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Mar 19th 2025
At MYCO Works, we believe in the power of community and the importance of giving back. Inspired by this belief, we are thrilled to launch our very first charity partnership. In 2025, we are proud to support East Anglia’s Children’s Hospices (EACH) as our chosen charity of the year. We are excited to see how this initiative will shape us as a community and how much good we will spread across many precious lives.
Established in 1989, East Anglia’s Children’s Hospices provide specialised care and support for children with life-limiting conditions. Guided by a warm, family-centred approach, EACH offers tailored medical care, assistance, and a comforting presence, ensuring families never face their journey alone. With a dedicated team of professionals and volunteers, EACH creates a nurturing environment where every child receives the highest quality care.
EACH offers a comprehensive range of services designed to meet the unique needs of those they support. From respite care that provides much-needed breaks, to expert symptom management for complex medical conditions, EACH is there every step of the way. The charity also provides emotional guidance, including counselling and bereavement services, helping families navigate the challenges of caring for a seriously ill child. During the most difficult moments, EACH ensures dignified and compassionate end-of-life care, offering comfort for both children and their loved ones.
Beyond medical assistance, EACH’s mission focuses on creating meaningful experiences and lasting memories, ensuring families can cherish their time together. Whether through special outings, creative therapy sessions, or simply offering a comforting space, EACH strives to help families make the most of every moment.
EACH serves East Anglia, including Cambridgeshire, Essex, Norfolk, and Suffolk. Their three hospices, The Nook in Norfolk, The Treehouse in Suffolk, and Milton in Cambridgeshire, offer welcoming spaces where children and their families receive personalised care.
As well as these hospice locations, EACH extends their services directly into homes, hospitals, and communities. Their exceptional teams provide unwavering support wherever it’s needed most.
This partnership marks a significant milestone for MYCO Works, allowing us to channel our community efforts into a single organisation that makes a profound difference. Our team is dedicated to reaching our fundraising goal through a range of initiatives, including participation in EACH’s events and our own MYCO-led activities. With an exciting line-up of charitable efforts, we are committed to raising essential funds and awareness, ensuring that EACH can continue delivering its vital services to the children and families who need them most.
We warmly invite our clients to join us on this journey, your generosity and involvement can help make a real difference. If you’d like to support our fundraising efforts, please click here to access our donation page. Every contribution, big or small, helps ensure that EACH can continue providing crucial care and comfort. Together, we can create a lasting impact for such an incredible charity
For more information about EACH, and the inspiring work they do, click here to visit their website.
Feb 27th 2025
By GoSimpleTax
Well, after no less than four delays since it was first announced in 2015, it now looks like the first phase of the introduction of Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) will finally go ahead at last.
If you’re a sole trader or small private landlord who will be impacted by MTD for ITSA, you may not exactly be chuffed, because it means you’ll need to comply with new tax reporting requirements. You may have to start using accounting software, too.
But whether you like it or not, once you’re captured by MTD for ITSA, you won’t be able to ignore the new reporting requirements, because you’ll face a fine if you do. And, filling out an annual Self Assessment tax return won’t be an alternative option, because they’ll become a thing of the past.
So, time for a quick reminder of MTD for ITSA introduction dates and an explanation of what sole traders and small private landlords must do to comply with the new accounting and reporting requirements.
Sole traders and landlords affected by MTD must maintain accurate digital accounting records that are fully updated regularly (at least every quarter). They’ll need to enter their income and expenses into MTD-compatible accounting software, which reports summary figures to HMRC every quarter. There is an option to use bridging software, which facilitates MTD quarterly reporting of their existing accounting software or records (eg spreadsheets). Maintaining paper-based bookkeeping records will not be permissible under MTD for ITSA reporting rules.
Every quarter, the MTD for ITSA-compliant software will create quarterly updates, summarising the sole trader’s/landlord’s income and expenses. The software will report summaries to HMRC. The estimated tax liability will also be shown within the software, so that sole traders/landlords can better budget for paying their annual tax bill.
After the fourth quarterly update has been made, income and expenses for the whole tax year will be viewable. Adjustments can then be made and once the trading and/or rental income has been finalised, an updated tax bill estimate will be viewable. Where relevant, the sole trader or landlord will need to provide HMRC with summaries of other taxable income and tax expenses.
A final declaration can then be made via the MTD for ITSA software, confirming that the information provided in the previous four quarters is accurate and complete. This final declaration must be made by 31 January following the end of the UK tax year on 5 April. HMRC will then confirm the sole trader’s or landlord’s final tax bill.
As already explained, having to conform to MTD for ITSA requirements will mean that sole traders and landlords will have a very good idea of how much tax they owe, so they can better budget for paying their annual tax bill. According to HMRC, this is a key reason why MTD for ITSA is being introduced.
Many sole traders already use accounting software, but those who don’t will potentially be far better able to manage their costs and cash flow thanks to MTD for ITSA, while being better placed to make decisions and judge how well their business is performing. It’s remarkably easy to learn how to use accounting software created for sole traders and landlords. As many could soon find out, Making Tax Digital could actually make tax much easier for UK sole traders and landlords.
HMRC wants to expand its current MTD for ITSA trial and is encouraging accountants to sign up their clients for inclusion in the expanded private beta testing trial in 2024/25, which was relaunched on 22 April 2024. HMRC has published updated guidance on how to “Sign up your client for Making Tax Digital for Income Tax”. The sooner that sole traders and landlords get the MTD for ITSA-compliant accounting software they need and get used to using it regularly the better.
