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user29 wrote:I came to the UK on Entrepreneur Tier 1 category in 2013. In few months, I leased out a closed down premises, obtained A5 restaurant license / permission on it, renovated and installed equipment and then over a period of a year have hire 4 full time staff.
All of this was done step by step, not in one go, over a period of two years since September 2013 to date. In so doing, I have spent just over £100,000 in total. Now the business is self-sustaining; even unusual expenses like marketing or advertisements are also done from the revenue generated from sales.
I have no intention of expanding into another branch or develop another business due to the time this one requires in running it. Also, the lease is for 25 years and I don't have a right to buy and the freehold owner isn't willing to sell the freehold of the premises to me either.
So, I don't see myself spending another £100.000 (totalling a spend of £200,000) as required for my extension application next year.
Try discussing capitalizing employee and other expenses with an experienced accountant if that may help in your case
My question is to ask the forum users here about if they have been in similar situation or what happened to those people who did not spend the whole £200,000 in a business and applied for the extension in the Tier 1 Entrepreneur status.
Many thanks in advance.
I have edited my previous reply since I personally am not satisfied with the two explanations specified on the Tier 1 Entrepreneur Extension policy guideline on the context of awarding points and not awarding points for Director's Loan. here's the link and someone might explain it better:summer69 wrote:.