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Renting If Self Employed

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I'm in the process of sending out an application form for a property I'm interested in renting.

In one of the sections I'm asked to check one of 4 options for proof of financial information 1) Current Employer (That's me) 2) Pension Advisor (Don't Have One) 3) Accountant (Again Don't have One, I do it myself 4) SA302/SA100

Number 4 is the only option I can provide but there is nowhere to provide these details, just a couple of lines asking for Company Name, Address etc

Do I just attach a copy of one or the other? Or both? Maybe it's just me but I don't see how a Self Assessment SA100 Tax Returns Form is gonna prove to an EA that I can fulfil the rent obligations, then again perhaps that's why they want a Guarantor for the property I wish to rent due to the fact I'm self employed.

I'd appreciate some advice on what to do from anyone who is self employed, frustrating in a way because I've got enough money in my personal account to pay the rent for the entire year but they still want a Guarantor too

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I'm in the process of sending out an application form for a property I'm interested in renting.

In one of the sections I'm asked to check one of 4 options for proof of financial information 1) Current Employer (That's me) 2) Pension Advisor (Don't Have One) 3) Accountant (Again Don't have One, I do it myself 4) SA302/SA100

Number 4 is the only option I can provide but there is nowhere to provide these details, just a couple of lines asking for Company Name, Address etc

Do I just attach a copy of one or the other? Or both? Maybe it's just me but I don't see how a Self Assessment SA100 Tax Returns Form is gonna prove to an EA that I can fulfil the rent obligations, then again perhaps that's why they want a Guarantor for the property I wish to rent due to the fact I'm self employed.

I'd appreciate some advice on what to do from anyone who is self employed, frustrating in a way because I've got enough money in my personal account to pay the rent for the entire year but they still want a Guarantor too

All agents and most landlords will want a guarantor, just in case. Not just to cover the rent, but any damage or other liabilities. Also If you're renting and self employed, you may get HB depending on your profits which they might accept as adequate proof of income, though the landlord may specify "no DHS" of course.

I'm wondering though, if you're self employed, why can't you provide proof under (1)? Are you trading properly yet? don't you have bank records or invoices / sales receipts?

Edited by ManVsRecession

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I'd appreciate some advice on what to do from anyone who is self employed, frustrating in a way because I've got enough money in my personal account to pay the rent for the entire year but they still want a Guarantor too

When I was in that position (and had absolutely no credit score after returning from several years abroad) I offered six months up front. Helped with gaining trust, and I think it's fairly usual amongst those without proof of earnings.

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All agents and most landlords will want a guarantor, just in case. Not just to cover the rent, but any damage or other liabilities. Also If you're renting and self employed, you may get HB depending on your profits which they might accept as adequate proof of income, though the landlord may specify "no DHS" of course.

I'm wondering though, if you're self employed, why can't you provide proof under (1)? Are you trading properly yet? don't you have bank records or invoices / sales receipts?

What is HB?

Perhaps I've misunderstood, for the first option of current employer would I just put down my own info? Yes I have bank records etc That's no problem to provide!

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When I was in that position (and had absolutely no credit score after returning from several years abroad) I offered six months up front. Helped with gaining trust, and I think it's fairly usual amongst those without proof of earnings.

Thanks for the advice, I'd have no problem providing this. The EA has said he and his vendor would prefer a guarantor which I can understand from their perspective

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What is HB?

Perhaps I've misunderstood, for the first option of current employer would I just put down my own info? Yes I have bank records etc That's no problem to provide!

Sorry, HB = housing benefit, and yes, put yourself down as the employer, with a summary of your turnover and profits, plus any other income like housing benefit and tax credits etc. If at all possible, go and see them in person, armed with your business records so you can show them without leaving a copy. It all depends on the agent / landlord, and whether they favour the personal, or box ticking approach really.

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Sorry, HB = housing benefit, and yes, put yourself down as the employer, with a summary of your turnover and profits, plus any other income like housing benefit and tax credits etc. If at all possible, go and see them in person, armed with your business records so you can show them without leaving a copy. It all depends on the agent / landlord, and whether they favour the personal, or box ticking approach really.

Thanks again for the advice, I'll do that!

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Thanks for the advice, I'd have no problem providing this. The EA has said he and his vendor would prefer a guarantor which I can understand from their perspective

Beware their motives. A fee for checks on a guarantor may feature somewhere!

If you demonstrate sufficient funds, you're your own guarantor. I expect some agents just treat any young tenant as impecunious but having parents with assets.

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I've had to provide proof of income for the referencing agencies (not to LL or LA directly) I think for my previous tenancy I put down my employer as my LTD and they called me to check myself... I explained the situation and eventually they asked for a copy of my (LTD company's) 6 month contract, which was sufficient (I'd just started contracting so had no history with my accountants).

For my current contract my accountant reponded to the referencing agency, and charged me £30 for the privilege...

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Beware their motives. A fee for checks on a guarantor may feature somewhere!

If you demonstrate sufficient funds, you're your own guarantor. I expect some agents just treat any young tenant as impecunious but having parents with assets.

Oh yes a £40 fee or something like that.

Well according to the EA, even though I had demonstrated I have enough money to pay for the entire years rent that doesn't protect the landlord/agent from having someone to sue if I decide to wreck the place (his words)

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Well according to the EA, even though I had demonstrated I have enough money to pay for the entire years rent that doesn't protect the landlord/agent from having someone to sue if I decide to wreck the place (his words)

They have your deposit for that!

The suggestion you're going to wreck the place sounds thoroughly offensive (if you did anything to give them grounds for suspicion, I'd be surprised if they'd let to you at all). Do you really want to do business with them?

Do you have any 'protected' attribute? For example, if you're non-white you might have grounds to take them to the cleaners for that attitude.

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When I was in that position (and had absolutely no credit score after returning from several years abroad) I offered six months up front. Helped with gaining trust, and I think it's fairly usual amongst those without proof of earnings.

Same here. Self-employed, back in the UK after 10 years abroad. The agent suggested six months rent up front, and that's what I did.

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When I was in that position (and had absolutely no credit score after returning from several years abroad) I offered six months up front. Helped with gaining trust, and I think it's fairly usual amongst those without proof of earnings.

Same here after moving to self-employment. Was years back. Rather than pay x months upfront I think we paid 3 months deposit.

Later, an EA wanted copies of bank statements to show income. I "redacted" everything except the credits (don't see why all the other transactions were relevant) and the referencing agency they used asked for the unredacted ones.

I refused on exactly that basis - not that I have anything to hide, but it's none of their business, and they wouldn't ask for same from someone employed.

The EA called me and I had a chat with them. They're very good, to be fair, and I can be quite persuasive. He wasn't really sure what to do (I have a feeling the last tenants did a bunk/left arrears) but I persuaded him we'd be fine.

For next rental I'd suggest the next EA asks the current one about payment history in their referencing as that's the best indicator.

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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