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Please help - can increase our earnings a little xx
Comments
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What arrangments have you made for paying tax on the flat rental?
Do you have LLs insurance? Do not see the cost of the gas safety cert (if needed) or maintenance and voids anywhere in the accounts?If you've have not made a mistake, you've made nothing0 -
Flat taken care of in management fee. Doesn't make a profit but breaks even, so no tax owed.0
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Sell the flat! ££ quids in....DEBT FREE AND PROUD
'Better to remain silent and be thought a fool than to speak out and remove all doubt'0 -
If the flat breaks even - I'd suggest doing the SOA & showing the amount earned from it as income & the total costs for it as one deduction.
This will allow all the other costs that could be for both properties to show for your residence only - which will let people advise on whether you're spending too much on them or not - as it's quite hard to comment atm eg boiler cover @ £60 - is this for your residence or both of them?
Some "quick wins" as others have suggested with cuts to groceries, cleaner, Sky bundle, mobiles etc.Grocery Challenge £211/£455 (01/01-31/03)
2016 Sell: £125/£250
£1,000 Emergency Fund Challenge #78 £3.96 / £1,000Vet Fund: £410.93 / £1,000
Debt free & determined to stay that way!0
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