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Virtual Office vs Traditional Office: Finding the Right Workspace for Your Growing Business

Jun 16th 2025

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As your business grows, deciding where and how to work has never been a more complex decision. The traditional office, once the default workspace, is now just one of several viable options. In particular, virtual offices have gained significant popularity, thanks to their flexibility, cost-efficiency, and modern approach to business operations.

Whether you’re launching a start-up or scaling an established company, the workspace you choose can have an impact your growth and daily workflows. So how do you decide between a traditional office and a virtual office? In this blog, we compare both options and what they could mean for your long-term success.

The Traditional Office

A traditional office provides a dedicated physical space where teams can collaborate in real-time and foster a strong company culture. Key benefits include the ability to hold in-person meetings, facilitate the rapid exchange of ideas, and create an environment that reinforces team identity and core values.

However, these advantages come with considerable costs. Leasing, furnishing, and maintaining a physical office often demands substantial financial investment, often a challenge for growing businesses. Long-term lease agreements also reduce flexibility, making it harder to scale up or down without disruption. In today’s fast-moving business landscape, agility and adaptability often outweigh the benefits of a fixed location.

Virtual Offices

Virtual offices eliminate many of the limitations associated with traditional workspaces by providing essential business services, without the high overheads or long-term commitments. Rather than investing in a physical space, you can secure a prestigious address that instantly boosts your brand’s credibility and client confidence.

Most virtual office packages include professional mail handling, telephone answering, and on-demand access to meeting rooms. As your business evolves, this flexible model scales with you, removing the need for costly relocations or complex lease negotiations.

Technology plays a vital role in the success of virtual offices. With tools like video conferencing, project management software, and instant messaging, teams can collaborate seamlessly and remain productive from any location.

However, virtual offices aren’t ideal for every business. Some teams benefit from the daily in-person interaction and spontaneous collaboration that a shared physical space offers. Additionally, businesses in industries that rely on face-to-face engagement, may find a traditional office more suitable for their needs.

Which Workspace is Right for Your Business?

The best workspace depends on your team’s working style, industry demands, and business goals. Some companies thrive with in-person collaboration, while others prioritise flexibility cost savings, and remote capabilities.

Many growing businesses now embrace a hybrid model, combining remote work with occasional face-to-face meetings. In these cases, a virtual office offers the perfect balance, providing professionalism and structure without the financial burden. It allows you to project a strong business presence, manage admin efficiently, and remain agile as your needs evolve.

How MYCO Can Support Your Business Growth

We provide flexible, affordable virtual office solutions designed for ambitious businesses. Whether you need a prime address, expert mail handling, or reliable call answering, our tailored packages are crafted to suit the needs of every business.

You’ll also have the flexibility to book meeting rooms at our respected UK locations in London, Ipswich, and Edinburgh. In addition, you can confidently showcase your business address on your website, invoices, and marketing materials — enhancing your credibility and helping your brand stand out in a competitive market.

Explore our virtual office packages today and give your business the support it deserves.

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Six great reasons to start using accounting software right now

Jun 6th 2025

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Article by GoSimpleTax

Would it surprise you to learn that less than 60% of UK small businesses use accounting software?

By law businesses must keep accurate, complete records of their income and expenses/costs, so that they can reliably complete their tax returns. The remaining 40% of small businesses use spreadsheets, manual records or a combination of both.

So, why don’t more small businesses use accounting software? It can provide a wealth of benefits to business owners and small private landlords. Various myths, misconceptions and phobias are a factor, while some simply don’t realise how accounting software could benefit them. So, if you currently don’t use accounting software, here are six perfectly good reasons why you should start…  

1 Accounting software is cheaper than you think

Small businesses and small private landlords must of course minimise their costs if they are to maximise their profits. And you should never buy things unless there is a valid business reason, because it just adds unnecessary pressure to your cash flow. If you don’t need it, don’t buy it – it really is that simple.

You may think accounting software would cost a few hundred quid a year or more, however, a monthly subscription can cost about a tenner a month, which is significantly less than the price of one take-away coffee a week. And it can be claimed as a tax expense, so accounting software needn’t be an additional cost at all.  

Top tip! Decide what functionality you really need from your accounting software and consider recommended options. Don’t pay more for additional “bells and whistles” features that you’re never going to use.   

