Magill Adams

For this week's MAQs, we're talking about Tax on Savings!

(Q) Do I need to pay tax on my savings?

(A) It all depends on the interest you earn and your total income.

Read this guide to find out how different allowances could help you keep more of your money and when you might need to pay tax. 👉

Need help? The team at Magill Adams are experts in guiding first-time business owners with tax services.

Reach out today via the details below 👇

Magill Adams 💼
📱 028 9267 5837
📍 40 Railway Street, Lisburn

📢 Winter Fuel Payment Cuts : How to Prepare! 🏠

With upcoming changes to Winter Fuel Payments, it’s time to prepare.

Here’s how you can plan ahead:

1️⃣ Check if you qualify for support.
2️⃣ Make sure you’re claiming Pension Credit if eligible.
3️⃣ Improve your home’s energy efficiency.
4️⃣ Start budgeting now for those higher winter bills.
5️⃣ Look into local grants and help.

Need to apply for Pension Credit? 👉 https://www.gov.uk/pension-credit/how-to-claim

We hope this helps!

Magill Adams 💼

What are your thoughts? 💭

We think it is essential for all kids to have financial education!

Let us know in the comments! 👇

Magill Adams 💼

Martin Lewis: We need financial education in EVERY school for EVERY child Universal financial education – providing young people with the knowledge and experience to thrive in our highly competitive consumer economy – is vital for the future of our society, MoneySavingExpert.com founder Martin Lewis has told MPs and peers.

You might want to give this a listen – it could be useful!

Money Box - Winter Fuel Payment and Inheritance Tax - BBC Sounds How will disabled pensioners be impacted by the cut in the winter fuel payment?

This week for MAQs we're discussing Tax Returns.

(Q) I'd like to get prepared for my first tax return, but I'm unsure what to do. Can you help?

(A) Filing your first business tax return can feel overwhelming, but with the right preparation, it doesn’t have to be! Here's a quick guide to make the process smoother:

📆 Key Dates

Paper Submission Deadline: 31st October 2024
Online Submission Deadline: 31st January 2025
Keep track of VAT deadlines (if applicable)

📋 Essential Documents

Income records (Invoices, sales receipts)
Expense records (Office supplies, rent, utilities, etc.)
Bank statements
PAYE information (if you have employees)

💷 Expenses You Can Claim

Office rent & utilities
Business insurance
Equipment costs
Marketing & advertising expenses
Travel costs (mileage, public transport)

💡 Tips for Filing

Set time aside: Start early to avoid mistakes.
Use accounting software: QuickBooks, Xero, or others make it easier.
Keep records: Save receipts and records for at least 5 years.

⏰ Penalties for Missing Deadlines

£100 for late submission (up to 3 months late)
Additional penalties if more than 3 months late

Need help? The team at Magill Adams are experts in guiding first-time business owners through the tax return process.

Reach out today via the details below 👇

Magill Adams 💼
📱 028 9267 5837
📍 40 Railway Street, Lisburn

Who's in? 🙋🙋‍♀️

NI companies urged to sign up for four-day work week pilot scheme The routine of working life is very similar for millions of people around the world: a five-day, 40-hour week, from Monday to Friday.

This is fantastic!! 👏

Lisburn company, CASC, wins £10m contract with world leading offshore wind companies Economy Minister Conor Murphy has announced that Lisburn based engineering company CASC has secured contracts worth in excess of £10 million with the

🕐 It's time to check!!

❗ Have you checked your accounts filing date?

Many companies are due to file annual accounts by the end of September.

Save time – file yours online. Find out more: https://www.gov.uk/government/publications/life-of-a-company-annual-requirements

Are these accounting mistakes hurting your business?

Here’s how you can fix them and keep your financial health on track! 👇

1.Mixing Personal and Business Expenses. ⚖️

A common mistake many small business owners make is not separating their personal expenses from business expenses. This can lead to confusion, tax issues, and inaccuracies in financial reporting.

❗️How to Avoid It: Set up a dedicated business bank account and ensure all business-related transactions go through this account.

2.Poor Cash Flow Management. 💷

Failing to monitor and manage cash flow properly can lead to shortages that might impact daily operations. Many businesses focus on profits but neglect to monitor their actual cash available.

❗️How to Avoid It: Use a cash flow management tool and regularly track your inflows and outflows to avoid shortfalls.

3.Not Keeping Up with Receivables. 📧

When businesses don’t stay on top of their receivables, they may struggle with late payments or bad debts, which can negatively impact cash flow.

❗️How to Avoid It: Set up clear payment terms with clients and send regular reminders to ensure timely payments.

4.Improper Record Keeping. 📋

Inconsistent or incorrect record-keeping can lead to inaccuracies in financial statements, which may cause problems during tax filing or audits.

❗️How to Avoid It: Keep your records updated regularly, and consider using accounting software to ensure everything is accurate and organised.

