My label is set to flush text right. Your example doesn't work. I don't see any spaces...the last letter of my label text is right up against the right side of the label itself.
You're right. I did think originally that the question was a bit too easy :-/
I assume you've gone with the label-underneath solution, but irregularities like this irk me senseless. So in case the issue arises again, I've done a bit of mucking around in search of easier solutions.
If you only need a little bit of space, then you could set the border color to the same as the background color, and set the border width to the amount of padding you require... but
naturally, that didn't work either - sure, the border appears, but the text doesn't budge, it gets covered by the border. I kid you not. But it's inadvertently useful - what you could do is set the border to be the width of a very narrow character eg a full stop "." and then use that character to stop the padding spaces from being trimmed from the end of the string, eg Label.Text = "Customer ."
Kludgy, I know, but it works (on an iPhone 5s).
I have another idea too, which is less kludgy but still a bit like,
wtf?!?!