2 Accounting software is easier to use than you think

Many small-business owners and landlords are put off accounting software because they think you need to be an accountant to use it. Not true. Many business owners and landlords with very basic knowledge use accounting software. The best accounting software is remarkably easy to use – you certainly don’t need to be an accountant or bookkeeper. Even if you have no knowledge now, in no time at all you’ll learn what you need to know, to get what you need from your accounting software.        

Top tip! When considering accounting software options, find out what level of onboarding and customer support you’ll get. If you get stuck, you should be able to quickly get the support you need to overcome any problems/challenges.

3 Accounting software can save you lots of hard work

Many tasks are automated within accounting software, meaning key figures are worked out for you, which will certainly make your life much easier when it comes to completing your tax returns. Accounting software can also be linked to credit card or business bank accounts, so that income and expenses are automatically entered after they reach or leave your account. Accounting software often comes with free invoicing capability, too, so you can produce invoices and chase payments when overdue.

Need to know! Accounting software can also make it much quicker and easier to judge how well your business is performing, as well as organise and assess your expenses. IT can also help you to keep your cash flow healthy.  

4 Accounting software can save you lots of time

Because so many tasks are automated or made far easier by accounting software, you can save lots of time, certainly when compared to manual book keeping. This means you need to spend less time doing your books, freeing you up to get on with things that you enjoy or that contribute more value to your business.

Need to know! Investing in the right accounting software could be a real game-changer as regards your time and workload, with many tedious tasks made easier and quicker, saving you lots of time and money.  

5 Some accounting software options offer free trials

Why not try before you buy? Many providers offer you free, no-obligations trials, so you can get a better idea of how their accounting software works and how quick and easy it is to work with. A free trial provides you with the no-risk, no-obligation way to road test accounting software features, functionality and performance in realistic scenarios, before you commit to a subscription. If you’re not impressed, explore other options.

Need to know! Read online reviews on Trustpilot and other platforms when comparing accounting software options. Find out not only what other users think, but also how providers respond to feedback, good and bad.

6 Making Tax Digital for Income Tax is coming soon

Making Tax Digital is a major government initiative to digitise the UK tax system.

About 780,000 sole traders and landlords with a gross trading/rental income of more than £50,000 will be impacted by brand new MTD for Income Tax rules from 6 April 2026, with a further 970,000 impacted from April 2027 and many more (£20,000-£30,000 gross income) from April 2028.

  • When impacted, sole traders and landlords must maintain accurate, regularly updated digital records of their income and costs, with summaries needing to be reported digitally each quarter to HMRC.
  • You can either use MTD-compatible accounting software that enables digital reporting or “bridging software” that enables MTD reporting using your existing digital record-keeping solution. Paper records will no longer be an option.
  • Following the fourth quarterly update, sole traders and landlords must then make a final declaration, confirming that the information they’ve provided is accurate and complete.

If you’re already using accounting software, you shouldn’t be worried about MTD for Income Tax, providing it’s MTD compatible. If not, get software that is. If you’re not already using accounting software, you really should start doing so as soon as possible, so that MTD recording and reporting isn’t a drama for you.

Need to know! There will be fines for non-compliance with MTD for Income Tax. Very few people will be granted exemption and compliance isn’t optional. To comply with recording and reporting requirements, you must have the necessary accounting software and know how to send summaries digitally to HMRC.

 About GoSimpleTax

Simple, straightforward and designed to save you time and money. GoSimpleTax is a fully HMRC recognised online tax software for anyone who needs to file a Self Assessment tax return.

Get started with GoSimpleTax today and take advantage of a 30 day free trial.

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15 things every UK landlord should know about Capital Gains Tax

May 30th 2025

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Article by GoSimpleTax

You may not have paid any Capital Gains Tax so far. It’s not as common as Income Tax, National Insurance or VAT. And you may not be planning to pay Capital Gains Tax for some time yet, but one day that may change, so it pays to understand a few Capital Gains Tax basics.

It might enable you to plan now to minimise your Capital Gains Tax liabilities. And significant changes have been introduced, too, so, what key Capital Gains Tax facts should you and other UK landlords know?   

Capital Gains Tax: the basics

1 Capital Gains Tax (CGT) can be payable on the gain (ie profit) you make when you “dispose of” (ie sell, give away or swap) a “chargeable asset” (ie something valuable that you owned).

2 You only pay CGT on the gain, which is the difference between how much you bought a chargeable asset for (or value when it came into your possession) and how much it was worth when you disposed of it.

