TIER-1 IInd Ext/Croydon PEO/Ltd Co Director - Dividend only

[bond.boy203]

My second tier-1 extension was approved this Saturday without any hassle. Below are my details.


Intital Visa - 12-Jul-2010 to 12-Jul-2012
First extension - 12-Jul-2012 to 12-Jul-2015
Second extension - 17-sep-2014 to 17-sep-2017 ( Awaiting BRP)

I entered UK more than 90 days late hence I needed second extension.


Category : Ltd company director withdrawing salary+Dividends(Although I claimed only dividends for my earnings)

Appointment was at 10AM



9.25 - Arrived at Croydon office and went through Airport security check
9.45 - Payment confirmation page verified and provided with token number
9.55 - Went through Bio-metric finger prints and photo,submitted the supporting documents
10.05 - Case under consideration
10.45 - Documents ready for collection
11.00 - Out of Lunar house and off to a pub

That was the fastest visa extension process I ever had in my entire life. Hassle free. I didn't get to see case worker. I guess booking on Saturday also helped as the crowd was very less.



Documents submitted

- Application form
- two photographs
- Passport & BRP
- Personal bank statements for last 12 months
- Business bank statements for last 12 months
- Business invoices for last 12 months
- Dividend vouchers ( only 4 of them as I withdraw quarterly dividends)
- Client contract
- Account letter confirming dividends
- P & L account and balance sheet from accountant
- Company registration certificate***
- VAT Certificate***
- SATR Form (2013-2014)***
- CT 600 form(2013-2014)***


***These documents were optional I think but I submitted anyway to avoid the hassle of IO asking me questions when I enter UK at airport in future about my tax affairs.


Few exception about my application
- Applied almost an year before the visa expiry date
- submitted only 4 dividend vouchers scattered around various dates which covered my visa extension
voucher dates :
02-jan-14
15-Feb-14
05-May-14
31-Jun-14


Happy to answer any questions as I have made use of this forum for both of my extensions.

[Malik44]

Congratulation

[uzairbaig]

Hi Bond.boy,

Congratulations on your successful application. I am going to apply for my Tier 1 extension next month and I am also self employed. I have few question regarding your application. I will be very thankful if you provide some guidance.

1) Me and my wife are each 50% shareholder of the company and I am the main applicant and sole earner. Will it cause any issue in my application?
2) Why you need to submit your business bank statement or business invoices? (Isn't my personal bank statement, payslips and dividend vouchers are enough?)
3) Is your accountant sign and stamp payslips ? (My accountant have gave me printed payslips on letter head but they are not sign n stamp).

Regards

[bond.boy203]

1) Me and my wife are each 50% shareholder of the company and I am the main applicant and sole earner. Will it cause any issue in my application?
My case was 100% I was the share holder. But my guess is your dividends will be declared in the same ratio which means you can only claim what is declared in your name(50% of total dividend declared). I will let seniors comment on this though.

2) Why you need to submit your business bank statement or business invoices? (Isn't my personal bank statement, payslips and dividend vouchers are enough?)
As long as your documents satisfy the guidance notes, I think you are fine. I just submitted for ease of my mind as I didn't wanted it to be held for further checks just in case.submitting your business statement will always show and prove that you have genuine business running with fund flows.

3) Is your accountant sign and stamp payslips ? (My accountant have gave me printed payslips on letter head but they are not sign n stamp).
I did not submit any pay slips as I was only claiming the dividends for my earning. My div vouchers were stamped by my accountant.

[ashwini_k]

Hi, congrats on the extension. I had a question regarding the tax return. Did the P&L statement and annual tax returns align with the time period applied? My company tax year runs July to June. However, I am claiming the 12 months from November to End of October? Do I need my accountant to re do a P&L statement and Company Annual Return for November to End of October? or Submitting the documents for the july to june period?

