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http://www.rilisaccountants.co.uk/

Rilis Ltd, 10 New Street, Stourport (2026)

22/08/2025

💼 How to Build a Business Budget That Actually Works 📊
At Rilis Accountants, we know that a good budget isn’t about guessing—it’s about planning with purpose. Here’s how to create one that truly supports your business:
1️⃣ Work with Real Data – Start with last year’s figures, not estimates.
2️⃣ Separate Fixed & Variable Costs – Know what’s essential and what can flex.
3️⃣ Plan for the Unexpected – Keep a buffer for those rainy days.
4️⃣ Review & Adjust Regularly – Track monthly, tweak quarterly.
5️⃣ Link Every £ to Your Goals – Your budget should drive growth, not just cover bills.
✅ With the right structure, your budget becomes more than numbers—it becomes your roadmap to success.
📩 Need help creating a budget that works for your business? Get in touch with us today.

08/08/2025

📊 Cash vs. Accrual Accounting: What’s the Difference?
(And why it matters for your business 💡)
If you’re running a business — especially a sole trader or limited company — understanding the difference between cash and accrual accounting is essential. Here’s a simple breakdown:
🔹 Cash Accounting
You record income when you receive it, and expenses when you pay them.
✅ Easy to manage
✅ Good for smaller businesses or sole traders
✅ Matches your bank balance
⚠️ Can give a misleading picture if invoices or bills are delayed
🔹 Accrual Accounting
You record income when it’s earned (even if not yet paid), and expenses when they’re incurred (not just when paid).
✅ More accurate picture of profit
✅ Required if your turnover is over £150k under cash basis
✅ Essential for limited companies
⚠️ More complex — often needs software or an accountant
🔍 Why it matters:
Choosing the right method affects how you plan cash flow, pay tax, and make decisions. Many sole traders start with cash accounting, but as you grow (or go limited), accrual gives better long-term insight.
📩 Not sure which method suits your business? We help business owners choose the right system — and stay compliant with HMRC.
DM us or give us a call. We’ll make the numbers make sense.

01/08/2025

🎁 Directors: Did You Know You Can Claim Trivial Benefits?

If you’re a director of a limited company, you can treat yourself (and your employees) — without attracting tax or NI — by using HMRC’s trivial benefits allowance.

Here’s how it works 👇

🔹 What is a Trivial Benefit?
It’s a small gift or perk your company can provide to you (or your employees) that doesn’t count as taxable income.

To qualify, it must:
✅ Cost £50 or less (inc. VAT)
✅ Not be cash or a cash voucher
✅ Not be a reward for work done
✅ Not be part of a salary sacrifice scheme

🔹 Examples of Trivial Benefits:
🎂 A birthday lunch
🎁 A bottle of wine
🎄 A festive gift box
☕ A coffee shop voucher
🍫 A treat “just because”

As long as it meets the rules — it’s tax-free for you, and a business expense for your company.

🔹 Directors: There’s a Limit
If you’re a director of a *close company* (typically a limited company with 5 or fewer shareholders), the company can provide you up to:
📅 £300 per tax year in trivial benefits
You can split this across multiple small gifts — just keep each one under £50.

📊 Why It Matters:
Trivial benefits are a great (and legal!) way to extract value from your company, boost morale, or treat yourself and your team — without triggering tax headaches.

Want to be sure you’re doing it right? We help directors and small business owners stay compliant while making the most of what they’re entitled to.

📩 DM us or get in touch through the link in bio — we’ll make tax efficiency feel effortless.

25/07/2025

🧳 Sole Trader Going on Holiday? Here’s How to Prep Your Business Before You Switch Off 🌴
Running your business solo doesn’t mean you can’t take a proper break — but it does mean planning ahead. Here’s what you should do before you turn on that out-of-office and head to the beach (or sofa):
🔹 Let Clients Know Early
Send out an email or message to regular clients at least 2 weeks in advance. Let them know your exact holiday dates, any final deadlines, and how (or if) you’ll be reachable.
🔹 Automate What You Can
Use tools to keep things running while you’re away:
— Schedule social posts
— Set up automatic invoice reminders
— Create an out-of-office autoresponder
— Use accounting software to keep tabs on payments
🔹 Sort Your Finances
Make sure invoices are sent, bills are scheduled, and you’re clear on what’s coming in or going out. Cloud accounting platforms like Xero or QuickBooks can make this easier to manage even from your phone (but ideally, don’t check!).
🔹 Set Boundaries (and Stick to Them)
If possible, appoint someone to handle anything urgent — even if it’s just replying to key emails. Otherwise, make it clear that you’re offline, and trust that your clients will respect your time.
🔹 Actually Take the Break
No checking emails “just in case.” You need rest to run your business well. Recharge now so you can return with energy, clarity, and focus.
📊 Need help getting your finances in order before a holiday? We work with sole traders to simplify accounting, automate processes, and make time off less stressful.
Send us a message or head to the link in bio to get started.

