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I've just looked that up, it says anything more than £354 per month I would have to pay tax, but is that per lodger or the total rent?0
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Total rent excluding bills0
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Council tax is about £200pm so 1/4 would be £500
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Assuming that my post above is correct and on the basis of what you have said above I think you should be calculating it as ....
Currently
He pays £175 rent.
He pays £25 G&E
He pays £50 council tax.
He pays £50 for insurance, water, telephone.
G&E should double = £50
Council tax should become £75 for both (150/4 x 2)
£50 water, insurance etc (bit high that!). Not much of this will increase with her being there. I'd say that would be £75 again based on most of it being the same as council tax presumptions.
Rent - I think she should only pay half the rent that he does therefore it would increase to £262.50
This looks like a total of £462.50. Call it £465.House saving Targets:
£17,700 / £20,0000 -
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spugzbunny, I can calculate it lots of different ways but the thing that I can't calculate is for just the fact that I will be sharing my home with another person so I need to charge to reflect that. We pay about £1300 in total for mortgage and bills here if that helps?0
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no he just pays £350 including bills, I didnt work it all out at the time. the council tax here is £200, I guess he pays 1/3 just now but when she moves in we should each pay 1/4 which would be £50 each x 2 = £1000
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At the end of the day you can charge whatever you feel fit. It is up to them if they want to accept it or not. I understand that sharing means you need an incentive but that's the 'price' you pay (wee pun for you there!)
Just a thought - Some said anything over X amount in rent was taxable. If you are 'over egging' your bills costs by not carrying out a detailed calc. Could your lump sum be considered inaccurate and therefore the rent higher than you actually assign. For example you said it's £175 rent and the rest is bills? If you are over estimating bills by £50 then actually rent is more like £225. Does that make sense?
Sorry if I'm getting carried away! I do this sort of thing for a living! Just not with rent and houses!House saving Targets:
£17,700 / £20,0000 -
BitterAndTwisted wrote: »I have a horrible feeling that the picture in the minds of lodger and g/f is that they will be sharing the current rent of £350 a month with perhaps a token additional payment to reflect the extra hot water for baths and showers plus the extra laundry.
Precisely. Will the OP be selliing tickets for when the lodgers are told the rent is £600? Will be better than EastEnders!0
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