About GoSimpleTax
Get Making Tax Digital ready with GoSimpleTax.
You don’t need to be an expert to complete your Self Assessment tax return, get started with GoSimpleTax today, it’s free to try.
Our software submits directly to HMRC and is the digital solution for the Self-Employed, Freelancers, Sole Traders and anyone with income outside of PAYE. The software will provide you with hints and tips that could save you money on allowances and expenses you may have missed.
Get started with GoSimpleTax today, it’s free to try.
Jan 16th 2025
By GoSimpleTax
Some 5.5m expat Brits are estimated to live outside of the UK, with 1.3m living in Australia alone. The other major English-speaking countries, New Zealand, the USA and Canada are also hugely popular with expat Brits, while a reported 400,000 expats live in Spain and almost 240,000 now live in Dubai.
Many expats still earn income from the UK, whether from a business or renting out land or property in the UK, and this can be subject to UK tax, even if you’re a non-domiciled expat Brit. There are some things about the UK that you simply can’t leave behind.
Your UK residence status determines whether you pay tax in the UK on your foreign income.
● Non-residents only pay UK tax on their UK income, not their foreign income.
● Residents usually pay UK tax on all of their income, whether from the UK or another country.
● UK residents (who were born outside of the UK ie non-doms) do not have to pay UK tax on their foreign income or capital gains if less than £2,000 in the tax year, provided they claim the remittance basis on their Residency pages (SA109) and don’t bring them into the UK (eg by transferring them to a UK bank account).
● If a UK resident’s overseas income or gain is £2,000 or more or they bring money into the UK, they must report it to HMRC via a Self Assessment tax return. They can then either pay UK tax, which they may be able to reclaim, or they claim the remittance basis, so that they only pay UK tax on the income or gains they bring to the UK, but lose tax-free allowances for Income Tax and Capital Gains Tax and pay an annual charge of either £30,000 (if they’ve been in the UK for at least seven of the previous nine tax years) or £60,000 (if they’ve been in the UK for at least 12 of the previous 14 tax years).
● Visit government website GOV.UK for more information on paying tax on foreign income.
If you live overseas and have taxable UK income to report to HMRC, each year you’ll need to fill out and file a Self Assessment tax return (SA100), as well as the resident supplementary page (the SA109 form) to report your residence and domicile status.
Depending on your sources of taxable income, you’ll also need to complete supplementary pages, for example, as SA105 if you earn UK taxable rental income, or an SA103 if you’ve received taxable UK income from self-employment. Government website GOV.UK provides a full list of Self Assessment tax return supplementary pages.
Once registered, to complete your Self Assessment tax return you will need:
● your ten-digit UTR (Unique Taxpayer Reference) number, which enables HMRC to identify you as a taxpayer. It will be printed in previous tax returns and any tax letters that HMRC may have sent you in the past
● your National Insurance number (you’ll find it in your Personal Tax Account, previous payslips, P60s, personal tax letters, etc)
● summary totals of all UK taxable income that you received within the tax year, which could come from self-employment, employment, rental income, share dividends, pensions, savings interest, state benefits, capital gains, etc
● summary totals of relevant UK tax expenses for which you wish to claim UK tax relief
● details of pension schemes payments you’ve paid during the tax year.
One important thing to note is you can’t use HMRC’s online services to file your Self Assessment tax return and any supplementary pages if you live outside of the UK. You can use a UK-based accountant to do it for you, which obviously involves paying a fee, or you can use commercial Self Assessment filing software, which is much cheaper and fairly simple. The Self Assessment online-filing deadline is midnight on 31 January following the end of the tax year (5 April) to which the tax return refers. These dates are the same every year. Once you’ve filed your tax return, HMRC will tell you how much tax you owe and how to pay it.
Many people who go to live and work overseas rent out their UK property or properties. If you earn more than £1,000 you exceed your property allowance, and your rental income can be subject to Income Tax, once your total taxable income goes over the Personal Allowance (£12,570 a year in 2024/25). The amount of tax you’ll pay will be determined by which Income Tax band your total taxable income falls into. Capital Gains Tax can also be payable if you make a “chargeable gain” from selling UK property or land.
If you live outside of the UK for six months or more a year, you’re classed as a “non-resident landlord”. You can get the full rent from your tenant(s) and pay tax on it to HMRC via Self Assessment or the tax you owe can be deducted by your letting agent or tenant, who must pay it to HMRC. They must give you a certificate at the end of the tax year showing the tax that they’ve deducted.
Landlords can claim “allowable expenses” to cover the costs they have to pay to rent out their property. Claiming allowable expenses can reduce your rental income profits and the UK tax you must pay as a result. GOV.UK provides more detailed information about paying UK tax on UK property rental income.
The country overseas in which you live might tax you on your UK income. If it has a “double-taxation agreement” with the UK, you can claim tax relief in the UK to avoid being taxed twice.
About GoSimpleTax
Self Assessment Tax Return Made Simple.
You don’t need to be an expert to complete your Self Assessment tax return, get started with GoSimpleTax today, it’s free to try.
Our software submits directly to HMRC and is the digital solution for the Self-Employed, Freelancers, Sole Traders and anyone with income outside of PAYE. The software will provide you with hints and tips that could save you money on allowances and expenses you may have missed.
Get started with GoSimpleTax today, it’s free to try.
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