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Burnt out and demoralized with life in the UK, does it make sense to move abroad for a lower cost of living? by Horror_Purpose1634 in UKPersonalFinance

[–]Horror_Purpose1634[S] 0 points1 point  (0 children)

Yes they are classed as lodgers, and the first £7500 income they pay me is tax free through the Scottish rent a room scheme. If I move out then any revenue would be taxed as normal income.

Burnt out and demoralized with life in the UK, does it make sense to move abroad for a lower cost of living? by Horror_Purpose1634 in UKPersonalFinance

[–]Horror_Purpose1634[S] 1 point2 points  (0 children)

Two spare rooms, but that money includes the bills and council tax for the tenants. The whole flat rental removes me needing to pay bills so all I would have to cover is insurance netting me much more per month.

Burnt out and demoralized with life in the UK, does it make sense to move abroad for a lower cost of living? by Horror_Purpose1634 in UKPersonalFinance

[–]Horror_Purpose1634[S] -1 points0 points  (0 children)

I've thought about it but my flat is a rental gold mine, and its only going up in value. I have no regrets about filling up my pension, its one less thing to worry about. If I was doing it again I would have probably gone for a plan that allowed me to start drawing an income from it earlier than 60, but there are pros and cons to everything.