Singing Pig

Just in the middle of purchasing an existing BTL portfolio with not a bad yield/income.

Decided to leave the 9-5 rat race! How do you register self -employment for tax and NI purposes?

This should do the job;

http://www.hmrc.gov.uk/sa/selfemp.htm

 

Is Rental Income classed as self-employment or just income from investments?

No need to register as "self employed" unless you are doing BTS or other "trading" activities.

BTL is investment. You just need to complete a self assessment form once a year, if you are just starting your first period will be from now until the end of March 2007.

Regards,

The fact that there is absolutely no need to set anything up, get letterhead/business cards/websites /paraphanalia/signwriting/staff/ or anything else that every other business has as must haves make this my all time favourite business.

Oh and no need to get up any where near early every day!

 

Best of luck, you will not regret doing it.

I agree with you Red Shoes about property being a great biz!

I do property full time - it's nice to be able to sleep in if you need to or go & go down the pub on a school night until the wee hours.

It's almost like being a teenager on a summer holiday with a part time job in terms of freedom (although there will probably be some minor pending paperwork in the background).

The non-employment of staff is my favourite bit (although you will need a decent handyman if you don't want to get your hands mucky & good network of people to rely on). I still do most of the DIY at present, but am learning to delegate in order to free up time to find more deals.

Paul and Red shoes I have to agree. I would say to anyone going full time in property....be prepared for a shock!

The difference compared to 9-5 work is staggering. I actually felt quite guilty, and found myself thinking 'I should really be doing something'.

It's like buses though. Nothing for a while, then 5 come all at once!

 

 

'I should really be doing something'   Its funny you say that Craig, I find myself making myself busy and almost regretting it. I now seem to have developed a sourcing company, a building company and seem to be doing refurbs left right and centre countrywide.....

I haven't however bought a property in 5 months so my core, and effort free business is being avoided in order to make myself busy....

DOH!