Can we help?
If you would like to discuss how My Business Centre can help you and your business, then please call Fiona on 01392 590068 for the Exeter and Crediton area or Claire on 01837 55482 for the Okehampton and Tavistock area.
Welcome to My Business Centre – Accountants and Business advisors specialising in Small Businesses (that’s from £500 of sales a year to around £5m turnover and everything in between).
We offer our clients a first-class service which makes life easier for you, the business owner, allowing you to focus on your business. From My Business Centre you can expect as standard…
Fixed Fees – you know exactly what you will pay for the service you have requested upfront, meaning that there are no nasty surprises later on.
Six Week Turnaround – a prompt and timely service is essential for any business. With this in mind, we guarantee a quick completion of your year end accounts and tax return, so that you will know your financial obligations (i.e. tax payments) in good time and have all your paperwork back in your office in case you need it.
Technology Efficiencies – we drive technology efficiencies in our business so we can help you implement them in yours. We offer cloud book-keeping through Xero, Secure areas for communications and as a business we adopted the Paperless Method of working back in 2011. We can help you gain efficiency in your business too.
Office or Home Visits – we can be flexible as to where and when we meet with you, supporting our key objective of letting you get on and run your business.
Friendly and Approachable – it goes without saying that we always talk in your language and are happy to answer any questions you have no matter how silly you might think they are.
Free One hour consultation – if you are interested to find out more about how we can work together, call us to arrange a free one hour consultation.
New Business Start up guide – our guide gives you all the information you need to know when you are considering starting a new business. Please feel free to call in and pick up your free copy, or call us and we will send one to you.
Founded in 2002 My Business Centre has a proven track record in helping clients of all sizes – see ‘What our clients say’
With Offices in Exeter and Okehampton we are truly Accountants in Exeter and Accountants in Okehampton.
The legislation was postponed ahead of the election so there are still a lot of unknowns but this explains what is likely to happen.
Any updates will appear at the top but below is the core details which will need to be read first. When you revisit, you will only need to read the update.
Latest update – 13/7/17 HMRC have announced that to start only businesses with a turnover above the VAT threshold will have to keep digital records and even this has been delayed to April 2019.
What is Making Tax Digital?
Making Tax Digital will make it a legal requirement for businesses to keep their records digitally.
From April 2018 sole traders, partnerships and those with rental income will need to start sending quarterly accounts electronically to HMRC
Eventually it will be compulsory for businesses and landlords with income over £10,000 but to start it is likely to be compulsory for those with income over the VAT threshold (currently £85,000), but this hasn’t yet been confirmed.
Within a month of quarter end, tax payers will need to submit Profit and Loss numbers to HMRC.
After the 4 quarters have been submitted, then there is a 5th submission to bring in any annual and tax adjustments so that the 5 added together will be the equivalent of your yearend accounts and tax return.
Quarterly data will need to be submitted via:
- Cloud accounting software that meets the MTD requirements e.g. Xero
- Desktop accounting software that meets the MTD requirements
- Spreadsheets that upload to MTD
It will not be possible to enter numbers direct to HMRC software.
Interaction with VAT
By 2019 the numbers submitted will also provide HMRC with your VAT numbers, no separate return will be required. During the transition we will probably need to do both.
Who and when?
Legislation starts for all yearends starting after 5th April 2018.
Businesses and landlords with yearends 5th April 2018 will be the first to start. Your first MTD quarterly return will cover the quarter from 6th April 2018 to 5th July 2018 and will need to be submitted by 5th August 2018.
Businesses with yearends of 31st March 2018 will not start until a year later. Your first return will be from 1st April 2019 to 30th June 2019 and will need to be submitted by 31st July 2019.
Top Tip – Businesses - Change your yearend to 31st March so that you delay this by a year. However this is not an option for Landlords as your tax year by statute runs to the 5th of April.
Those with turnover below the first threshold (yet to be confirmed but likely to be around the VAT threshold, currently £85,000) will be introduced in April 2019.
Limited companies are planned to be introduced from April 2020.
Is there help at hand?
Yes, talk to us, we will be able to help.
Is it all bad news?
Undoubtedly, this will feel like more red tape for businesses, another thing to do that isn’t just running your business but:-
You can see this as an opportunity to get on top of your numbers on a quarterly basis, and start using your accounts quarterly to help you make decisions about your business.
Xero is revolutionising the world of book-keeping. Click here for a free trial.
Log in online anytime, anywhere on your Mac, PC, tablet or phone and see up-to-date financials. It’s small business accounting software that’s simple, smart and occasionally magical.
It’s easy to use having been built specifically for small business users and specifically to work in the Cloud (over the internet).
You can set up a ‘Bank Feed’ meaning that transactions through your bank are pulled into your Xero in real time – that means as they happen. You simply have to match a receipt to the sales invoice already raised or allocate a payment to a bill whether already entered or create it now.
It simply takes the BORING out of Book keeping
And it gets better…
You can photograph your receipt on your mobile (or scan), upload it to Xero showing it as a document attached to the cost – then throw away the receipt. No more frantic search to find lost receipts.
As your accountants, we can log in (with your permission), see how you are doing, advise where to post a tricky transaction and - what our clients love best -we can check if the dividend you want to declare is ok. If it is, we can do the paperwork, get it approved and enter it into your Xero so you can have your money - Job Done!
We offer training and support for Xero.
Setting up a website is a key step in starting a new business and in today’s world, an effective web presence is a vital marketing tool. People expect to see a business email address rather than a ‘hotmail’ or equivalent.
We can help you find the right Domain name e.g. mybusinesscentre
Choose the right extension – usually .co.uk and .com
Create a website for you from £100+vat
Set up Hosting based on your needs (this means your website is visible on the internet)
Set up email accounts e.g.
Help with Search Engine Optimisation (so your site can be found on the web by people who are searching for your type of business)