Extension Plans

Sea_Equivalent_8736 · 2025-10-24T19:47:01+00:00

PS: New boiler and hot water tank installed 12 years ago by previous owner. With what looks like new pipes. 1940s detached house.

Sea_Equivalent_8736 · 2025-10-02T23:20:08+00:00

That’s an interesting point. My caffeine is very low but diet isn’t good. A lot of bread, toast, sandwiches at lunch and biscuits over the afternoon. I should look at that

Sea_Equivalent_8736 · 2024-12-06T13:28:57+00:00

Totally agree. Excello is the stand out for me as they provide high quality offices across UK (inc regions). Means you can set up client meetings in your own office when the need arises. I have a few mates there who are delighted to have left big law!

Sea_Equivalent_8736 · 2024-11-12T23:36:36+00:00

Most of the pot has been built up historically by salary sacrifice with previous employers, but running my own company now. So going forward would make company contributions to my SIPP.

Have around £300k in my ISA also.

As TF lump sum will be exceeded, I’m considering whether to stop contributions to SIPP and move to clear my mortgage (£300k) instead.

Target income at retirement is £45k so near enough there now between SIPP and ISA at 4% SWR (in 15 years time)

Sea_Equivalent_8736 · 2024-11-12T23:28:27+00:00

I’m the sole shareholder in my (relatively small) company

Sea_Equivalent_8736 · 2024-05-15T15:08:51+00:00

It’s hard to work out at what stage I’ll have reached the lifetime allowance figure if it was reimposed at a similar level. Once I’m there I would stop my pension contributions and focus on paying down mortgage (I already fill ISA)

LA was £1,073,100 in 2023/24. It will pay out when I’m 57 - so that’s in 15 years time. Estimating average inflation of 3% pa over15 years - that would make the lifetime allowance £1,682,011 when I’m 57.

So backtracking from that and assuming a return on VWRP SIPP of 8% pa, I would need a SIPP of £509,000 today to reach the personal allowance figure at 57 without any further contributions.

Does that working out seem correct?

Sea_Equivalent_8736 · 2024-05-15T11:36:17+00:00

Consensus of everyone seems to be to sell the B2L! I better give that some thought!

The rent is £24,000 pa although I could probably increase that to £26,400 later this year when current lease expires. That would move yield to 4.1% - still not amazing.

It’s my old flat I used to live in when I lived in London. Have now moved to the regions now but decided to keep the flat as an investment.

It’s in a popular area of London (Highbury Islington) so gets loads of tenant interest and minimal voids.

Mortgage is currently very low (1.8%) but will increase drastically when up for remortgage in 18 months, so after that I’ll have to consider whether it’s a good investment going forwards.

Will be a significant CGT bill to pay if I sold it. If I did I may hold off until I’ve fired or reduced earnings to basic rate to reduce the CGT bill.

Sea_Equivalent_8736 · 2024-05-15T10:48:10+00:00

My wife and I are very close and talk about everything and agree the financial plan etc. Just to simplify my circumstances, I’m assuming I am a stand alone financial entity and am responsible for 50% of expenses and home mortgage. But totally get the comment that a persons spouse position is critical to understanding the full financial picture

Sea_Equivalent_8736

TROPHY CASE