5.Not Seeking Professional Help. 🔎

Many small business owners try to handle all accounting tasks themselves, leading to errors and inefficiencies.

❗️How to Avoid It: Hiring a chartered accountant or using professional accounting services can save you time and help you avoid costly mistakes.

The team at Magill Adams can help implement these strategies to improve your financial health.

To speak with a member of our team, please send us a DM or contact us via the number below!👇

Magill Adams 💼

📱 028 9267 5837
📍40 Railway Street, Lisburn

This week for MAQ's we are discussing Profit Margins.

(Q) I am struggling to figure out the profit margins for my business, can you help? 🤔

(A) Understanding how much money you're really making in business can be tricky, but it's key to staying profitable.

Whether you've just started out in business or are dreaming of running a bigger venture, knowing how to calculate and improve your profit margins is essential!

💡 Want to learn more?

Check out our quick guide to mastering profit margins and why consulting an accountant could be a game-changer for your business. 👉

Magill Adams 💼

📱 028 9267 5837
📍40 Railway Street, Lisburn

💡Do you have an idea for new proudct or service based business?

Co-Founders is a programme designed to bring people together to creat start-ups that could make a huge impact!

Find out more >> https://tinyurl.com/33nky3tt

Build your start-up with Catalyst's Co-Founders Programme

Supported by the Department for the Economy NI, Catalyst NI's Co-Founders Programme a one-night-a-week free programme for anyone interested in joining a start-up team as a co-founder.

You can join an online information session on Tuesday 17 September 2024 to learn more, ask questions and discover if the programme is right for you.

The deadline for applications is 6 October 2024.

Find out more >> https://tinyurl.com/33nky3tt

Who's cutting onions!? 🥹🥲

Who’s cutting onions 🥹

VAT returns and payments are usually done on a regular schedule—either monthly or quarterly (every three months).

If a business is doing its VAT return for the quarter (three months) that ends on 31 July 2024, it means they are summarising all the VAT they collected and paid between 1 May 2024 and 31 July 2024.

If your VAT return is for the period ending 31 July 2024, you typically need to submit the return and pay any VAT by the deadline date of 7th Spetember.

If you have any VAT queries please reach out today to talk to a member of our team! 👇

Magill Adams 💼

📱 028 9267 5837
📍40 Railway Street, Lisburn

The Weekend = No Meetings!! 🙌🙌

This week for MAQ's we are talking about Bookkeeping. 📚📙📓

(Q) What is Bookkeeping?

(A) Bookkeeping is the foundation of your business's financial health.

Swipe through our latest carousel to discover the basics of bookkeeping, its importance, and how it helps you stay on top of your finances. 👉

The team at Magill Adams are here to make your financial life easier, so you can focus on what you do best—growing your business! 💼

Ready to get your books in order? Let’s chat! 📞

Magill Adams 💼

📱 028 9267 5837
📍40 Railway Street, Lisburn

Is there a product or service you'd like to develop, but don't have the financial support you need?

Find out more about Invest NI's innovation voucher scheme worth £5k 👇🏻

Applications will open on Monday, September 9th!

Check out the details below!

𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗩𝗼𝘂𝗰𝗵𝗲𝗿𝘀 | 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 𝗼𝗽𝗲𝗻 𝘀𝗼𝗼𝗻

A £5K Innovation Voucher connects you to universities, colleges or research bodies to help you develop new products, services & processes.

The next call will open on Monday 9 September, 2024.

Find out more 👉 https://okt.to/abCLrs


Ministry of Housing, Communities and Local Government

The team at Magill Adams would like to send a message to all of the young people in our community who may have received exam results today or over the last few weeks.

We hope that you achieved the grades that you had hoped for; however, always remember that results don't define you! 👩‍🎓🧑‍🎓

We wish you all the very best for the future!

Magill Adams 💼

For this week's MAQ's we are discussing pensions..

(Q) What are the different types of pensions?

(A) From State Pensions to personal savings, there are various options to suit your needs. Whether you're just starting out or reviewing your current plan, this guide breaks down the essentials.

Swipe through our carousel to learn more about the different types of pensions, the tax benefits, and how to make the most of your retirement savings. 💼

Remember, it is advisable to talk to a financial advisor who will help optimise your savings. ✨

Reach out today to talk to a member of our team! 👇

Magill Adams 💼

📱 028 9267 5837
📍40 Railway Street, Lisburn

📌 WARNING 📌

HMRC is warning business owners to ignore a fraudulent letter disguised as an official request from the tax authority.

The letter, which features a fake HMRC letterhead as shown below, asks for confidential business information, including bank statements and identity documents.

The letter claims to be from the "Indv and Small Business Compliance" team. It demands digital copies of financial records to verify the company's identity, citing a government initiative to prevent tax evasion.

The scammers request documents like bank statements, VAT returns, and even digital copies of passports or driving licenses, insisting that "paper copies and screenshots will not be accepted."

