Sell to buy outright or use rental for mortgage.

CSI_Yorkshire

Retireby40 said:

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.

People don't just answer the direct question you ask though.  They add (or ask) extra things that could be useful to others in the future who are in a similar situation and find the thread through searching.

Perhaps you think that's irrelevant but that's part of posting on a public forum.

And to answer you directly, I don't think that being a landlord of a single property is likely to be as beneficial a position in the future when compared to today, so I'd be leaning towards selling.

smipsy

With everything said in this thread, I would agree with selling.

Having a hassle free life abroad with kids and everything else is far better than the hassle with a rental in UK.