Maximizing retirement income

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  • theartfullodger
    replied
    Go to Gov.uk/DWP & ask for a pension estimate:They'll tell you how you stand re. contributions (and also their records are different from yours - eg I found I'd worked for someone for 2 years who had my NI down with 1 digit wrong: Bet when you look at your payslip there's only one number you usually check..)

    https://www.gov.uk/state-pension-statement

    At some point, with benefits spend being more than 50% on old people (me included) some chancellor is going to start cracking down on the real benefit costs, not fiddle round the edges being unpleasant to the disabled or hard-of-thinking as now......

    Cheers!

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  • danmay
    replied
    yes i have pad in for 35 years , i was more concerned about if i have to continue to pay and if i did would i be liable to pay
    thanks
    dan

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  • theartfullodger
    replied
    Cautionary tale:

    The wife gets a bit less that full state pension due to incomplete NI payments, and she reached state pension age before me (blatant sex discrimination btw...). I topped mine up with £££££ as when I did top up rules said I should... Govt changed the rules, I had not needed to & would have got what I get, full state pension.

    Moral: They get you, one way or another....

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  • andybenw
    replied
    How many years contributions have you made so far. I think if 35 years you do not need any more (on current rules) payments to recieve full state pension. So if you've worked from 18 to 55(37 years) you should be ok.

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  • King_Maker
    replied
    It is most unlikely that a rental business will amount to a trade, so Class 4 NIC should not apply.

    However, Class 2 NIC might apply. This could be somewhat academic if the Budget 2015 proposal to abolish Class 2 goes ahead.

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  • danmay
    replied
    Thanks for the link, i forgot to mention that i am still 10 years off the state retirement age so the no contribution rule i think still applies

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  • theartfullodger
    replied
    I've not paid NI since reaching state pension age.

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  • Mrs Mug
    replied
    I was reading up on this the other day. See below.

    https://www.gov.uk/national-insurance

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  • danmay
    started a topic Maximizing retirement income

    Maximizing retirement income

    Hi
    can anyone offer me some sensible advice,
    i currently own 4 properties that i let out,

    i am soon to retire and wondered what the situation is regarding paying national insurance contributions on my income

    the properties are owned 50/50 with my wife . She will have a small work pension but i will only have the income from the properties,.

    We will both be under the legal retirement age

    Would i have to pay national insurance as well as tax, if so would it be better for me to set up as a sole trader and pay it this way

    i have scoured the web but cant find any sensible advice
    thanks
    dan
    Last edited by danmay; 22-03-2015, 11:05 AM. Reason: added some extra clarity

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  • Reply to Advice
    by theartfullodger
    Depends to a great degree on tax regulations over the coming years. We only know what the rules are today, not what they'll be in future e.g. when you retire

    I expect chancellors to cut back on the advantages of people owning property through companies (well, wouldn't you if you were chancellor)...
    22-01-2022, 13:06 PM
  • Advice
    by jhoggard
    Hi,

    I currently have a property rented out in my own name with a fair bit of equity around 50% LTV this is actually a repayment mortgage which i'm looking to switchover to a interest only. When i do this i'm also taking money out of the property to put towards another which i'm looking...
    20-01-2022, 14:25 PM
  • Reply to Advice
    by Gordon999
    1. No. You have not sold the property yet

    2. 19% on profit by company.

    3. Seek advice from accountant.
    22-01-2022, 09:36 AM
  • haring inherited property
    by halfax
    i am inheriting a property and would like to place half in my grandsons name.
    as anyone done similar?...
    19-01-2022, 18:12 PM
  • Reply to haring inherited property
    by halfax
    thanks for help to everyone who replied, great forum
    21-01-2022, 18:55 PM
  • Reply to Looking for tax / financial advice for a BTL /holiday let long-held portfolio
    by ifallelsefails
    I watched a webinar from Landlord studio and this man Tony Gimple was featured in it. Have a look at his Linkedin profile:
    https://www.linkedin.com/in/tonygimp...alSubdomain=uk
    He has a website whereby he consults exactly to your situation:
    https://www.bel.gb.net/
    ...
    21-01-2022, 17:13 PM
  • Reply to Recovering CGT on sale of property
    by ifallelsefails
    Having read what Gordon999 posted, it sounds just like what you can get via Crowdcube. Most of the businesses seeking funding on Crowdcube are eligible on the EIS scheme and you get shares in these fledgling businesses. I was only interested in Crowdcube because a number of businesses that I know were...
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  • Reply to Expense claim - Name and address in the receipt
    by geeksy
    Thank you, appreciate your reply.
    21-01-2022, 13:21 PM
  • Expense claim - Name and address in the receipt
    by geeksy
    Hi,

    I need to claim an expense (£1500) for the bathroom and attic renovation work done in the property I let. I have two receipts for the same purchase, one originally issued and the second subsequently issued with additional two items.

    One of these has my address on it, not...
    20-01-2022, 11:39 AM
  • Reply to Advice
    by jpkeates
    1 - Yes, the company will have to buy the property and you will be selling it. So there's a CGT "event" for you and the business will pay SDLT. You need to think about structure if you're going to borrow to grow, most lenders will want one company per property and director's personal guarantees....
    20-01-2022, 16:02 PM
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