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AANA wrote:Hi 10020132
Please note this is my understanding and how i have interpreted the Home Office guidance.
Q1. Will it have an impact if my business did make loss in first 2 years and eventually i closed it down. And started a new business in third year?
No, it does not matter if the business made a profit or loss, also it does not matter if you closed the business and opened a new business.
Q2 We were a team of two members who applied for visa together. Now do we both need to be partner in all the businesses thAt we started? Or can we be self employed sole trader for two different businesses and operating them independantly? As in do I need to show access to both businesses? And vice versa
If you are operating the business's separately then you will have to show a £50,000 investment from each team member, it would be easier to add each other to the relevant business's and bank accounts.
Q3 for proof of investment, ltd companies can show director loan agreement etc. But we are operating as sole trader, what proof can we submit? Accountant letter? Balance sheet? Or something else
My understanding of this is that you would have to show the actual investment into the business/s so an accountants letter would suffice along with the accounts.
Q4 lastly, with ukba do we have to submit final accounts that we have submitted to hmrc or do we have to submit management accounts?
I would submit all accounts to UKBA, final accounts as well as management accounts
Saleem
I have £50k in my bank.I need show investment money to home office for my tier1 extension but i don't know how can i show my invested money in uk.Please help me anyone ho can i show my invested moneyAANA wrote:Hi 10020132
Please note this is my understanding and how i have interpreted the Home Office guidance.
Q1. Will it have an impact if my business did make loss in first 2 years and eventually i closed it down. And started a new business in third year?
No, it does not matter if the business made a profit or loss, also it does not matter if you closed the business and opened a new business.
Q2 We were a team of two members who applied for visa together. Now do we both need to be partner in all the businesses thAt we started? Or can we be self employed sole trader for two different businesses and operating them independantly? As in do I need to show access to both businesses? And vice versa
If you are operating the business's separately then you will have to show a £50,000 investment from each team member, it would be easier to add each other to the relevant business's and bank accounts.
Q3 for proof of investment, ltd companies can show director loan agreement etc. But we are operating as sole trader, what proof can we submit? Accountant letter? Balance sheet? Or something else
My understanding of this is that you would have to show the actual investment into the business/s so an accountants letter would suffice along with the accounts.
Q4 lastly, with ukba do we have to submit final accounts that we have submitted to hmrc or do we have to submit management accounts?
I would submit all accounts to UKBA, final accounts as well as management accounts
Saleem
vmai wrote:I have £50k in my bank.I need show investment money to home office for my tier1 extension but i don't know how can i show my invested money in uk.Please help me anyone ho can i show my invested moneyAANA wrote:Hi 10020132
Please note this is my understanding and how i have interpreted the Home Office guidance.
Q1. Will it have an impact if my business did make loss in first 2 years and eventually i closed it down. And started a new business in third year?
No, it does not matter if the business made a profit or loss, also it does not matter if you closed the business and opened a new business.
Q2 We were a team of two members who applied for visa together. Now do we both need to be partner in all the businesses thAt we started? Or can we be self employed sole trader for two different businesses and operating them independantly? As in do I need to show access to both businesses? And vice versa
If you are operating the business's separately then you will have to show a £50,000 investment from each team member, it would be easier to add each other to the relevant business's and bank accounts.
Q3 for proof of investment, ltd companies can show director loan agreement etc. But we are operating as sole trader, what proof can we submit? Accountant letter? Balance sheet? Or something else
My understanding of this is that you would have to show the actual investment into the business/s so an accountants letter would suffice along with the accounts.
Q4 lastly, with ukba do we have to submit final accounts that we have submitted to hmrc or do we have to submit management accounts?
I would submit all accounts to UKBA, final accounts as well as management accounts
Saleem