Magill Adams

23/12/2025

30/06/2025

📍Trusted Chartered Accountants in the Heart of Lisburn

At Magill Adams, we specialise in providing clear, reliable financial support for businesses across Northern Ireland.

Whether you’re a growing SME, an established manufacturer, or an ambitious sole trader, we offer tailored expertise in:

• Tax planning & compliance
• Annual accounts & bookkeeping
• Payroll & VAT support
• Business growth advice
• Funding and grant guidance (including Invest NI)

We understand that time is short and financial clarity matters. That’s why our advice is always straightforward, practical, and fully in line with UK regulations.

Looking for an accountant who speaks your language – and delivers what you actually need?

Let’s get your business finances running smoothly.

Magill Adams 💼

📞 Call us today on 028 9267 5837
📍 Or visit us at 40 Railway Street, Lisburn

26/06/2025

This week for MAQs were discussing 'Payments on Account'.

Q: What are “payments on account” – and do I need to pay them?

A: If you're self-employed and do a Self Assessment tax return, you might have to make ‘payments on account’ – these are advance payments towards your next tax bill, including Class 4 National Insurance.

🔁 How it works:

You pay two instalments – one by 31st January and one by 31st July. Each one is usually half the amount of tax you owed last year.

Example:

You owed £2,000 in tax last year. You’ll need to pay £1,000 by 31st Jan, and another £1,000 by 31st July – before you even get your new tax bill.

🚫 You won’t need to make payments on account if:

You owed less than £1,000 last year
Or you paid 80% or more of your tax another way (like through PAYE)

You can check exactly what you owe in your Self Assessment account online.

Not sure if this applies to you? Let’s double-check before the deadline creeps up.

Magills Adams 💼

📍 40 Railway Street, Lisburn
📞 028 9267 5837

25/06/2025

Some mid-week humour!

🤣🤣🤣🤣

Magill Adams 💼

24/06/2025

📢 Upcoming Webinar: Get Ready for Making Tax Digital (MTD)

🗓️ Thursday 27th June | Hosted by NI Business

You’ll learn how to:

📌 Plan – Understand the MTD rules, who they apply to, and when they come into effect

📌 Prepare – Decide roles and responsibilities, and choose the right software for your business

📌 Take Action – Authorise your agent and register for MTD with HMRC

📌 Use MTD – Follow the new processes and explore how MTD can benefit your business

You can register via the link below 👇

Want to get ahead of the changes? Let us know if you’d like help registering or getting your systems MTD-ready.

Magill Adams 💼

📍 40 Railway Street, Lisburn | 📞 028 9267 5837

Upcoming webinars from HM Revenue & Customs to help employers, businesses and the self-employed understand tax issues that affect them.

23/06/2025

Thinking of outsourcing your payroll?

Here are five clear reasons why it could be the smart move for your business – from reducing risk to supporting future growth.

Let’s take a quick look at how it could work for you.

Magill Adams 💼

📍 40 Railway Street, Lisburn | 📞 028 9267 5837

19/06/2025

This week’s MAQs is all about invoicing—what to include, how to stay compliant, and how to make sure you get paid on time.

Q: I’m launching my own business—how should I structure an invoice to ensure I get paid on time?

A: When starting out, invoicing may seem like a small detail—but getting it right can make a major difference to your cash flow and professionalism.

A compliant invoice should always include:

✔️ Your business name and address
✔️ A unique invoice number
✔️ Clear descriptions of goods or services
✔️ Dates of supply and invoice issue
✔️ Payment terms and due date
✔️ Your bank details (or other payment methods)

If you’re VAT registered, there are additional rules, including the type of VAT invoice required and how VAT must be displayed. Mistakes here could delay payment—or worse, lead to penalties.

Need help ensuring your invoices are fully compliant and reflect your business properly? Let’s take a look together.

Magill Adams 💼

📍 40 Railway Street, Lisburn
📞 028 9267 5837

18/06/2025

A Benefit in Kind (BIK) is any non-cash perk provided to employees—such as company cars, private health insurance, or gym memberships.

While these benefits can boost staff wellbeing and retention, they also come with tax responsibilities.

Typical BIKs include:

🚗Company vehicles and fuel allowances
🦷Health or dental cover
👩‍💼Staff training or wellness schemes
👗Retail discounts and perks

Unsure what qualifies as a BIK—or how to report it properly?

Let us help you!

Magill Adams 💼

📍 40 Railway Street, Lisburn
📞 028 9267 5837

17/06/2025

📕 Calling all teachers!

Want to make finance more relatable in your classroom? HMRC offers free resources to help – perfect for planning next year's lessons.

Tax Facts includes ready-made lessons, videos, and worksheets – all designed to help students understand money and tax in the real world.

You can check it out here 👇

https://www.gov.uk/government/publications/tax-facts-for-children-and-young-people/tax-facts-resources-for-teachers-and-parents

Magills Adams 💼

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16/06/2025

🚨Beware! 🚨

🚨 SCAM ALERT! 🚨

Some customers are being contacted by scammers about claiming the Winter Fuel Payment.

We will never contact you by text to claim this money or send personal information. You do not need to do anything - payments will be made automatically. ❌

Learn how to keep safe online below. 👇

https://www.gov.uk/guidance/identify-hmrc-related-scam-phone-calls-emails-and-text-messages?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=scams&utm_content=wfp

Department for Work and Pensions - DWP, MoneySavingExpert.com, Age UK.

12/06/2025

📣 This week for MAQs, we’re talking about side hustles—and when it’s time to register with HMRC.

Q: “I’ve started earning from a side hustle—do I need to tell HMRC?”

A: Yes—if you're earning over £1,000 a year from self-employment, such as online sales, freelance work, or consultancy, you need to register with HMRC and submit a Self Assessment tax return.

This £1,000 threshold is called the trading allowance. If you earn less than that in a tax year, you typically don’t need to register.

Once you cross the line, HMRC expects you to:

✔️ Register as self-employed
✔️ Receive a Unique Taxpayer Reference (UTR)
✔️ Submit an annual tax return, including both employment and side income

As stated by Xerox, "It’s worth noting that side hustle income can push you into another tax bracket, where you’ll pay a higher tax rate. This is because the amount of tax you pay is based on your self-employment and employment income."

⚠️ If you miss the deadline or forget to register, and you could face fines or interest charges.

Need help registering, or unsure what counts? We’ll guide you through it.

Magill Adams 💼

📞 028 9267 5837
📍 40 Railway Street, Lisburn

11/06/2025

📊 Mid-Year Business Health Check: Are You Prepared for Q3?

June marks the halfway point in the financial year—a valuable moment to pause, reflect, and realign your business finances before heading into Q3.

Here are five key areas every business should be reviewing this month:

💷 Cash Flow – Do you have enough working capital to cover upcoming costs, including summer payroll and supplier invoices?

🗓 Budgets & Forecasts – Are your projections still accurate, or do they need adjusting based on your Q1 and Q2 performance?

❌Outstanding Debtors – Now’s the time to follow up on late payments before clients begin their summer breaks.

✈️Staffing & Holiday Cover – Is your team structure fit for the months ahead? Are costs under control?

💼Planned Investments – Any major purchases or projects on the horizon? Make sure they’re factored into your cash planning.

A quick financial review now can help prevent surprises later—and ensure you're in the best position to grow through the second half of the year.

📞 Ready to take a closer look? Let’s talk!

📞 028 9267 5837

📍 40 Railway Street, Lisburn

Magill Adams 💼