Mad Cow Posted July 27, 2010 Share Posted July 27, 2010 Hi All, Can anyone recommend any reading matter of others experiences in downsizing to travel as we will be without an income. We are 6 years from retirement (thanks to the government for changing the goal posts!)but have such bad itchy feet that we wonder if it is viable to downsize and travel maybe 6 months of the year. Would you rent your property out in the meantime? Would there be any problems with insurance being away from home for this length of time? Has anyone bought a new motorhome and taken it out of the country for 6 months to get the VAT back? We have been told this is possible. Would like to hear of anyone's experiences. Best wishes to all of you out there living the dream - sitting at my desk waiting for the day! Mad Cow x Link to comment Share on other sites More sharing options...
mike 202 Posted July 28, 2010 Share Posted July 28, 2010 It all depends on how much equity you have in your property. 3 years ago friends sold a 4 bed detatched £350k and bought 1 - 2bed £160k for themselves and one 3 bed £150k in a student area, ( figures upgraded to todays prices) converted the lounge into bedroom 4 with kitchen and lounge as common areas. income is £60/room/week for 9 month term time and £30 in summer break if the studends stay on. So income is £240 x 39 weeks = £9360 + potential 13 @ £120 = £1560. If you only intend to go away for 6 months of the year then part time at a supermarket stacking shelves will give a nice top up. They do not rent their house out, but it is possible for 6 months and reasonably safe if you specify professionals only and no smoking and pets and use an agent. The last para. might seem snobbish but I have seen the results of letting without restrictions (A family member suffered). SO, I hope the above helps, just choose wisely where you buy and if you go the studend route then have a chat with local colleges and universities. Good luck - Mike Link to comment Share on other sites More sharing options...
Mad Cow Posted July 28, 2010 Author Share Posted July 28, 2010 Hi Mike, I found your input really interesting as we could just about manage buying a property in a student area (there is one nearby) in addition to buying something smaller for ourselves. This seems more attractive than letting out your own property (I agree with your sentiments). We have really nice quality furniture which I would not like to have share with anyone and the hassle of the timings of letting your own - especially if you have to come home early for any reason. I found some other threads yesterday that answered quite a lot of questions and I find it really fascinating what people are doing out there and sharing their experiences stops you making expensive/stupid mistakes. Your input has put more ideas in my head and is making it all seem more possible. I just need to get my daughter who is temporarily back with us settled and then hopefully I will too be sharing my experiences! Thanks Mike Angela Link to comment Share on other sites More sharing options...
Don Madge Posted July 28, 2010 Share Posted July 28, 2010 Hi Angela, Have a look at http://www.magbaztravels.com/content/view/80/136/ it will give you some ideas maybe. Don Link to comment Share on other sites More sharing options...
Mad Cow Posted July 28, 2010 Author Share Posted July 28, 2010 Many thanks Don. Your help is very much appreciated. Angela Link to comment Share on other sites More sharing options...
Klyne Posted July 28, 2010 Share Posted July 28, 2010 On the point about VAT surely you would have to take the motorhome out of the EU to be entitle to claim it back. It might be worth checking that if you did that would there be any import duty on return. I don't know the answers but it would be worth checking. David Link to comment Share on other sites More sharing options...
Mad Cow Posted July 28, 2010 Author Share Posted July 28, 2010 Hi David, Yes I forgot to say out of the EU. I will just have to brush up on my geography to see where that takes me! I am sure there will be some kind of cost implication when coming back - with our taxes etc you just know it. Angela Link to comment Share on other sites More sharing options...
david lloyd Posted July 28, 2010 Share Posted July 28, 2010 Switzerland would be a good bet - near at hand and good place to stay (apart from the overall living costs) for a few months. I'm not very up on this sort of subject area but if what you are intending to do is save the VAT on a new motorhome wouldn't it be simpler to buy a one year old van where the VAT hit will have been paid by the first owner? David Link to comment Share on other sites More sharing options...
Mad Cow Posted July 28, 2010 Author Share Posted July 28, 2010 Switzerland sounds a really good idea and as my husband is a watchmaker he could probably work there for a while to fund the cost of living there. This just gets better and better. The reason for getting a new one is we would be having it built to our spec and know that the company haven't yet made one like it so one would not be available secondhand. This is a good point though. Our current motorhome was a one year old bargain with nearly every extra on it and we compromised on a couple of things as it was too good to miss. Now we know what would really work for us we want to get it right and hopefully not have to buy again. Thanks again for the Swiss idea! Angela Link to comment Share on other sites More sharing options...
flicka Posted July 28, 2010 Share Posted July 28, 2010 Angela Check it out carefully. If you get a VAT refund when Exporting the Van , you will almost certainly incurr Import Taxes wherever you Export to. Unless it is a Tax - Free State. (Maybe Andorra, Lietchenstien or Dubia.) It works the same way as in the EU, buy in Germany Tax free (VAT), Import to UK & PAY UK VAT. Any savings will be restricted to the differences between the VAT % of the two countries. You may also find there are other restriction or cost to overcome also. Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted July 28, 2010 Share Posted July 28, 2010 Turkey..... Link to comment Share on other sites More sharing options...
Mad Cow Posted July 28, 2010 Author Share Posted July 28, 2010 The motorhome manufacturer mentioned Turkey - is there a benefit to going there as opposed to anywhere else do you know? Apparently you have to prove you have lived outside the UK for 6 months to get the refund. Link to comment Share on other sites More sharing options...
Mad Cow Posted July 28, 2010 Author Share Posted July 28, 2010 Hmmm lots to thinks about then & more research needed. Thanks Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted July 28, 2010 Share Posted July 28, 2010 Mad Cow - 2010-07-28 1:23 PM The motorhome manufacturer mentioned Turkey - is there a benefit to going there as opposed to anywhere else do you know? Apparently you have to prove you have lived outside the UK for 6 months to get the refund. Its a nice big country with a good coast line and lots to do....better then switzerland I would think for 6 months, and a hell of a lot cheaper! make sure you get an in and out stamp in passport Link to comment Share on other sites More sharing options...
Mad Cow Posted July 28, 2010 Author Share Posted July 28, 2010 Thanks. This is like a geography lesson to me - I never did pay attention in school! Link to comment Share on other sites More sharing options...
johnnerontheroad Posted July 28, 2010 Share Posted July 28, 2010 Have you read this? http://www.hmrc.gov.uk/vat/sectors/consumers/personal-vehicles.htm Hope it helps Link to comment Share on other sites More sharing options...
Mad Cow Posted July 28, 2010 Author Share Posted July 28, 2010 Hmm - Looks like not much saving to be had it I am reading it correctly. Link to comment Share on other sites More sharing options...
david lloyd Posted July 28, 2010 Share Posted July 28, 2010 Mad Cow - 2010-07-28 2:54 PM Hmm - Looks like not much saving to be had it I am reading it correctly. Which is what I suppose i was trying to get at. I know you are wanting to have your 'new' van purpose built but if you source a (less than one year old base vehicle) second hand van in excellent condition and have your conversion done you may actually not be paying any more than going through the hurdles of exporting for six months then importing again? David Link to comment Share on other sites More sharing options...
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