Sell to buy outright or use rental for mortgage.

Retireby40

steve866 said:

On the face of it selling the Uk property seems the best option financially.

They may wish to keep the Uk property to emotionally keep ties to the UK. I also know people that emigrated and were priced out of the Uk market when they wanted to return many years later.

What about the new European city they are in now, are there indicators that property prices could be on the increase?

Property prices are steady. Going up with inflation but nothing significantly noticeable.

There's little chance of a return to the UK in the next 15 years because of children.

Retireby40

RAS said:

Have you got an HMRC agreement on the rental income?

Ras have you got some advice for the situation? I'm assuming you didn't just post to find out if I was paying taxes.

If that is the case then I think its pretty clear what you are?

Aby advice? Have you been in the same position? 

[Deleted User]

Retireby40 said:

RAS said:

Have you got an HMRC agreement on the rental income?

Ras have you got some advice for the situation? I'm assuming you didn't just post to find out if I was paying taxes.

If that is the case then I think its pretty clear what you are?

Aby advice? Have you been in the same position? 

Coming across a bit rude...

In any case, it might help to look at it exclusively from the investment perspective. As you are mortgage free, its likely that circa 140k in savings or ideally ISAs will do better than 400 per month and there would be no hassle attached.

Retireby40

[Deleted User] said:

Retireby40 said:

RAS said:

Have you got an HMRC agreement on the rental income?

Ras have you got some advice for the situation? I'm assuming you didn't just post to find out if I was paying taxes.

If that is the case then I think its pretty clear what you are?

Aby advice? Have you been in the same position? 

Coming across a bit rude...

In any case, it might help to look at it exclusively from the investment perspective. As you are mortgage free, its likely that circa 140k in savings or ideally ISAs will do better than 400 per month and there would be no hassle attached.

What would you say to someone who asked me if I was paying taxes on my rental property but didn't really give any advice?

jonnydeppiwish!

Retireby40 said:

[Deleted User] said:

Retireby40 said:

RAS said:

Have you got an HMRC agreement on the rental income?

Ras have you got some advice for the situation? I'm assuming you didn't just post to find out if I was paying taxes.

If that is the case then I think its pretty clear what you are?

Aby advice? Have you been in the same position? 

Coming across a bit rude...

In any case, it might help to look at it exclusively from the investment perspective. As you are mortgage free, its likely that circa 140k in savings or ideally ISAs will do better than 400 per month and there would be no hassle attached.

What would you say to someone who asked me if I was paying taxes on my rental property but didn't really give any advice?

@RAS was asking to make sure you don’t fall into a trap that others have and end up owing HRMC significant sums of money. There have been quite a few threads asking similar questions where they haven’t declared to HMRC so has caused problems.

Retireby40

jonnydeppiwish! said:

Retireby40 said:

[Deleted User] said:

Retireby40 said:

RAS said:

Have you got an HMRC agreement on the rental income?

Ras have you got some advice for the situation? I'm assuming you didn't just post to find out if I was paying taxes.

If that is the case then I think its pretty clear what you are?

Aby advice? Have you been in the same position? 

Coming across a bit rude...

In any case, it might help to look at it exclusively from the investment perspective. As you are mortgage free, its likely that circa 140k in savings or ideally ISAs will do better than 400 per month and there would be no hassle attached.

What would you say to someone who asked me if I was paying taxes on my rental property but didn't really give any advice?

@RAS was asking to make sure you don’t fall into a trap that others have and end up owing HRMC significant sums of money. There have been quite a few threads asking similar questions where they haven’t declared to HMRC so has caused problems.

 If their intentions were that fair enough sorry.

However many times I've posted threads and people just put throwaway comments. Then when you answer them they don't reply with anything else. 

So it's hard to know if there truly is a genuine element to the post or its just one if them " I hope you're paying your taxes" ones.

It's probably best to assume the landlord has an idea what he's doing and answering the question no?

[Deleted User]

Retireby40 said:

[Deleted User] said:

Retireby40 said:

RAS said:

Have you got an HMRC agreement on the rental income?

Ras have you got some advice for the situation? I'm assuming you didn't just post to find out if I was paying taxes.

If that is the case then I think its pretty clear what you are?

Aby advice? Have you been in the same position? 

Coming across a bit rude...

In any case, it might help to look at it exclusively from the investment perspective. As you are mortgage free, its likely that circa 140k in savings or ideally ISAs will do better than 400 per month and there would be no hassle attached.

What would you say to someone who asked me if I was paying taxes on my rental property but didn't really give any advice?