🚩The email address used for responses is not a legitimate HMRC domain. HMRC emails always end with .gov.uk, and the tax authority rarely requests information via email.🚩

Please be aware and report any spam emails that you receive.

Magill Adams 💼

(Picture credit: Accountancy Daily, 2024)

Let us help you count your beans and make them count! 🫘

Magill Adams 💼

📱 028 9267 5837
📍40 Railway Street, Lisburn

This week for MAQ's we're talking about Contactless payments. 📱

(Q) I'm beginning to use contactless payments more often, is it safe to do so?

(A)Yes, contactless payments use encryption and tokenisation to protect your payment information.

One third of UK adults now use mobile contactless payments! 💳

UK Finance has just released its latest Payment Markets Report, in collaboration with Accenture, highlighting some fascinating trends in how we pay in the UK in 2023:

🔹 The total number of payments made in the UK jumped by 5% to a staggering 48.1 billion!
🔹 Nearly 4 out of 10 payments (38%) were contactless.
🔹 A third of UK adults used mobile contactless payments at least once a month.
🔹 Cash payments continued to decline, representing only 12% of all payments.
🔹 Faster Payments overtook Direct Debit as the third most used payment type.

As the landscape of payments evolves, it's clear that digital and contactless methods are becoming the norm.

For a deeper dive into these trends and future projections, check out the full report from UK Finance. 👉 https://tinyurl.com/mtjyv8yu

💬 How are your payment habits changing? Let us know in the comments!

Magill Adams 💼

Maximise your business potential with our expert accounting services.

Swipe through to discover how we can help you achieve financial success! 👉

Whether it's tax planning, payroll services, or detailed financial audits, our team at Magill Adams is here to ensure your financial health is in top shape.

Ready to take the next step? Contact us today!

Magill Adams 💼

📱 028 9267 5837
📍40 Railway Street, Lisburn

📝 Which? Money recently conducted a survey to find out how often people review their budgets. Here’s what they discovered! 👇

How often do you check in on yours? 💰

At Magill Adams, we’re here to help you take control of your finances. We’ll analyse your income, expenses, and financial goals to create a detailed, realistic budget that aligns perfectly with your financial objectives.

Let us help you build a plan for a secure financial future.

Magill Adams 💼

📱 028 9267 5837
📍40 Railway Street, Lisburn

We asked how often people reviewed their monthly budget, and these were the results 👇

See how apps such as Plum, Emma and Snoop can help you manage your money and save ➡️ https://www.which.co.uk/money/money-saving-tips/budgeting/open-banking-budgeting-and-saving-apps-aLl3e0g9I7Ft?utm_campaign=&utm_medium=social&utm_source=facebook

This week for MAQ's were talking about expenses. 💵

(Q) What expenses can I claim as a business owner?

(A) In Northern Ireland, as a business owner, you can claim various expenses to reduce your taxable income. These expenses must be wholly and exclusively for business purposes.

Here's a detailed list of allowable expenses 👇

💼Office Expenses
Rent, rates, utilities, and insurance for business premises.
Office supplies such as stationery and postage.
Software and subscription services.

✈️Travel Expenses
Travel costs, including public transport, fuel, and parking.
Accommodation and subsistence costs for business trips.
Mileage allowance for business travel in personal vehicles.

👨👩Staff Costs
Salaries, wages, bonuses, and pensions for employees.
Employer's National Insurance contributions.
Training and professional development for staff.

🪚Equipment and Supplies
Purchase or lease of machinery and equipment.
Tools and materials used for business operations.
Office furniture and fixtures.

🚘Vehicle Costs
Purchase, lease, or hire of business vehicles.
Fuel, servicing, repairs, and insurance for business vehicles.

It's important to keep detailed records and receipts for all expenses claimed.

Have a chat with one of our team for specific advice tailored to your business!

Magill Adams 💼

📱 028 9267 5837
📍40 Railway Street, Lisburn

📣 Important read 👇

HMRC goes for SMEs in minimum-wage crackdown Small or medium-sized enterprises (SMEs) are being targeted as HMRC ramps up its crackdown on national minimum wage (NMW) [1] non-compliance, with the

Do you require a convenient location to host your next business meeting? At Lisburn Enterprise Organisation we have a range of meeting rooms available to hire for your next meeting. For further details please contact Caroline on 028 92 661160 or email [email protected]

If you are no longer self employed it is important to report it to HMRC!

You can do so by clicking on the link below.

Magill Adams 💼

How to go online and stop Self Assessment if you're self-employed Watch this video for a step-by-step guide to stopping your Self Assessment online if you're self-employed.Next video: https://www.youtube.com/watch?v=bJVbAJh...

The Bank of England cuts interest rates to 5%

Read more below 👇

Magill Adams 💼

Monetary Policy Report - August 2024 Our quarterly Monetary Policy Report sets out the economic analysis and inflation projections that the Monetary Policy Committee uses to make its interest rate decisions.