Raid my savings?

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  • JK0
    replied
    Thanks Claymore. I think I concur.

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  • Claymore
    replied
    I'd take the money out. £25k in the bank may cover your taxes but if you haven't got another lump sum easily accessible for emergency repairs or other unexpected but essential costs etc, you may find yourself juggling finances.

    If you haven't already got Premium Bonds, the maximum you can invest is £50K.

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  • Gordon999
    replied
    If its cash available before paying next January's tax bill, buy £20K of premium bonds. There is a monthly draw and chance to win £25 or £1 Mil.

    Leave a comment:


  • JK0
    replied
    Originally posted by jpkeates View Post
    I second that.
    Thanks. I wasn't asking for advice how to spend my money. I've got plenty of ideas for that.

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  • jpkeates
    replied
    I second that.

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  • Section20z
    replied
    Originally posted by JK0 View Post

    Yeah. I can only contribute £240 pcm, as am not employed.
    In that case you are clearly not boracic and it is doing sod all good in NS&I so I say take it out and have a cruise or give it to the kids or cancer research ¡¡

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  • JK0
    replied
    Originally posted by Section20z View Post
    Assume you've already maxed out your pension contributions then ?
    Yeah. I can only contribute £240 pcm, as am not employed.

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  • Section20z
    replied
    Assume you've already maxed out your pension contributions then ?

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  • JK0
    replied
    Originally posted by jpkeates View Post
    How much do you earn per annum on the savings?
    Very little. It's now CPI+0.01%.

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  • jpkeates
    replied
    How much do you earn per annum on the savings?

    Leave a comment:


  • JK0
    started a topic Raid my savings?

    Raid my savings?

    One tenant moved out on Friday, another moves out on 31st, and a third moves out 30th June. A fourth tenant tells me they cannot pay rent in full. Also, this year I have to upgrade the electrics on a further 11 properties, maybe £1k per flat. I have another 11 properties let, to pay for these voids, and have already paid my July tax. I have about £25k in the bank. I can see myself having to pay about that much in tax next January, so have only rent from a dwindling stock of let properties to live on for the rest of the year.

    Recently an index linked National Savings investment matured, and I can take £20k, or reinvest it for another 5 years. Until recently, I was planning to reinvest, but in view of lack of cash, wonder if I should take the money out?

    Any thoughts?

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  • An acceptable level of repairs
    by gnvqsos
    I recenly engaged a new accountant who questioned the extent to which I was claiming for repairs.She suggested I was claiming too high a proprtion of gross rents.I believe in repairing and redecorating whenever a property falls empty,as it makes the house easier to let,and makes tenants willing to...
    10-07-2020, 16:18 PM
  • Reply to An acceptable level of repairs
    by gnvqsos
    i bought several electric heaters to serve in emergencies at a cost of £100 and instal electric showers,at cost of £300 a property.
    13-07-2020, 06:44 AM
  • Reply to An acceptable level of repairs
    by halfax
    its just a personel choice, but over the years it as removed the biggest hassle in my life, ( 2 days before christmas a boiler goes down, you try getting a plumber or more to the point the part need. on holiday in us it happens) just takes away the only problem i have had renting , and works out cheaper...
    12-07-2020, 13:47 PM
  • Reply to An acceptable level of repairs
    by Section20z
    Wow, I'm lost for words. Paying someone to remove a perfectly serviceable 5 year old boiler ? What about the environmental impact ?
    11-07-2020, 17:58 PM
  • Reply to An acceptable level of repairs
    by gnvqsos
    I am glad you share my philosophy,but I would not change boilers after just 7 years.Boilers seem more reliabe these days,and it seems criminal to scrap boilers so prematurely.I think frequent repairs keep tenants sweet,if not they will look elsewhere.
    11-07-2020, 16:54 PM
  • Reply to An acceptable level of repairs
    by halfax
    i always have a high a proprtion of repairs to gross rents. i indend to sell when i am ready to retire, and i want to keep them up to a good standard. it does not take long for a house to get tired.as an example, all my boilers are on 5 -7year cover, when it comes to the end of warranty i replace them....
    11-07-2020, 15:09 PM
  • Reply to An acceptable level of repairs
    by Gordon999
    You can charge all materials used for repairs and maintenance against the rental income but you cannot for your own labour.
    11-07-2020, 08:23 AM
  • Reply to An acceptable level of repairs
    by gnvqsos
    I disagree,as repairs and maintenance executed long-term prevent depreciation of assets,and are cheaper than a massive spend after 15-20 years,ensure the houses are lettable and rents can be adjusted ie increased.
    10-07-2020, 19:38 PM
  • SDLT < 500k
    by Claymore
    Any ideas if I were to transfer/sell a BTL <£500k into a LTD Company in the next couple of months, would the transaction be covered with the no SDLT payable (announced by the chancellor today)?
    08-07-2020, 15:48 PM
  • Reply to SDLT < 500k
    by Gordon999
    The Nil rate sdlt up to £500K until 31 March 2021 , does include companies .

    "Companies as well as individuals buying residential property worth less than £500,000 will also benefit from these changes, as will companies that buy residential property of any value where they meet...
    10-07-2020, 18:56 PM
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