Income requirements for ILR - contractor

[tcsprak]

Hi,

Are there any income requirements per financial year to get an ILR under Tier 1 (General) category ? I am a contractor and operate through my own limited company . My Self assessment incomes have been pretty consistent throughout the last 4 years (nearly 40k) but only during the last financial year (FY 13-14) , the income has dropped to about 32 k. All the taxes have been paid and there is nothing pending from my end. Please advise.

Thanks,
tcsprak

[Chase53]

You must satisfy the income criteria same as you did for your initial Tier 1 application. And the income you are claiming points for should be consecutive 12 months of the last 15 months before your ILR application.

It doesn't matter if you are employed/self-employed/Contractor. Its the same rule for everyone.

[tcsprak]

Thanks Chase53. So its only the income in the last 12 months that matters but not any from the previous financial years ? Is that right ?

[swamik1]

You can carry forward profits from your previous company year end profits.

But your Accountant should clearly mention this point in his letter.

Thanks

[tcsprak]

Sorry I didnt get that . Let me tell you what I mean:

1) Minimum income threshold required - 35000 . Income I am declaring - 51,000 -> This is in the last 12 consecutive months

2) The Self asessment incomes for previous Financial years are as follows :

FY 2011- 2012 - 39000
FY 2012 - 2013 - 41000
FY 2013-2014 - 32000
FY 2014-2015 - not submitted yet

The question is does it matter if FY 2013-2014 income is less for ILR purposes

Thanks

[Chase53]

Sorry I didnt get that . Let me tell you what I mean:

1) Minimum income threshold required - 35000 . Income I am declaring - 51,000 -> This is in the last 12 consecutive months

2) The Self asessment incomes for previous Financial years are as follows :

FY 2011- 2012 - 39000
FY 2012 - 2013 - 41000
FY 2013-2014 - 32000
FY 2014-2015 - not submitted yet

The question is does it matter if FY 2013-2014 income is less for ILR purposes

Thanks

Yes, all that matters is your income for the last 12 months. You don't necessarily need to earn the threshold amount in all the years but, be economically active.

And if I were you, just to be on safe side, I would submit my self assessment for the financial year 2014-15 although the deadline is January 2016.

Other than that you got nothing to worry about regarding the earnings.

[tcsprak]

Thanks again . I got no time now as I have my application in the next 2 weeks and also because my accountant wants to do both Self Assessment and Company Tax returns at the same time. I have still some work to do before he submits the documents and hence the question .

Curious to know moderators opinion on this as well .

[gaurav76.5]

Your accountant needs to provide you with payslips which you can show as proof of earnings. Remember that they should be on company letter head.

It would make more sense to ask your accountant to submit the tax returns for both company and you as HO nowdays do make enquiry on that.

[tcsprak]

Hi Forum,

The ILR guidance specifically talks about continuous residency calculation however it doesn't state much about the 28 days rule. My situation is as below:

Date Tier 1 visa valid from : 15/09/2010
Date I first entered UK : 24/09/2010
Visa valid until : 15/09/2015

I booked my PEO appointment on 20th August by subtracting 28 days from 15/09/2015 . Can someone please confirm if I have calculated the date correctly or not ? Its a lot of money at stake !!

Thanks,

[geriatrix]

Topics merged.

[tcsprak]

ok sushdmehta. I thought I accidentally posted it in the old thread.

Cheers

[geriatrix]

See Q3 and Q4, or this post.