Expenses whilst full timing

[gypo]

Hi all,
Today me and the better half have been chatting and come up with a game plan to go full timing in the van, hopefully being able to spend most of the time in France or spain.
We have worked out that if we sell our house and buy a flat we can get a rental income from the flat of at least £750pm with no mortgage.
In a years time I will be able to take a pension of approx 9k a year.
we have gone through the fingers the best we can for out goings and the figures seem to work.
We are not sure of things like health insurance etc tho and how much that will cost but most things we know the costs of.
I understand we will have to come back to mot the van and little things like that we have tried to account for things like laundry,fuel food,phone and insurance.
Can anyone see any flaws or issues that I may have Missed?
Any advice would be great
Thanks
D

 

[TJBi]

Hi all,
Today me and the better half have been chatting and come up with a game plan to go full timing in the van, hopefully being able to spend most of the time in France or spain.
We have worked out that if we sell our house and buy a flat we can get a rental income from the flat of at least £750pm with no mortgage.
In a years time I will be able to take a pension of approx 9k a year.
we have gone through the fingers the best we can for out goings and the figures seem to work.
We are not sure of things like health insurance etc tho and how much that will cost but most things we know the costs of.
I understand we will have to come back to mot the van and little things like that we have tried to account for things like laundry,fuel food,phone and insurance.
Can anyone see any flaws or issues that I may have Missed?
Any advice would be great
Thanks
D

Are you somehow exempted from the 90 days in 180 limit after the end of the Brexit transition period?

 

[gypo]

Should have said figures not fingers

 

[REC]

One word....Brexit! Cannot stay in Schengen zone for more than 90 days in 180 after December. And it's a rolling180 days...there is a long thread where this was discussed. Can't find it at the moment. Will post if I do! Health insurance proof may be needed, cost depends on age. Again after Brexit can't use EH1C card for medical needs. Can't remember what the rules are for using a UK registered van in a country but think you are supposed to register it to that country if there for more than three (6?) months, they may become more strict about it
( but may not!) . Currently lots of discussion on whether there will be a Schengen visa allowing a longer stay, but as far as I understand it nothing is decided.
Will you use the flat as a UK address for all the Gov needs, license, tax, etc. Postal address will be important....others on here who full-time will be along soon with more suggestions.

 

[gypo]

Are you somehow exempted from the 90 days in 180 limit after the end of the Brexit transition period?

I hadn't account for this, this is why I've posted the thread, that wouldn't be such a problem if we had to return every now and again to comply
Thanks
D

 

[jacquigem]

yes you would have to return for 90 days or at least get out of Schengen , morocco maybe ?

 

[gypo]

Thank you for all the replies so far, this is what we need to enable us to construct a game plan, please keep,them coming
D

 

[n brown]

there's usually loopholes , or other ways around the rules . keep your eyes and ears open , they're usually discovered fairly quickly .

 

[harrow]

And the tax man will want 20% on the profits And national insurance and the affect on state pension

 

[jacquigem]

Another option could be Spanish residency .Much cheaper to live in Spain and no need to spend money returning to the UK ?

 

[runnach]

As things stand your plan would work ,the million dollar question is what arrangements we have abroad at the end of the year ,others have described the possibilities and strong ones but nothing yet is set in stone

 

[Canalsman]

I hadn't account for this, this is why I've posted the thread, that wouldn't be such a problem if we had to return every now and again to comply
Thanks
D

Not every now and then ...

You will not be able to return to the Schengen zone for 180 days after leaving after the 90 day stay permitted.

In reality you will have to be UK based with periodic visits to Europe.

 

[Drover]

And the tax man will want 20% on the profits And national insurance and the affect on state pension

You stop paying national insurance when you claim your state pension.
You can earn around £12k each a year before paying tax. Though your pension is included in that figure .

 

[rugbyken]

it’s 90 days in a rolling 180 days so once you have been back home for 90 days the count starts again ? doesn’t it ie your 1st day & your 181st are both within the system

 

[Robmac]

If I were you I would do a combination of touring the UK and the continent, there is still loads to see here.

I think it's doable within your budget if you get the flat rented out and cut your cloth.

 

[colinm]

A single property rented out should not be liable for NI as it would not be considered as a business by HMRC.
However profit will be added to any other income you have for Income Tax.
What you will need to consider is how the property is managed with you being absent, many use an agent so they don't have any problems to sort, and if you do this it will most likely be your biggest expense for the house.

 

[gypo]

Thank you all for the comments, very helpful.
Please keep them coming

 

[vwalan]

many will be doing say 90 days in spain then go to morocco for 90 days then have 90 days to get back to uk .
spend time fixing , mot ,etc then off again to eu and start it all over again.
just monitor the dates and get the timings right.
could be go tunisia insted of morocco.
bots from france or sardinia if my memory is right.

 

[TeamRienza]

Depending on your ages, if you stop work and stay in the Uk or go abroad your National insurance contributions will stop. This will have an effect on your eventual state pension under the 2016 changes (even if you have a full record of contributions before under the old scheme). It can be very worth while making up the contributions which are about £795 for each year you buy. This will boost your pension by about £4 per week so if you have a reasonable life expectancy it is worth exploring. Get a personalised state pension forecast online, unless of course you are already of pension age.

This also applies to anyone who stops working before state pension age living in the Uk.

Davy

 

[barge1914]

it’s 90 days in a rolling 180 days so once you have been back home for 90 days the count starts again ? doesn’t it ie your 1st day & your 181st are both within the system

It doesn’t matter when you start counting, forward or back. Simply in any 180 day period counted from any date you must not have been present in Schengen for a total of more than 90 days.