[bond.boy203]

I think in your case you will have final accounts until June-2014 so you should be submitting P & L mgt accounts from July-2014 to November-2014. This is my understanding

in summary you can do the below
-Submit final accounts for company year end ( July-2013 to June-2014)
-P & l and management accounts from July-2014 to Nov-2014

[ashwini_k]

Thanks Bond Boy. What if I have sufficient earnings on the July annual return to fund tier 1 requirements? Do I still have to do P&L for the Nov13-Oct14 time period?

[bond.boy203]

You should be fine to submit July YE accounts only as long as your it covers your earnings.

I think the whole P/L and mgt accountant is optional as long as you provide combination of documents mentioned in the guidance line.

[ashwini_k]

Thanks Mate. Appreciated.

When do you go in for ILR?

[rampydi]

My second tier-1 extension was approved this Saturday without any hassle. Below are my details.


Intital Visa - 12-Jul-2010 to 12-Jul-2012
First extension - 12-Jul-2012 to 12-Jul-2015
Second extension - 17-sep-2014 to 17-sep-2017 ( Awaiting BRP)

I entered UK more than 90 days late hence I needed second extension.


Category : Ltd company director withdrawing salary+Dividends(Although I claimed only dividends for my earnings)

Appointment was at 10AM



9.25 - Arrived at Croydon office and went through Airport security check
9.45 - Payment confirmation page verified and provided with token number
9.55 - Went through Bio-metric finger prints and photo,submitted the supporting documents
10.05 - Case under consideration
10.45 - Documents ready for collection
11.00 - Out of Lunar house and off to a pub

That was the fastest visa extension process I ever had in my entire life. Hassle free. I didn't get to see case worker. I guess booking on Saturday also helped as the crowd was very less.



Documents submitted

- Application form
- two photographs
- Passport & BRP
- Personal bank statements for last 12 months
- Business bank statements for last 12 months
- Business invoices for last 12 months
- Dividend vouchers ( only 4 of them as I withdraw quarterly dividends)
- Client contract
- Account letter confirming dividends
- P & L account and balance sheet from accountant
- Company registration certificate***
- VAT Certificate***
- SATR Form (2013-2014)***
- CT 600 form(2013-2014)***


***These documents were optional I think but I submitted anyway to avoid the hassle of IO asking me questions when I enter UK at airport in future about my tax affairs.


Few exception about my application
- Applied almost an year before the visa expiry date
- submitted only 4 dividend vouchers scattered around various dates which covered my visa extension
voucher dates :
02-jan-14
15-Feb-14
05-May-14
31-Jun-14


Happy to answer any questions as I have made use of this forum for both of my extensions.

hi bond.boy203

I am new to extension using limited company. Went through many forums, can't get clear clarification.

1. I am going for visa extension this month (Feb-2015).
2. I need 40k to achieve points.
2. I am showing GROSS Salary of 10k
3. Gross Dividends as 30k
4. Showing 12 Consecutive months earnings as Salary + Dividends (From Feb 2014 to Jan 2015) to get 20 points

-- Net dividends 27K (before gross) took one time as dividend on last month (Jan-2015).

So, question is here

I don't have work for more than 8 months (Between Feb 2014 to Sept 2014), No earnings on that time.
But I have worked as a contractor before Before and After Sept 2014.
Before Feb 2014, I earned some money and it was in Business account and also earned some money after September 2014
So, The total I have in my business account as profit of 27k net(before gross). So I took the same.

ie:
Before Feb 2014 I left carry forward profit as 10k
After September I earned profit as 17k.

Will home office will consider the 10k net as valid earning? I earn that before Feb 2014 (business invoices amount as IT contractor). I have those invoices.

Good thing that I took 10+17 profit as single dividend on last month (Jan 2015) which fall in 12 month consecutive period.

My profit and loss account will not show the 10k in 12 months period, but accountant letter will show the Gross dividend and Salary as 40k ie: 30+10

Will home office will treat the date of dividend took from Business account to current account or based on invoices earnings and profits?

Please suggest.

[bond.boy203]

As long as your mgt accounts show that profit was carried forward from previous year, I think you are good to go. I asked exactly the same question on the below link.

http://www.immigrationboards.com/uk-tie ... ml#p682523

When does your company financial year run...

