Verification of turnover from abroad and letting agents
Thread poster: Marie Karlsson

Marie Karlsson
United Kingdom
Local time: 06:02
English to Swedish
+ ...
Nov 26, 2013

Dear colleagues,

I have been working as a self-employed translator (sole trader) in Sweden for some years and I have recently moved to the UK.
Letting agents wants to check my profit for the last 6 months using information from British accounts to assess my solvency. The problem is that this would not be representative of my average income, since the largest part of my turnover has been paid into my Swedish account, and the situation might be the same even if I wait another couple of months. Other assets, such as savings can be an advantage, but does not necessarily suffice from the letting agent's point of view.
As traders on an international market, it is normal and expected to use accounts in different countries. I find these kind of rules applied by letting agents very rigid in modern times, when ease of mobility within the EU should be promoted.

Can anyone give me any advice on how to go about with this? Any help would be really appreciated.

Kind regards,
Marie

[Redigerad 2013-11-26 14:24 GMT]


 

XXXphxxx (X)  Identity Verified
United Kingdom
Local time: 06:02
Portuguese to English
+ ...
Where do you pay your taxes? Nov 26, 2013

Any income, regardless of the country where it is paid, should all be declared in the country where you are domiciled for tax purposes. So your turnover includes income paid into bank accounts in the UK, Sweden and any other country where you have a bank account and receive income. This is what you declare to the tax authorities here and what you declare to the letting agents.

 

Marie Karlsson
United Kingdom
Local time: 06:02
English to Swedish
+ ...
TOPIC STARTER
Letting agents Nov 26, 2013

Lisa Simpson, MCIL wrote:

Any income, regardless of the country where it is paid, should all be declared in the country where you are domiciled for tax purposes. So your turnover includes income paid into bank accounts in the UK, Sweden and any other country where you have a bank account and receive income. This is what you declare to the tax authorities here and what you declare to the letting agents.


Lisa Simpson, I think you have misunderstood my question. I am fully aware of the fact that I need to declare all my incomes, from whichever country they derive, where I am registered for tax purposes.
I have not done my first self-assessment yet, since I have not been here long enough and most of this year's turnover will be declared in Sweden, so I wonder in what way letting agents are supposed to verify my incomes. They seem to only be interested in my British accounts, which would be misleading, as they would not give an indication of my total economical situation.

Kind regards,
Marie


 

Tom in London
United Kingdom
Local time: 06:02
Member (2008)
Italian to English
Correct Nov 26, 2013

Lisa Simpson, MCIL wrote:

Any income, regardless of the country where it is paid, should all be declared in the country where you are domiciled for tax purposes. So your turnover includes income paid into bank accounts in the UK, Sweden and any other country where you have a bank account and receive income. This is what you declare to the tax authorities here and what you declare to the letting agents.


All of your earnings since you "recently" moved to the UK must be declared to the UK tax authorities - no matter where the money goes to.

If your letting agent wants to see all your income for the past 6 months and you have been in the UK for less than that, you should show them all the invoices you have issued both in the UK and in Sweden, for the past 6 months.

However I do agree that your letting agent is being too demanding. It sounds as if this agent might be trying to get you to sign a long-term letting agreement that might not be appropriate for your needs and that requires heavy financial guarantees.

That sort of thing might apply if you were renting an office for 5 years but I don't know that it would apply to a residential letting contract.

Perhaps you should be looking for a different letting agent!

[Edited at 2013-11-26 14:18 GMT]


 

XXXphxxx (X)  Identity Verified
United Kingdom
Local time: 06:02
Portuguese to English
+ ...
Fairly normal Nov 26, 2013

Actually Tom, I think the requirements are not too unusual. One possible way round it, if you can afford it, is to offer to pay several months' rent in advance.

 

Marie Karlsson
United Kingdom
Local time: 06:02
English to Swedish
+ ...
TOPIC STARTER
Verification by invoices Nov 26, 2013

Tom in London wrote:

If your letting agent wants to see all your income for the past 6 months and you have been in the UK for less than that, you should show them all the invoices you have issued both in the UK and in Sweden, for the past 6 months.

However I do agree that your letting agent is being too demanding. It sounds as if this agent might be trying to get you to sign a long-term letting agreement that might not be appropriate for your needs and that requires heavy financial guarantees.

