Property Investing Q&A: Solar Power, Do I Pay Tax On Lodging Income & More | Real Estate Education

Hi, welcome to the first video in a new series
called Question Time, where I answer your questions in a video. Before I start with the questions, there are
just a few comments that I have received which I would like to acknowledge. Michael Collinson said ‘I think you have
a good interesting channel that has potential. Good luck.’ New Future Builder wrote, ‘Love the style
of your video as well as the content.’ Harry Pham said, ‘Genius mindset!!! Thank
you!!!! and Nacho TV wrote, ‘When the right viewers
find you I foresee your channel to grow and be one of their favourite channels to gain
insight. Great central theme, inform, inspire and include.’ Guys, thanks so much for those kind words,
it helps to keep me motivated. Making videos isn’t easy, I knew it wasn’t going to
be easy when I started, but it’s actually a bit harder than I thought. But comments
like that just help me keep pushing forward, it’s a bit like receiving a cheer from the
crowd when you’re running a marathon, but only better. So thank you. Ok, lets get to the questions. Fraupurzel
asks, ‘Do you think I can adapt your further information to the German market?’ Yes, definitely. I would say at least 70%
of what I discuss in my videos can be adapted to the German market or any other country
outside of the UK. Whenever I create a video, I always bear in mind that people could be
watching from outside of the UK so when I use numbers and figures for example, I don’t
use the currency I will say 100,000 instead of £100,000 that type of thing. but the other 30% or so that may not fit your
market, then please ask me a question and maybe somebody else will answer that question
and help us both out if I don’t know the answer, and that would be great to have that
interaction, that’s what I’m hoping for. I don’t know everything, I don’t confess
to know everything, but what I am doing is sharing with you everything I learn along
the way. And if I can learn too by putting myself out there and seeing what other people
have to say, then that’s brilliant, that’s one of the things I am hoping for is that
I will learn from this experience and not just be the one who’s providing the information. Leon asks ‘Have you gone solar on any of
your residential properties?’ No, but I did look into it on my last renovation
project and I didn’t go for it because it was down to cost. Unfortunately I didn’t
have the funds for the initial outlay. I’m also thinking maybe I didn’t spend enough
time looking into it, I remember contacting a couple of companies but the quotes I received
were just too expensive for me. I will definitely look into it on my next project because I
know it’s a tried and tested system, it’s good for the environment and it’s cost saving
in the long run. It’s certainly something I haven’t ruled out. Anita asks ‘I’m renting out a room to
a lodger. Would I need to pay tax on that rental income?’ the answer for this is going to be different
for everybody depending on their own personal circumstances. the good news is the UK government,
during the last budget, raised the amount you could receive through lodging from $4,250
to £7,500. Now if your likely to earn more than £7,500 during this next financial year,
then you will have to pay tax on anything over and above that. And the amount of tax
that you pay will depend on any other income you have from any part time, full time work
or any other income streams. So depending on your circumstances you may or may not have
to fill out a self assessment tax return each year. I’ll put a link to the HMRC website
in the description below so you can check it out and if you have any questions, they
have a freephone number and an online chat facility so they’ll be able to assist you. Making good use of a spare room in your house
and having a lodger is a great way of helping you to save a deposit to invest in property. Saldabbagh says ‘This is such a useful video,
thank you so much! Do you have any tips on how to start my first venture as a buy to
let project, I have always wanted to. How do I begin raising the funds to get me started?
Thanks again’ Yes, watch my getting started playlist, I’ll
put a link in the description below. I discuss why people look at investing in property,
best way of finding a mortgage, how to conduct viewings, how to conduct research, you’ll
find it all there. But if you still have any questions then please let me know and I’ll
do my best to answer them. Ok guys, I hope that’s helped if you have
any questions you can reach out to me through social media, Facebook and twitter, links
will be down in the description below. Thank you for watching, subscribe if you haven’t
already and I’ll see you in the next video. Take care, enjoy the rest of your day, bye
for now.

3 Replies to “Property Investing Q&A: Solar Power, Do I Pay Tax On Lodging Income & More | Real Estate Education”

  1. Michael Collinson says:

    Hi Andy, just one tip that I've found has helped get my videos nearer the top of the searches is to make sure the exact wording of the title goes into the description and the tags, for example I made a video on mixing concrete by hand, now just putting a generic term such as mixing concrete has put me at no1 place in a search on youtube

  2. Nacho TV says:

    0:38 has to be my favorite part of the video! Always entertaining to watch & useful information, haven't missed a video yet! Not easy to produce quality content, so long you're having fun. It's our very own Monoperty show!

  3. Rios Moodie says:

    You can use inplix instructions to build it yourself guys.

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