business coaching is part of our premium service. Ask us about this and our other value-enhanced services and we’ll discuss them at our meeting. 

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Virtual Financial Director

A virtual or part-time financial director serves two very important purposes for the business they work with:

• they work to get your accounting system into such a shape so that you and your other business leaders can trust the numbers enough to make decisions from them, and

• over the course of their career, they have either encountered personally or via a client many different challenges and they have the network of experienced contact to provide a workable solution which provides the desired outcome.

Virtual finance directors add value to your business with:

• Management buy outs and buy ins
• Share options
• Governance issues
• Acquisitions
• Preparing your business for sale
• Business turnaround
• Access to finance
• Superior and reliable financial modelling

When a business wants to experience fundamental changes either under its existing ownership or under new ownership, the assistance and insight of a virtual financial director greatly increases the chances of success. 

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Management reporting

Covering both financial and non-financial areas of your business, management reports need to provide useable, relevant, and actionable information for directors and senior managers to determine which parts of their operation are operating successfully and which parts are underperforming.

A business is its staff, its suppliers, its customers, its processes, and the numbers in the accounts. The numbers in the accounts are hugely important. They can be improved upon greatly by measuring how well your staff and suppliers are performing, how your processes are holding up to varying levels of demand, and your customers by the sizes and types of order they pace.

RCT has the experience in-house to help you build a robust, reliable, accurate, and detailed management reporting system to analyse the performance of your company and the people associated with it.

From this insight and from this knowledge, it becomes easier to make management decisions whose outcomes are matched in the reality of trading and commerce. 

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Business planning

RCT’s team of professionals have worked on many projects over the years helping companies with:

• strategic business support
• growth advice and planning
• costing models
• KPI monitoring (financial and non-financials)
• succession planning
• accounting system implementation

We have guided many of our clients through negotiation and due diligence stages when selling or acquiring a business.

For business sellers, we can work with you on Capital Gains Tax Entrepreneurs’ Relief qualification and minimisation if selling your shares or Corporation Tax reduction if it’s an asset-and-goodwill sale.

For purchasers, there are several capital gains tax scheme available when buying another business. RCT will provide you with expert help and guidance before the deal is done saving your thousands or tens of thousands of pounds. 

3. Business support services

RCT Accountants offers:

• bookkeeping 
• company secretarial work 
• business start-up service 
• payroll management 
• software training on Xero 
• auto enrolment

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Bookkeeping

Regular and ongoing bookkeeping reduces your overall end-of-year accounting bill and it gives your RCT accountant all the information they need to properly itemise income and expenditure with the goal of reducing your corporation tax bill (or income tax and National Insurance if you are a sole trader or a partner).

We use Xero, the leading online bookkeeping software, at RCT because of its accuracy, its flexibility, and its ease of use to our clients.

Backing up Xero, we have in-house bookkeepers on hand to answer any questions you have about bookkeeping and using Xero.

If needed, we can come out to train you on how to use the software to keep both your tax and accounting bills as low as possible. 

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Company secretarial work

As a limited company director, you are legally responsible for guiding your company and ensuring its compliance with the Companies Act.

RCT’s company secretarial service includes:

• registered office provision
• preparation and online filing of confirmation statements (formerly called annual returns)
• amending company details
• appointment and resignation of directors
• issuance, withdrawal, and transfer of shares and shareholdings.

Many of the laws surrounding compliance have changed in the last 5 years and further changes are on the way.

Make sure you work with RCT to fulfil your legal obligations and avoid any mistakes or slip ups. 

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Business start-ups

We love start-ups! The excitement, the energy, the enthusiasm, and the optimism you have for your new business is infectious. As an accounting professional providing business support, nothing feels better than seeing an idea that you had a few years ago mushroom into a stable, enjoyable business that pays its bills and provides you with the living you want.

Take advantage of our start-up service. The advantage to you is that you spend more time building your business without having to undergo the steep learning curve of financial and tax administration – that’s our job!

We’ll complete your statutory accounts (with full balance sheet and profit & loss), file your accounts at Companies House, and complete and file your Corporation Tax return. We’ll be there to

• help you establish the right structure for your business,
• register you for VAT,
• advice you on financial decisions,
• make sure you’re registered with everyone you need to register with,
• put together a solid business plan with achievable profit and loss figures, realistic turnover, and how to manage budgets,
• work with you on your legal responsibilities,
• help you take the first steps when you start to employ staff

If you’re starting up, start up with RCT.

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Payroll management

Payroll is one of the most complicated tax obligations any business has to deal with. That’s why we strongly recommend to all our clients that they outsource it to us.

In addition to standard payroll, we also provide services for:

• Contractors – CIS Scheme
• Subcontractors – CIS Scheme

Whether you pay is weekly, four-weekly, or monthly, RCT has it covered. As part of our payroll bureau, we also manage:

• Holiday pay
• Maternity/paternity/adoption leave
• Pensions deductions
• Attachment of earnings orders
• Student loan repayments
• Cycle to work scheme deductions
• Payslips
• P45 for any leavers
• End of year P60s and P35

Our service is fully Real Time Information compatible. We’ll carry out all your payroll duties, advising you at least three weeks in advance of the payment you need to make to HMRC. 

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Xero training

Here at RCT, we use and encourage our clients to use the online accounting system, Xero.

Xero is very useful friendly and intuitive. For us, it’s the bookkeeping software that provides the accuracy and attention to detail needed to produce spreadsheets ready for end-of-year accounting preparation. It’s very easy to use but we recognise that the move from paper-based accounting to cloud accounting is going to be difficult for some of our clients.

We genuinely believe it’s worth your time to make the change and we’ll do everything we can to help you, including remote training. If you want help to do something, just give us a call. Alternatively, book a day and a time to visit us at our office and get hands-on training.

We will help you with the initial set-up, we’ll show you the parts of the service you need specific for your business, and even help you input your first few invoices onto the system.

Bookkeeping and accounting is going digital and we want to help all our clients achieve that transition easily, smoothly, and with the minimum of stress and disruption. 

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Auto enrolment

Pensions auto enrolment is now compulsory for most businesses. The only exception is where a business does not have qualifying staff however that’s a small minority.

RCT can guide you through the complex process of auto enrolment including:

• registering with the Pensions Regulator
• selecting a pension scheme approved by the Regulator
• determining which of your staff need to be enrolled
• writing to qualifying staff members to explain how the system works
• declaring your compliance with the Pensions Regulator
• handling the payroll deductions required
• transferring pension money to HMRC at the correct time and for the correct amount.

Auto enrolment makes the already difficult business of managing payroll even harder. Your RCT accountant partner will handle the process for you. 

Contractors & IR35

The rules surrounding on whether you’re a contractor or whether you’re a disguised employee get tougher and tougher each year. With the recent changes in IR35 classification when you’re working for a public-sector organisation, life for contractors is becoming more expensive and tied up in red tape.

We offer a trustworthy and reliable employment solution to contractors with a range of fully compliant services. We give you the flexibility to make sure that what you do produces the type of financial return you’re wanting to achieve. We can also work with any recruitment agencies which places you with clients.

Contact RCT Accountants today for more information on how to make contracting work better for you.

Call us on 020 3356 2983 or click here to email

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