Sole owner - Newly self employed - Looking to rent

[Ryan Nolan]

Hi, I’ve just started my own business in the UK selling local produce such as crisps, oils and drinks etc. The company started trading in Jan this year BUT i haven’t started selling yet as I needed the business to be running and registered before I can start selling products. Me and my partner are looking to get our own apartment and begin self employed is making it rather impossible without having any proof of income or tax returns. Is there anyone who has been in the same situation? The agency have contacted me as the director for proof of income for myself, can I send them a letter from my business to myself stating that I’m guaranteed to take a bonus and pay as of the second half of the year (which is true)?

 

[Mr D]

Are you self employed or a director?
Self employed the income is the profit of the business, director the income is wages from the company.

 

[Ryan Nolan]

Are you self employed or a director?
Self employed the income is the profit of the business, director the income is wages from the company.

I’m classed as self employed so I earn the profit from the business

 

[Mark T Jones]

I’m classed as self employed so I earn the profit from the business

Still not entirely clear - you have described yourself as a director. If self employed, you are a proprietor.

That said, in reality your only way around this is to offer a significant up-front deposit or a guarantor.

 

[Gordon - Commercial Finance]

I rented a place for myself and my family when I had been in business less than a year. Whether you are a director or proprietor doesn't really matter because like mortgage lenders, rental agencies don't make the distinction. They consider anyone who is employed by a company that they also own to be "self employed".

In my case, I had to get my Dad to act as a guarantor for half the rent. They were happy to let my wife crack on for her half, even though she is also employed by my company...

 

[webgeek]

Same issue when immigrating. Ended up paying 6 month rent in advance.

 

[Mr D]

I’m classed as self employed so I earn the profit from the business

Then not a director.

 

[Darren_Ssc]

The agency have contacted me as the director for proof of income for myself, can I send them a letter from my business to myself stating that I’m guaranteed to take a bonus and pay as of the second half of the year (which is true)?

Avoid agencies and deal direct with people renting privately, easy enough to find on gumtree, etc.
Offer to pay several months upfront if you have to.

 

[ethical PR]

Hi, I’ve just started my own business in the UK selling local produce such as crisps, oils and drinks etc. The company started trading in Jan this year BUT i haven’t started selling yet as I needed the business to be running and registered before I can start selling products. Me and my partner are looking to get our own apartment and begin self employed is making it rather impossible without having any proof of income or tax returns. Is there anyone who has been in the same situation? The agency have contacted me as the director for proof of income for myself, can I send them a letter from my business to myself stating that I’m guaranteed to take a bonus and pay as of the second half of the year (which is true)?

I would agree with others, that you will need a substantial deposit to cover the first six months and a UK guarantor.

I rent out property and credit check all my tenants ( including bank, employment and previous landlord). Personally I wouldn't take on tenants who are both self employed and cannot demonstrate any income.

As neither of you have been taking an income from the business for the last six months, is there any reason you both can't get at least part time paid employment while you build your business up?