Renting as Self Employed

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  • Renting as Self Employed

    I am looking to rent a property with my partner for approx 12 months starting this Summer, somewhere around £600 per month.

    He will be earning £17,500 per year in a 'proper' job, where as I am self employed and currently earn an average of £1000 per month, although this is gradually increasing each month as my business grows.

    When I mentioned my self employment to the estate agent she said it should be fine as long as I can show my 'accounts'. I am a very small business, I don't have an accountant, profit and loss accounts or balance sheets. I have only completed one tax return so far, and this only spanned 6 months so wasn't a full year.

    However, I do have proof of around £1000 coming into my bank per month and could easily print out the online statements to show this. I also have enough savings in my account to pay for the full 12 months rent up front if necessary, although ideally I wouldn't want to do this.

    My question is, are we realistically likely to be able to rent somewhere with our situation? And as a landlord, what specific 'accounts' would you like to see from a self employed person? (I have a degree in business so could draw up some profit and loss accounts and balance sheets if necessary).

    Thank you!

  • #2
    How much profit did you declare to HMRC for those 6 months?

    I'd be happy to see proof of that.
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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    • #3
      I agree with artful

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      • #4
        The profit declared to HMRC after my first 6 months trading was approx £2,500. However, when I first registered my business I was still in other full time employment and only running my business part time as a hobby, hence the much lower income (where as now I am running it full time).

        With it being the start of the new tax year in a few days if I got my act together I could do my next tax return (full 12 months) which would show profits of approx £8000 (as again, for part of this tax year I was only running my business part time and still in other full time employment).

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        • #5
          Get your act together then!! Tax year ends 3/4 days time so do the return on 7th April & hey presto, problem solved... You can even print off the return & wave it at letting agent/landlord...


          'sfunny how self-employed incomes are not always as claimed (I was self employed for some 10 years btw..). tenancy before last of the wife's had a guarantor who filled in his form saying (IIRC ..) income £72k p.a.... His accountant later filled in his form stating £36k p.a.
          I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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          • #6
            Thank you for your help, I'll get the tax stuff done asap and also get my arm prepared for the waving

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