Hi members, My Tier 1 extension is due in September. My earnings are made up from both full time employment salary + self employment income. I am looking for your guidance/clarifications in few issues. 1. How my self employment income is calculated (Gross or Net) 2. If Net, should Tax be subtracted...
Thanks Menka and rpsarangi, According to my accountant, net profit is calculated as: income-(expences, class 2 NI+income tax + class 4 NI). But he agrees that for home office it could be income - expenses. he is gong to clarify it with HO. According to policy guidance this is the part applicable for...
hey anu I think members have already told that for sole trader the income you will show to HO is the net after you take away the expenditure but before TAX . Its there in the PDF clearly and your accountant knows what to do as he is an expert in this field. good luck Many thanks rasangi. I know you...
AS PER UKBA WEBSITE , IT STATES (Where the earnings are the profits of a business derived through self-employment or other business activities: the earnings that will be assessed are the profits of the business before tax. Where the applicant only has a share of the business, the earnings that will...
Please bear with me. I am making my self clear again my confusion is not over yet. I am employed + self employed (a sole trader/contractor). I do not have a ltd company. I use my personal account for my salary and contractor income. I pay class 2 NI. Experienced gurus please tell me whether I should...
Lucapooka wrote:Yes, after tax and outgoings with regard to self-employment.
Many thanks for you reply. I am sorry I was not very specific earlier. Which tax should be deducted? Is it income tax on my earnings? I am an IT contractor.
Dear all, "93. .......... The appropriate proportion of the net profit of the business (that is, after tax and outgoings) can therefore be counted as the gross salary of the applicant. We will only consider profits made during the appropriate 12-month earnings period for which the applicant is ...
Thanks rpsarangi. Yes I am a sole trader. Could someone also confirm the savings amount. Both of us are here in UK for more than 12 months. I assume 3 months savings should be £1600. I need some assurance as this cannot be rectified at last minute. I have also read stories about Glasgow peo not bein...
Hi members, My Tier 1 extension is due in September. My earnings are made up from both full time employment salary + self employment income. I am looking for your guidance/clarifications in few issues. 1. How my self employment income is calculated (Gross or Net) 2. If Net, should Tax be subtracted?...
It doesn't matter that you don't own the bussines, because you still have to pay tax on all your income. In the end of each tax year you have to submit an annual return where you specify all your employed and contractor income, pax already paid to the authorities and tax still due to be paid. You d...
But you pay personal income tax on what basis? As a self-employed person? If so you clearly have a business! Obviously not asking you to disclose any detail .... just the generalities. Thanks John. I meant I have not disclosed full income im my tax returns. In that i have shown only my full time em...
It sounds to me that you are self-employed, and do indeed have a business. What about tax on your earnings? In your country you surely need to return the income being generated by you? I pay personal income tax. But do not disclose everything for obvious reasons. Infact I work for those companies o...
Dear Members, I first apologise for repeating this post many times. Still I have a confusion. I am working fultime and contracting in few other places. i have got signed contract with them. They pay me with either cheque or direct debit. But I am not running a business of my own so I don't raise inv...
I am planning to apply for Tier 1 soon (outside UK). Part of my income is coming from contracting sources. Could you please let me know what documents should I submit with my bank statesments.
I am planning to apply UK Tier 1 Visa very soon. I am a fultime employee and also carrying out some contracting work. Could you please let me know what other documents I should provide together with bank statements. Thanks in advance.. Anu In addition to bank statements, as: Employee : payslips or ...
I am planning to apply UK Tier 1 Visa very soon. I am a fultime employee and also carrying out some contracting work. Could you please let me know what other documents I should provide together with bank statements.
