What would you do with £400 a month?

Toldfield

I'm currently renting out my home because I've relocated for work purposes. At the end of each month, taking out estate agent fees, i'm left with £400. I need some ideas on what to do with it.
I recentlygained interest in parking spaces. They seem like a safe path to follow with a good return, any other ideas? I hate the fact it's just sitting in the bank earning nothing due my my indecisiveness.

Bring on the advice!

MickMack

I presume you don't currently have a Mortgage on the property then?

somethingcorporate

Are you putting aside any money for tax? you're running a business by renting out your house so need to complete self-assessment assuming you are making £400 per month "profit".

Toldfield

I own the property outright, no mortgage left.

xylophone

Have you allowed for tax/advised HMRC of rental income?
Are you using your ISA allowance?

Toldfield

somethingcorporate wrote: »

Are you putting aside any money for tax? you're running a business by renting out your house so need to complete self-assessment assuming you are making £400 per month "profit".

Yes, I'm making a profit from the property. i've been saving for a year now so I've got a sound away in my savings. It's just finding a way to invest it.

Toldfield

MickMack wrote: »

I presume you don't currently have a Mortgage on the property then?

no mortgage, it's paid off.

Toldfield

second_income wrote: »

i know exactly what i would do, and it would make you alot more, wish i was in your position. pm

what would that be?

Lube

Post 6 by second income is :spam:

MickMack

Maybe you should ask Jimmy Carr for advice............

Toldfield

xylophone wrote: »

Have you allowed for tax/advised HMRC of rental income?
Are you using your ISA allowance?

I'm under the tax free bracket. I haven't yet opened an isa savings account but i'm looking into it as we speak.