Financial Requirement, self employed.

[jakfzs77]

Dear sirs,

I am looking for advice for my wife spouse visa from Pakistan.

I am working as self employed since April 2013. My last employment finished on 01/06/2013 and my gross earning were £1152 for April 13 and May13.

I m aware that I need to meet the £18600 (financial-requirements/maintenance), I am going to file my tax return as self employment in few days time because I just back to Uk after getting married from Pakistan.

I am already paying CLASS 2 NI.

I wonder shall I declare (18600-1152) =17448 tht my gross income for year 2013-14? and whats else I need to show for my spouse visa.
I also wonder I dont have funds going to my bank account regually. ANYONE PLEASE HELP

THANKS

REGARDS
Jak

[85 East]

I think there are two separate issues here;
1-How you complete the tax return
2- The income which you declare for your wife's sponsorship.

1: Did you actually earn GBP 17448 through self employment in FY13/14? If so do you have the documentation to prove it? Additionally bear in mind that you should have paid/will be taxed on this income if you declare it. If did not earn this amount in FY 13/14 I would not make a false declaration on the self-assessment form, it is an offence and the last thing you want is HMRC investigating you.

2: For the purposes of meeting the financial requirement, you will need to show:

"Personal bank statements for the same 12-month period as the tax return(s) showing that the income from self-employment has been paid into an account in the name of the person or in the name of the person and their partner jointly."

(Annex FM Section FM 1.7: Financial Requirement, Section 9.6.1). You will also need evidence of ongoing i.e. current self-employment, so would need evidence of payments into your bank etc for the current period to date.

I would suggest you talk to a tax advisor in the first instance, as they will be able to advise you on how to complete the self-assessment form.

[jakfzs77]

Dear

Thank you so much for coming back to me regarding Financial requirement as self employed.

I am earning around £ 2000-£1800 per month.Reason I have to fill tax return for FY13-14 now that I was out of the country for my wedding.

Regarding my Bank statement I really dont know what is the best way.

Kind Regards
Jak

[Wanderer]

Remember as SE you will have to subtract your costs (if any) to arrive at your income for tax purposes.

[jakfzs77]

Dear Wanderer,

I did have a word with my accountant regarding my cost. He said yes we subtract my cost such Rent, Rates ,patrol ect

[jakfzs77]

Regarding Money going in Bank account.

My accountant said dont put more then £ 250 -300 per week into you bank.

So really not sure what is best for me to do.

kind regards
Jak

[allenboo]

The best way is get someone who has company to employ you and both make the arrangements. You may have to be paying tax and ni every month through the employer. Self employment is sometimes automatic refusal