I would thank them because being accurate about your profit from the rental will be important when comparing it to other investments. I am likely to sell next year and use savings and ISAs as an alternative. The pitfall with this is that it relies of good interest rates for savings in years ahead. Cash ISAs are a really attractive alternative if you are likely to fall into the higher rate tax bracket for BTL (probably not based on your current stated income tho). In a good year BTL profits meet expectations, but does a year of voids, repairs, rent arrears average 400 per month. Investment in savings at current rates is clearly low risk, rewards are lower but no hassle really.

Retireby40

[Deleted User] said:

Retireby40 said:

[Deleted User] said:

Retireby40 said:

RAS said:

Have you got an HMRC agreement on the rental income?

Ras have you got some advice for the situation? I'm assuming you didn't just post to find out if I was paying taxes.

If that is the case then I think its pretty clear what you are?

Aby advice? Have you been in the same position? 

Coming across a bit rude...

In any case, it might help to look at it exclusively from the investment perspective. As you are mortgage free, its likely that circa 140k in savings or ideally ISAs will do better than 400 per month and there would be no hassle attached.

What would you say to someone who asked me if I was paying taxes on my rental property but didn't really give any advice?

I would thank them because being accurate about your profit from the rental will be important when comparing it to other investments. I am likely to sell next year and use savings and ISAs as an alternative. The pitfall with this is that it relies of good interest rates for savings in years ahead. Cash ISAs are a really attractive alternative if you are likely to fall into the higher rate tax bracket for BTL (probably not based on your current stated income tho). In a good year BTL profits meet expectations, but does a year of voids, repairs, rent arrears average 400 per month. Investment in savings at current rates is clearly low risk, rewards are lower but no hassle really.

I asked a question.

That person's response to my questions was asking me if I was paying my taxes. When I answered that I was and why that was important to them they didn't reply. They actually only replied when I messaged them.

They didn't elaborate why nor give any other advice regarding my question.

When that happens I have to think....they were just being funny.

If someone had written what I had and I was going to reply to them that last thing I'd be saying to them is are you paying your taxes and then no other contribution to the topic. I'd maybe included it in the advice I was giving. 

Maybe they thought I was just a tax dodger because I happen to live overseas. Who knows.

CSI_Yorkshire

Retireby40 said:

jonnydeppiwish! said:

Retireby40 said:

[Deleted User] said:

Retireby40 said:

RAS said:

Have you got an HMRC agreement on the rental income?

Ras have you got some advice for the situation? I'm assuming you didn't just post to find out if I was paying taxes.

If that is the case then I think its pretty clear what you are?

Aby advice? Have you been in the same position? 

Coming across a bit rude...

In any case, it might help to look at it exclusively from the investment perspective. As you are mortgage free, its likely that circa 140k in savings or ideally ISAs will do better than 400 per month and there would be no hassle attached.

What would you say to someone who asked me if I was paying taxes on my rental property but didn't really give any advice?

@RAS was asking to make sure you don’t fall into a trap that others have and end up owing HRMC significant sums of money. There have been quite a few threads asking similar questions where they haven’t declared to HMRC so has caused problems.

 If their intentions were that fair enough sorry.

However many times I've posted threads and people just put throwaway comments. Then when you answer them they don't reply with anything else. 

So it's hard to know if there truly is a genuine element to the post or its just one if them " I hope you're paying your taxes" ones.

It's probably best to assume the landlord has an idea what he's doing and answering the question no?

Given the questions that keep coming up on here - that's sometimes a bit of a leap.

Retireby40

CSI_Yorkshire said:

Retireby40 said:

jonnydeppiwish! said:

Retireby40 said:

[Deleted User] said:

Retireby40 said:

RAS said:

Have you got an HMRC agreement on the rental income?

Ras have you got some advice for the situation? I'm assuming you didn't just post to find out if I was paying taxes.

If that is the case then I think its pretty clear what you are?

Aby advice? Have you been in the same position? 

Coming across a bit rude...

In any case, it might help to look at it exclusively from the investment perspective. As you are mortgage free, its likely that circa 140k in savings or ideally ISAs will do better than 400 per month and there would be no hassle attached.

What would you say to someone who asked me if I was paying taxes on my rental property but didn't really give any advice?

@RAS was asking to make sure you don’t fall into a trap that others have and end up owing HRMC significant sums of money. There have been quite a few threads asking similar questions where they haven’t declared to HMRC so has caused problems.

 If their intentions were that fair enough sorry.

However many times I've posted threads and people just put throwaway comments. Then when you answer them they don't reply with anything else. 

So it's hard to know if there truly is a genuine element to the post or its just one if them " I hope you're paying your taxes" ones.

It's probably best to assume the landlord has an idea what he's doing and answering the question no?

Given the questions that keep coming up on here - that's sometimes a bit of a leap.

Maybe people could just either answering the question, give their view or just read and move on? 

Kind of wish I'd replied no to the tax part. No doubt the thread would have got abit more action.