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Mistys

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Posts posted by Mistys

    47-70 Agility

    in Requests

    Posted

    27 minutes ago, Zultan said:

    Can do this for 15m 07 starting right now.

    Skype:zultanosbot@gmail.com

    Hand done? My account already has a strike against it and I don't want it banned.

    Perfect Blast Furnace

    in Minigames

    Posted · Edited by Mxttie

    Loving the script to far!!

     

    Quester is a great feature! I baby sat Knights Sword and I had to open doors of castle manually, other than that it was flawless.

     

    Have you thought about adding stamina potions by any chance?

    How to retire at 45 in the uk from a minimum wage job (guide)

    in Spam/Off Topic

    Posted · Edited by Mxttie

    Sorry but this is a bit naive.

     

    1. If the area is highly desirable and you can rent out the property easily for 500/month,  you can forget about the 80K pricetag. 

     

    2. You're  completely ignoring rental income tax.

     

    You must normally pay income tax on any profit from renting out property you own. Put simply, your profit is the sum left once you’ve added together your rental income and deducted any allowable expenses or allowances.

    Your rental profits are taxed at the same rates as income you receive from your business or employment – 20%, 40% or 45%, depending on which tax band the income falls into.

     

    Btw: you can't deduct your mortgage as an expense, only the interest on it.

     

     

    You pay 8 * 255 * 12 / year on mortgages =  24480.

    You collect 8 * 500 * 12 / year in rents = 48960. 

    You pay 40% taxes on your collected rent (higher rate tax band) = 19584. - this is completely wrong, you have not took into consideration like the statement says "any expenses" any expenses would lower the profit made on the properties mean there is less tax to pay.

     

    But lets say that you do make £48,960 a year on rent, no expenses at all. £48,960 less the personal allowance for the 16/17 tax year of £11,000 (You will be entitled to the full amount as the total income does not exceed £100,000) is £37,960. Now, the basic rate band in the UK for 16/17 is income up to £32,000.  

     

    £37,960 - £32,000 = £5,960

     

    £32,000 x 20% = £6,400

    £5,960 x 40% = £2,384

     

    Total Tax Due: £8,784

     

    48,960-24480-8,784 = 15,696/12 = £1,308. 

     

    Plus then there is also the fact that there is 8 properties in the portfolio which can easily be sold at say what? Purchase value? 80,000 x 8 = £640,000?? Which could then be re invested as you please. 

     

     

    Congratulations you make 408 per month ((48960 - 24480 - 19584) / 12).

    So even if your house prices and renting numbers were right (and trust me, they are not), you would be living in absolute poverty for at least the next 25 years.

     

    3. If you think managing 8 properties is "retirement", think again. Finding tenants, collecting rent and property maintenance is a huge pain in the ass. - bob now quits his job and hires a handy man to manage his properties - property management company. Every month you get an invoice with the gross rent minus any fees deducted, depend on what company you use some even include maintenance and repair work. 

     

    Your numbers are off, you are ignoring important costs and underestimating the actual  work involved.

     

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