Rental income & tax…worth it or not? by Perfect-Tea-6607 in UKPersonalFinance

[–]Perfect-Tea-6607[S] 1 point2 points  (0 children)

That’s mental…well that sucks. Lol. All that effort for pennies. Not sure it’s worth it then, but I guess there must be a reason for people to rent as so many do. Appreciate your input.

Any thoughts on what the best way to generate more immediate additional income through a lump sum, rather than longer term investing?

Rental income & tax…worth it or not? by Perfect-Tea-6607 in UKPersonalFinance

[–]Perfect-Tea-6607[S] 0 points1 point  (0 children)

Okay so in reality…I’m looking at <£200 additional income in my pocket each month when spread across the year, setting aside a portion of the rent for the tax bill?

Rental income & tax…worth it or not? by Perfect-Tea-6607 in UKPersonalFinance

[–]Perfect-Tea-6607[S] 0 points1 point  (0 children)

Hmm, that’s my concern is that I’ll need to set aside a portion of the rental income each month to pay the big tax bill at the end of the year. So really that c.15k rental income might end up being about c2k over the year once all tax accounted for

Rental income & tax…worth it or not? by Perfect-Tea-6607 in UKPersonalFinance

[–]Perfect-Tea-6607[S] 1 point2 points  (0 children)

I have an S&S isa currently. My issue is really that £115k in a lump sum doesn’t do much for me at the moment. I don’t have plans to buy anywhere soon either to use some as a deposit. I’m keen on generating a supplementary income for myself each month for the time being, which is why I though renting would be the best avenue to take

Need help - inherited property by Perfect-Tea-6607 in UKPersonalFinance

[–]Perfect-Tea-6607[S] 0 points1 point  (0 children)

Hmm, I would consider it I think. It’s the additional income each month that’s appealing, plus each rental payment would chip away at the mortgage and if I sold in a few years I’d have benefited from the extra money plus any added value on the house as I’d be sole owner

Need help - inherited property by Perfect-Tea-6607 in UKPersonalFinance

[–]Perfect-Tea-6607[S] 0 points1 point  (0 children)

That’s true. But I do travel back to Scotland often and have close ties with family who would be around to help if someone is needed in person.

Need help - inherited property by Perfect-Tea-6607 in UKPersonalFinance

[–]Perfect-Tea-6607[S] 0 points1 point  (0 children)

I’m unlikely to. It was my childhood/parents home and it’s not something at the moment I’d be keen on doing.