That sort of thing might apply if you were renting an office for 5 years but I don't know that it would apply to a residential letting contract.

Perhaps you should be looking for a different letting agent!

[Edited at 2013-11-26 14:18 GMT]



Thank you, Tom in London. All invoices issued during the past 6 months seems to me to be a very good way to handle the agent's request, if they agree with this, and it would be fair on my behalf. I do not know why I did not think about this myself.:)

I can always try another letting agent, but 6 months' rent in advance seems to be general praxis.


 

Tom in London
United Kingdom
Local time: 06:02
Member (2008)
Italian to English
Odd Nov 26, 2013

Lisa Simpson, MCIL wrote:

Actually Tom, I think the requirements are not too unusual. One possible way round it, if you can afford it, is to offer to pay several months' rent in advance.


They strike me as odd. I rented in London for many years and the contract was a 12-month AST (Assured Shorthold Tenancy). References were requested. But I was employed, with a regular salary, so I didn't need to present any accounts; probably that's the difference.

But yes - paying a whack of money in advance usually does the trick with most people icon_smile.gif

[Edited at 2013-11-26 17:32 GMT]


 

XXXphxxx (X)  Identity Verified
United Kingdom
Local time: 06:02
Portuguese to English
+ ...
. Nov 26, 2013

Your original message did not specify how long you'd been here but did say that your income was being paid into an account in Sweden and this would continue for another couple of months. My point was simply that it makes no difference if the money is being paid into an account in Japan; the income would be declared and accounted for in the UK since this is where you currently reside. Now, since you haven't been here long enough to fill in a UK tax return I'm afraid I don't see any way round it other than to pay rent in advance. I'm fairly certain that the letting agents won’t verify your income in Sweden, unless the landlord is very keen on having you as a tenant and decides to waive that requirement. It's worth asking. It may seem tough but I assure you the same rules would apply to a self-employed British person who had recently returned from abroad with no recent British accounts to show.

 

Ines Burrell  Identity Verified
United Kingdom
Local time: 06:02
Member (2004)
English to Latvian
+ ...
Guarantor Nov 26, 2013

Another way is to find a guarantor - a UK based individual in permanent employment with a salary exceeding the national minimum. That's what my husband and I did after we returned back to the UK from Portugal (well, he returned, I just arrived with him). Having lived in many rented properties, over the years I have read quite a few rental agreements and the guarantor option has been in all of them, as far as I remember.

 

Ty Kendall  Identity Verified
United Kingdom
Local time: 06:02
Hebrew to English
This is why I avoid letting agencies like the plague Nov 26, 2013

Their fees are offensive and their requirements are ridiculous. We currently rent but privately. The current practice seems to be a round of credit checks and if there are any problems with this they usually insist on the 6 months rent upfront or reject you outright.

Sigh. Letting agents...."rigid" is the name of their game.


 

Ines Burrell  Identity Verified
United Kingdom
Local time: 06:02
Member (2004)
English to Latvian
+ ...
Renting in general Nov 27, 2013

I have been renting for years and I have always felt like an underdog - the landlord comes in with inspections every three months or so, tells you off for having a cobweb somewhere in a dark corner, as if you are a misbehaving child, you have to ask permission to put a nail in the wall to hang a clock. God forbid, you want to repair your own car in the driveway, that's a big no no. And all the media is dedicated only to 'homeowners', they are the only ones who are affected by increased fuel prices. What are we, renters - chopped liver?

 

Jessie LN  Identity Verified
United Kingdom
Local time: 06:02
Spanish to English
+ ...
Just give them all the information Nov 27, 2013

I would just give them the statements from both of your accounts and explain your circumstances. Organisations can be pretty clueless when it comes to dealing with situations that are outside of "the norm". This reminds me of when I permanently settled in the UK as a teenager and the headmaster at my new school did not believe me when I told him I had been attending a school in London that followed the American curriculum. Just because he'd never encountered one before, it meant they didn't exist. Ugh.

 

Marie Karlsson
United Kingdom
Local time: 06:02
English to Swedish
+ ...
TOPIC STARTER
Thank you! Dec 20, 2013

I have been busy since I started this thread, but I thank you all for your input.:)

 


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Verification of turnover from abroad and letting agents

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