3 Chargeable assets include most personal possessions worth £6,000 or more, including non ISA or PEP shares, a business or its assets, property that isn’t your main home (eg rental properties) or your main home if it’s very large, you’ve rented it out or used it for business.

4 You may have to pay CGT if you’re domiciled in the UK but sell an overseas property or dispose of another chargeable asset located overseas.

5 You may have to pay CGT on gains you make on UK property/land even if you’re non-resident for tax purposes. CGT is not payable on other UK assets unless you return to the UK within five years or you sell shares in a company whereby 75% or more of its gross asset value is UK land.

6 Capital Gains Tax is not payable on assets that you gift or sell to your spouse or civil partner (as long as you’re not separated and have lived together in that tax year, but you can’t gift assets to their business for sale).

Did you know? Disposal of cryptocurrency can be subject to Capital Gains Tax, but disposal of your car isn’t. Moreover, CGT does not apply to ISAs, PEPs, UK government gilts, Premium Bonds, betting or lottery winnings.

Capital Gains Tax reliefs, allowances and rates

6 If you co-own a chargeable asset, you only pay CGT on your share of the gain post disposal. This can include rental property, of course.

7 There is a CGT tax-free allowance – the “Annual Exempt Amount” – which is worth up to £3,000 a year (£1,500 for trusts – 2025/26 tax year). CGT is only payable on gains above this threshold.

8  Tax reliefs may be claimable on some chargeable assets, while losses can also be deductible. They can both reduce your CGT liability significantly.

Need to know! Even if your total annual gains are below the tax-free allowance and no CGT is due, you must report your gains in your tax return if you sold the asset(s) for more than £50,000 and you’re registered for Self Assessment.

9 The amount of Capital Gains Tax you pay is determined by which type of asset you sold, the Income Tax bracket into which your total income falls and the value of your gain.

  • If you’re a higher or additional rate Income tax payer (ie annual income of  £50,271or more), you’ll pay 24% on your gains from disposal of residential property and other chargeable assets (2025/26 tax year).
  • If you’re a basic rate Income Tax payer (ie annual income between £12,571 and £50,270), you’ll pay 18% on your gains from disposal of residential property and other chargeable assets (2025/26 tax year).

Need to know! CGT rates have increased significantly since 30 October 2024. You can find out CGT rates and thresholds for previous years on government website GOV.UK.

Reporting capital gains

10 You won’t get a Capital Gains Tax bill from HMRC. You must report your total gains above your tax-free allowance during a tax year.

11 If you’ve sold a UK residential property with a completion date of 27 October 2021 or later, you must report your taxable capital gains and pay any tax due within 60 days.

12 Landlords (or ex-landlords) must use a Capital Gains Tax on UK property account to report and pay any CGT due on UK residential property. You sign in with your HMRC online username and password to use this service (contact HMRC if you need help).

13 To report gains using this service you’ll need the:

  • Full property address and postcode
  • Date you became the property owner
  • Date you exchanged contracts when you were disposing of the property
  • Date you stopped being the property’s owner (ie the completion date)
  • Value of the property when it became yours
  • Value of the property when you disposed of it
  • Costs of buying, selling or improving the property
  • Details of any tax reliefs, allowances or exemptions you want to claim
  • Property type, if you’re a non-resident.

14 If you have other taxable gains that you need to report (eg gains made from selling a business), you complete an annual Self Assessment tax return. You’ll need to register for Self Assessment, if you’re not already registered. As well as the main eight-page tax return (ie the SA100), you’ll also need to complete supplementary pages Self Assessment: Capital gains summary (SA108).

15 Before you can report any capital gains via Self Assessment you’ll need to know:

  • how much you bought and sold the asset for
  • the dates when your ownership began and ceased
  • details of the costs of buying, selling or improving the asset
  • any tax reliefs/allowances you can claim
  • calculations for each capital gain/loss you need to report.

Need to know! More in-depth information about how to report and pay Capital Gains Tax on UK property can be found on government website GOV.UK.

If you are planning to sell one or more of your rental properties or you know you will soon receive another taxable gain from disposal of another chargeable asset, seeking tailored professional tax advice is highly recommended.

About GoSimpleTax

Simple, straightforward and designed to save you time and money. GoSimpleTax is a fully HMRC recognised online tax software for anyone who needs to file a Self Assessment tax return.

Get started with GoSimpleTax today and take advantage of a 30 day free trial.

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