18/07/2025

Here are 3 key things to check before submitting your VAT return:

1. Have all transactions been recorded and reconciled?

Ensure your bookkeeping is complete for the VAT period:

1️⃣ All income and expenses have been entered.
2️⃣ Bank accounts and payment services (like PayPal or Stripe) are fully
reconciled.
3️⃣ ��You’ve accounted for any petty cash or manual adjustments.

2. Are VAT rates and treatments correct?

Check that:

1️⃣ ��The correct VAT codes have been used for all transactions (standard,
reduced, zero, exempt, outside scope).
2️⃣ Reverse charge rules have been applied properly for overseas
purchases/services.
3️⃣ Any manual adjustments are justified and documented.

3. Is the VAT return accurate and supported by records?

Before submission:

1️⃣ ��Compare the return to your reports (e g. Xero’s VAT Audit Report or
VAT Summary).
2️⃣ ��Review for unusual figures or big changes from previous periods.
3️⃣ Ensure all supporting documents (invoices, receipts) are stored
digitally in line with Making Tax Digital rules.

If you’re unsure, don’t guess. Speak to your accountant and let them handle
it for you.

11/07/2025

🗓️💥 Deadlines Small Businesses Often Forget (And How to Avoid Forgetting Them)
Running a business means spinning a lot of plates — and it’s easy for key dates to slip under the radar. But missing a tax or reporting deadline can mean fines, stress, and last-minute panic. Here’s a quick reminder of the ones small businesses most often forget:
📌 VAT Returns
Usually due every quarter — miss it and you could get a surcharge. Set calendar reminders before the period ends, not just on the due date.
📌 Confirmation Statement
Every limited company must file this annually with Companies House, even if nothing’s changed. It’s a quick task, but often overlooked.
📌 Corporation Tax Payment
Due 9 months and 1 day after your company’s year-end — easily forgotten without a clear reminder.
📌 Self-Assessment Payment on Account (31 July)
If you’re self-employed or a company director, you might need to make a second payment mid-year — not just in January!
📌 Payroll RTI Submissions
Even if you’re just paying yourself, monthly submissions need to be filed on or before payday.
💡 Top Tip to Stay on Track:
Use a digital calendar with alerts or sign up for accounting software that integrates deadlines directly. Or better yet — let us handle it! Our clients get friendly reminders and peace of mind built in. ✔️
Don’t let missed deadlines hold you back — get in touch if you’d like support keeping everything in check.

04/07/2025

Whether you’re on your desktop or mobile browser, Xero makes it easy to keep your records clean and paperless. Here’s how to upload physical receipts to Xero:
1️⃣ Log in to Xero on your computer
2️⃣ Click Business > Bills to pay
3️⃣ Tap ‘Upload files’ in the top right
4️⃣ Drag in your scanned receipt or photo file (PDF, PNG, JPEG)
5️⃣ Create a new bill or attach the file to an existing one
Once it’s in Xero, it’s safely stored and ready for your accountant.
Bonus tip: Use the Files inbox in Xero to store documents now, and deal with them later when you’re ready to match them.
Doing this regularly saves you time at tax time, keeps your records organised, and helps your accountant work faster, so you get your finances sorted without the stress.

27/06/2025

This week we marked a special milestone — Gary’s 1st birthday! 🐶🎂
In just one year, he’s become a much-loved part of the team — always nearby during the working day, keeping us company and bringing a bit of calm to our busiest moments.
Milestones like birthdays aren’t just personal celebrations — they’re also the perfect reminder to review your financial position and future goals. Whether you’re a business owner or managing personal finances, taking time to reflect can lead to big gains later.
Here are a few key areas to review:
📌 Are you set up tax efficiently?
Make sure you’re taking full advantage of allowances — personal, dividend, and capital gains — to reduce your liability and retain more income.
📌 Business structure check
If you’re operating as a sole trader, could it be time to consider going limited? The right structure can help you grow while keeping taxes under control.
📌 Review your goals
Are you planning to buy a home, invest in your business, or save for retirement? Setting clear targets helps ensure your tax planning supports them.
📌 Make use of pension contributions
These are one of the most tax-efficient ways to save — for both individuals and company directors.
📌 Prepare for change
Big life or business changes (a new hire, a relocation, expansion, etc.) often come with tax implications. Planning in advance can make transitions smoother and more cost-effective.
Gary’s first year reminded us how quickly time moves — and how important it is to build strong foundations early. If it’s been a while since you reviewed your finances or tax planning strategy, now is the perfect time.
📞 Get in touch to book a consultation — and if you pop in, Gary will be happy to greet you at the door.

