BUY-TO-LET OWNERS: what does your property actually pay you after the bills and tax? Following my posts on the generations, I wanted to look at people who own a second property for rental income. Property has helped many families build substantial wealth. Some bought a flat as a pension, others kept their first home or inherited a property. For anyone reviewing that investment today, it’s worth putting the figures alongside alternatives such as $MORE. Let’s do the maths properly. The latest ONS figures put average monthly private rent at £1,406 across the UK and £1,466 in England for September 2026. Those are national averages across different properties and locations. For a straightforward worked example, take a mortgage-free property worth £250,000, renting for £1,500 a month. That property value and rent are assumptions for our example, not a claim that the average £250,000 house achieves that rent. That gives you £18,000 annual rent — a 7.2% gross rental yield. A useful income. Now let’s see what reaches the owner. Assume the property is occupied and paying rent throughout the year, with these illustrative annual costs: • Rent received: £18,000 • Letting and management fees at 12%, including VAT: £2,160 • Repairs and maintenance: £1,500 • Landlord insurance: £350 • Safety checks and compliance: £250 • Rental accounts and administration: £300 Total running costs: £4,560. INCOME REMAINING BEFORE TAX: £13,440. These costs will vary. They are modelling assumptions, not published national averages. The repairs figure represents money actually spent on allowable repairs, rather than money merely put aside. Qualifying management fees, insurance, repairs and other running expenses can generally be deducted when calculating rental profit. Improvements are treated differently. This example includes no mortgage, no empty period, no unpaid rent and no leasehold service charge. WHAT DOES THE LANDLORD KEEP AFTER TAX? Using current 2026/27 income-tax rates for England, Wales and Northern Ireland: At 20% tax: £10,752 a year £896 a month Approximately £207 a week At 40% tax: £8,064 a year £672 a month Approximately £155 a week At 45% tax: £7,392 a year £616 a month Approximately £142 a week This assumes the personal allowance has already been used and all the profit falls within the stated band, without an allowance taper or other adjustments. Scotland has different income-tax bands. For the higher-rate taxpayer in this example, £1,500 a month in rent becomes £672 a month of spendable income. That is a 3.23% annual cash yield on the £250,000 property value, after the modelled costs and tax. The property may also rise in value. That is a separate part of the return, and an important reason many people own property. GOOD MANAGEMENT CAN IMPROVE THE FIGURES TOO. If the owner manages it themselves and avoids the £2,160 agent fee, their income after 40% tax rises to £9,360 a year — £780 a month. They keep more money in exchange for doing the work themselves. If the property has a mortgage, the calculation changes again. For example, a £125,000 interest-only mortgage at an assumed 5% costs £6,250 a year. Using the original managed-property example and assuming the full 20% finance-cost tax reduction is available: £13,440 operating profit Minus £6,250 mortgage interest Minus £4,126 income tax after the finance-cost reduction Leaves £3,064 annual cash income. That would be income on approximately £125,000 of property equity, not £250,000 of debt-free capital. Individuals generally receive a basic-rate finance-cost tax reduction; companies have different rules. NOW PUT MORE ALONGSIDE IT. MORE is The Smarter Web Company’s listed preferred equity. Its current variable dividend rate is 12% annually on a £100 reference amount per share, with weekly dividends. It is ISA eligible where supported by your provider. At an assumed purchase price of £100 per share, £250,000 would buy 2,500 shares. At the current rate, that would produce: £30,000 a year £2,500 a month equivalent Approximately £577 a week Those figures assume the dividend rate continues and payments are made. They are before investment fees and any tax. For a higher-rate taxpayer holding those shares outside an ISA, assuming the full £500 dividend allowance is available and all taxable dividends fall within the 35.75% band: £30,000 dividends Minus £10,546.25 dividend tax Leaves £19,453.75 a year — approximately £1,621 a month or £374 a week, before fees. That compares with £8,064 a year from the mortgage-free rental example. This is an income comparison under stated assumptions, not a forecast of which investment will deliver the better total return. THE ISA OPPORTUNITY ADDS ANOTHER DIMENSION. You can currently contribute up to £20,000 per eligible adult per tax year, shared across your ISAs. Investment income and gains inside a Stocks and Shares ISA are free of UK tax. A couple with their full allowances available can contribute £40,000 between their separate ISAs. You cannot hold a directly owned rental house inside an ISA. At £100 per MORE share and the current dividend rate: • £20,000 invested: £2,400 a year — approximately £46 a week. • £40,000 invested: £4,800 a year — approximately £92 a week. • £100,000 invested: £12,000 a year — approximately £231 a week. • £200,000 invested: £24,000 a year — approximately £462 a week. Those dividends would be free of UK income tax if held within ISAs under current rules, before account costs. The larger holdings require existing ISA funds or contributions built up over multiple tax years. Selling a property does not allow you to bypass the annual ISA subscription limit. Dividends can be taken as income or reinvested within the ISA without using additional subscription allowance. THEN THERE’S THE VALUE OF YOUR TIME. With MORE, there are no tenants to organise, property inspections to arrange, decorating jobs between lets or maintenance calls while you’re away. You can choose the size of your investment and offer part of your holding for sale when you need capital, subject to market liquidity and the price available. For someone who enjoys owning and managing property, that work may be worthwhile. For someone who wants simpler administration and regular cash distributions, the difference could be meaningful. The rules are changing too. England’s tenancy reforms took effect in May 2026, replacing Section 21 with a system requiring legal grounds for possession. Landlords can still recover properties to sell or move into, subject to the rules. Separately, higher property-income tax rates are legislated from April 2027, with devolved arrangements relevant to Scotland and Wales. THE USEFUL EXERCISE IS TO RUN YOUR OWN NUMBERS. What is your property worth today? What does it collect? What do you spend? What remains after tax? And how much time do you give it? A property sale brings selling costs, potentially capital gains tax and repayment of any mortgage, so the amount available to reinvest may be considerably less than the sale price. MORE’s higher income also comes with different risks: exposure to one company with substantial Bitcoin holdings, variable and non-guaranteed dividends, and a share price that can fall. An ISA provides tax benefits, not capital protection. For landlords reviewing their next chapter, MORE offers an interesting combination: weekly dividends, ISA eligibility and far less day-to-day administration. Property may have helped you build the wealth. It makes sense to keep reviewing how that wealth can serve you best. $MORE $SWC Illustrations, not financial advice. Read the prospectus; tax treatment depends on individual circumstances and can change. #BuyToLet #Landlords #PropertyInvestment #DividendInvesting #StocksAndSharesISA #MORE

Youtube version of @millercole chat with @TimKotzman Miller Cole on MORE, UK markets and Bitcoin treasury metrics | Digital Credit Digital Conference youtube.com/watch?v=OFkmA5EY…