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shaf2008 wrote:HI All,
I am on a £50,000 route and my visa id due for extension in April 2016. I have a business based in London for the last three and half years. We specialize in importing building materials for large scheme residential developments. I have two full time employees. I submit VAT and PAYE every quarter. and pay appropriate taxes. Have three years accounts , the last one is not filed. Can anyone input some ideas on how to get everything in order to apply for my extension.I have one dependent
shaf2008 wrote:Thanks Samaygrg,
I met my solicitor last week, she came to my office and collected all the document . i am waiting for her comments to get the rest of the paper works ready.
She mentioned that all my expenses from business are considered as an investment. But few of my friends are saying that the business stocks are not considered as investment. Any Comments.
shaf2008 wrote:Thanks Shanky,
You are absolutely right. My solicitor called me last week and said that there is nothing to be worried about my application. she reviewed all the documents i provided. All seems OK. We are meeting again this week. Hopefully , i will have a more clear idea about what else is needed.
On our payslips the hours were not mentioned. But if they work out the figures then they can clearly understand that we are paying over the required amount. She told me to get something in writing from my accountant about this.
Also , she asked me to create a director loan agreement .
Regards
Shaf
There are no such rules for your company to be in profit. Many companies in cash intensive sectors like technology do not make any profit for years as they rely on the investments.yazztech wrote:just a quick query. is it necessary that company position should be in profit ? is that in rules as well ? my extension is in oct 2016 .
shaf2008 wrote:HI Everyone,
My Immigration solicitor came to see me last week after reviewing all the documents i provided. She said most of the things are fine and there is no red flags to be worried. would really appreciate your feedback on the following .
1, She told me to write a profile about my roles in the business which need to be above NVQ level 4
Not required / not necessary.
2, Asked to get more contracts from my customers to show trade also she wanted to see invoices to my customers
Not required / not necessary.
3, Payslips. I have two employees on my payroll, one of them joined in July 2014 and the other one Feb 2015. On my accounts software she did not put any hours. there is only total amount payable to each every month. these wages are more than what is required. is it an immigration requirement to have the number of hours on the payslips. or they can work out the hours themselves. ? How about showing one employees 14 moth payslip and other ones 8 month. is it possible?
Pay slips are compulsory. Pay slips should have number of working hours every month. If the pay slips do not have the number of working hours then provide the contract between the company and employee which shows the number of working hours and mention this in the covering letter along with your application.
4, Director Loan agreement. She told me that there needs to be a directors loan agreement . can you please let me know , if this need to be dated before the money was transferred to the business. also what about the interest payment and repayment clauses. she told me to get the help of a financial solicitor to draft this .
Director loan agreement is mandatory and should be dated before the date of first transaction. The only the clause which HO wants is that the directors loan must be unsecured and must be subordinated in favour of the third-party creditors
5, she asked me for my CV .
Not required / not necessary.
6, Letters from accounat. confirming the roles/investments etc. can we have one letter for all ?
Yes it is mandatory and yes you can have it written in one letter. Better if two seperate letters
7 , Final accounts- can any one tell where can we include the directors loan ?
Directors loan should be shown in the accounts. Ask your accountant he should have done it. If not ask him the solution for this as he the best person to answer this
Will really appreciate, all inputs.
Regards
Shaf
Please point to the immigration rules/guide where you need to show the hours on payslips or show the employment contract ??? I see no such requirement.Pay slips are compulsory. Pay slips should have number of working hours every month. If the pay slips do not have the number of working hours then provide the contract between the company and employee which shows the number of working hours and mention this in the covering letter along with your application.
Accountant's letter is only required if you joined an existing business. Not required if you started a new business.6, Letters from accounat. confirming the roles/investments etc. can we have one letter for all ?
Yes it is mandatory and yes you can have it written in one letter. Better if two seperate letters
1. Not really, most payslips do not have hourly rates on them. HO considers a 30 hour week to be full-time employment. They want to see the money you paid covers the min number of the hours required (3120 hours) given the hourly rate you claim. You should have created the equivalent of two jobs where your employees worked min 30 hours a week for at least a year for the hourly rate you put on the form. Your salary payments must cover this.shaf2008 wrote:HI Everyone,
Its getting closer to the date of application. I Think most of the things are in place. few doubts.
1- Is it a requirement to have hourly rate on playslips.
2- Directors Loan agreement. Do i need to get any solicitor involved to draft one. ?
Its so confusing in this forum. can any one help.....
Regards
Shaf
Read the guide and prepare the loan with all the details required there. The agreement should very clearly state that the loan is an unsecured loan and it is subordinated in favour of 3rd party creditors.shaf2008 wrote:Thanks for the response.
Is there any thing that we need to be careful about the directors loan agreement. i am trying to get some solicitors involved.
Yes, it is an agreement between you and your company. HO does not demand a specific period for a loanshaf2008 wrote:HI,
Can i use 6 or 7 years as the term of directors loan.
But you can put anyone...Any of your Friend..shaf2008 wrote:I met a contracts solicitor yesterday about directors loan agreement.
He said that based on English law it is not necessary to have a witness on the directors loan agreement. when i loan money to the business.
he said that i sign on both the parts.
Any suggestions.
Do i need to include any witness on directors loan agreement,
Regards
Shaf