20/06/2025

💸 Why Cash Flow Is Vital for Your Business
Understanding cash flow isn’t just for accountants — it’s essential for keeping your business running smoothly. If you’re not actively managing it, you could be heading for cash problems even if your business looks profitable on paper.
🚿 What Is Cash Flow?
Cash flow is the money moving in and out of your business — not just income and profit, but actual cash available.
📥 Money In: Sales, client payments, loans
📤 Money Out: Rent, wages, stock, bills, tax
⚠️ Why It’s So Important:
✅ Keeps your business operating daily – You need cash to pay suppliers, staff, and overheads.
✅ Reduces reliance on borrowing – Managing cash flow well can help avoid high-interest loans or overdrafts.
✅ Supports growth – With steady cash flow, you can invest confidently in your business.
✅ Maintains good relationships – Paying on time builds trust with suppliers and employees.
✅ Protects against unexpected costs – A healthy buffer prepares you for slow seasons or emergencies.
🔍 Signs You Might Have a Cash Flow Issue:
Constantly chasing payments to cover bills
Using credit to meet everyday expenses
Long delays between invoicing and being paid
Profit showing on reports but no money in your account
💡 How to Stay on Top of It:
✔️ Invoice promptly and follow up
✔️ Use a cash flow forecast to plan ahead
✔️ Review your expenses regularly
✔️ Build an emergency reserve
✔️ Separate money for tax and bills as you go
📊 Bottom Line: Good cash flow means less stress, more control, and a stronger business. It’s not just about what you earn — it’s about what you keep and when you receive it.
💬 Need help tracking or improving your cash flow? Send us a message — we’re happy to help!

13/06/2025

📅 How to Prepare for the Next Tax Year (Month-by-Month) 👇
Avoid last-minute panic and stay in control all year. Here’s your quick guide:
🌱 APRIL – New tax year starts! Set up digital bookkeeping & check HMRC updates.
📁 MAY – Organise docs & reconcile April’s transactions.
📊 JUNE – Chase invoices & review income streams.
💰 JULY – Estimate tax bill & save monthly. Pay 1st Payment on Account.
🧾 AUGUST – Review expenses. Claim everything you’re entitled to.
🪙 SEPTEMBER – Plan for tax efficiency (pensions, reliefs).
🖋️ OCTOBER – File Self Assessment early. Paper deadline: 31 Oct.
📉 NOVEMBER – Do a financial health check. Forecast for Jan.
📬 DECEMBER – Chase payments & log all expenses.
🧾 JANUARY – Online tax return + payment due 31 Jan. Avoid fines!
📉 FEBRUARY – Reflect on what worked. Improve systems.
📌 MARCH – Use up allowances & set goals for next year.
✔️ Consistent monthly habits = less stress & better results.
💬 Need help planning your tax year? Message us — we’re here to make it easier 🙌

06/06/2025

💼 Should You Go Limited or Stay as a Sole Trader?
Starting a business? Deciding whether to operate as a sole trader or set up a limited company is a big choice — here’s what you need to know to help you decide:
👤 Sole Trader:
Simple to set up and run.
You keep all the profits but are personally responsible for any debts.
Less paperwork and lower costs.
Suitable if your business is small or you want full control.
🏢 Limited Company:
The business is a separate legal entity — your personal assets are protected.
Can look more professional and help build trust with clients.
More complex setup and ongoing reporting (accounts, taxes).
Potential tax advantages once your profits grow.
⚖️ Which is best for you?
If you want simplicity and are starting small, sole trader might be enough.
If you want to limit personal risk, grow bigger, or appear more credible, going limited could be worth it.
💡 Pro tip: Speak to an accountant to review your finances and future plans before deciding!

💬Need help? Drop us a message — we’re here to help🙌

30/05/2025

📅 What Happens If You Miss a Tax Deadline?
Missing a tax deadline can be stressful, but understanding the consequences can help you act quickly and avoid bigger problems. Here’s what usually happens if you don’t file or pay your taxes on time:
⚠️ Late Filing Penalties: HMRC charges fines if your tax return is late. For example, if you miss the deadline, there’s an automatic £100 penalty. The longer you delay, the more penalties you may face—these can increase daily or monthly.
💸 Interest on Unpaid Tax: If you owe tax and don’t pay by the deadline, interest will be added on top of what you owe until it’s fully paid.
🚨 Additional Penalties for Late Payment: After a certain period, HMRC may add extra fixed penalties or percentage-based fines on the unpaid tax.
📞 HMRC Will Contact You: If you miss deadlines, HMRC will usually send reminders or warnings. Ignoring these can lead to further action, such as debt collection.
💡 What You Should Do:
File your tax return as soon as possible, even if you can’t pay right away.
Pay as much as you can to reduce interest and penalties.
Contact HMRC early to set up a payment plan if needed.
Ignoring deadlines can cost more in the long run, so staying proactive is key!

Rilis Ltd

22/08/2025

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01/08/2025

25/07/2025

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Tuesday	9am - 5pm
Wednesday	9am - 5pm
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