[bond.boy203]

Also would make your case strong if you pay taxes for that dividend in current year

[BATHE]

My second tier-1 extension was approved this Saturday without any hassle. Below are my details.


Intital Visa - 12-Jul-2010 to 12-Jul-2012
First extension - 12-Jul-2012 to 12-Jul-2015
Second extension - 17-sep-2014 to 17-sep-2017 ( Awaiting BRP)

I entered UK more than 90 days late hence I needed second extension.


Category : Ltd company director withdrawing salary+Dividends(Although I claimed only dividends for my earnings)

Appointment was at 10AM



9.25 - Arrived at Croydon office and went through Airport security check
9.45 - Payment confirmation page verified and provided with token number
9.55 - Went through Bio-metric finger prints and photo,submitted the supporting documents
10.05 - Case under consideration
10.45 - Documents ready for collection
11.00 - Out of Lunar house and off to a pub

That was the fastest visa extension process I ever had in my entire life. Hassle free. I didn't get to see case worker. I guess booking on Saturday also helped as the crowd was very less.



Documents submitted

- Application form
- two photographs
- Passport & BRP
- Personal bank statements for last 12 months
- Business bank statements for last 12 months
- Business invoices for last 12 months
- Dividend vouchers ( only 4 of them as I withdraw quarterly dividends)
- Client contract
- Account letter confirming dividends
- P & L account and balance sheet from accountant
- Company registration certificate***
- VAT Certificate***
- SATR Form (2013-2014)***
- CT 600 form(2013-2014)***


***These documents were optional I think but I submitted anyway to avoid the hassle of IO asking me questions when I enter UK at airport in future about my tax affairs.


Few exception about my application
- Applied almost an year before the visa expiry date
- submitted only 4 dividend vouchers scattered around various dates which covered my visa extension
voucher dates :
02-jan-14
15-Feb-14
05-May-14
31-Jun-14


Happy to answer any questions as I have made use of this forum for both of my extensions.

hi bond.boy203

I am new to extension using limited company. Went through many forums, can't get clear clarification.

1. I am going for visa extension this month (Feb-2015).
2. I need 40k to achieve points.
2. I am showing GROSS Salary of 10k
3. Gross Dividends as 30k
4. Showing 12 Consecutive months earnings as Salary + Dividends (From Feb 2014 to Jan 2015) to get 20 points

-- Net dividends 27K (before gross) took one time as dividend on last month (Jan-2015).

So, question is here

I don't have work for more than 8 months (Between Feb 2014 to Sept 2014), No earnings on that time.
But I have worked as a contractor before Before and After Sept 2014.
Before Feb 2014, I earned some money and it was in Business account and also earned some money after September 2014
So, The total I have in my business account as profit of 27k net(before gross). So I took the same.

ie:
Before Feb 2014 I left carry forward profit as 10k
After September I earned profit as 17k.

Will home office will consider the 10k net as valid earning? I earn that before Feb 2014 (business invoices amount as IT contractor). I have those invoices.

Good thing that I took 10+17 profit as single dividend on last month (Jan 2015) which fall in 12 month consecutive period.

My profit and loss account will not show the 10k in 12 months period, but accountant letter will show the Gross dividend and Salary as 40k ie: 30+10

Will home office will treat the date of dividend took from Business account to current account or based on invoices earnings and profits?

Please suggest.

Hi Rampydi,

Let me know about the application status and as I am also planning to you use dividends from retained profits.

[rampydi]

I got my visa till 2018.
No need of accounting period change.
I just took these docs with me.

1. Gros salary confirmation and payment break up on accountant letter.
2. pay slips and dividend vouchers
3. both personal and business bank statements.

safe side
4. Last comapny finacial year accounts (profit loss and Balance sheet)

[BATHE]

Congrats Rampydi for your successful extension.

[BATHE]

Hi, I have sent my number to your private message. is it possible to speak to you to get more info and template pls. Thanks.

[rampydi]

No idea, I can't see your messages. I don't have access for private messages.