Tier 1 Entrepreneur Extension July 2016

[helpingperson]

I have read the guidance, what if director loan is not shown in accounts in liabilities but you have actually transferred from personal to business?

This is difficulty I have where I need some ideas/help.

Thank you.

[lavildhillon]

Hi Everyone,

Can director take a loan from company by a share capital he transferred to purchase share? If Yes, Does he need to pay money back within three years of Initial grant of visa ?

Please help needed on above matter.

Thanks

[zimba]

Hi Everyone,

Can director take a loan from company by a share capital he transferred to purchase share? If Yes, Does he need to pay money back within three years of Initial grant of visa ?

Please help needed on above matter.

Thanks

I do not know what are going to be the consequences specifically but if you take the money out you did not invest and will get no points on that for your extension.
Generally you need to invest the money to the company for the purpose of it being spent in your business.
Money paid to a company in exchange for shares belongs to the company. If you want to take the money out, you either have to sell your shares or get a loan from your company as a director. You need to return the loaned money back to the company within 9 months otherwise have to pay full corporation tax on it.
Consult your accountant

[lavildhillon]

Hi Zimba,

Do we only need to submit last year annual accounts if we are applying under Share capital Investment ? or we need to submit all three years accounts ?

Thanks

[zimba]

Hi Zimba,

Do we only need to submit last year annual accounts if we are applying under Share capital Investment ? or we need to submit all three years accounts ?

Thanks

The year you claimed you invested the money and the years after that. Usually 2 or 3 years annual accounts

[lavildhillon]

Hi,

Can we buy ordinary shares in first year of business and transfer the share capital £50K over the period of three years before I apply for tier 1 extension ?

Because in first year accounts, It is showing I have got XX amount of shares and I am in debt of £50K which I need to pay to my company. Will that make sense ?

[lavildhillon]

Hi,

Can we buy ordinary shares in first year of business and transfer the capital £50K over the period of three years before applying for tier 1 extension ?

Because in first year accounts, It is showing I have got XX amount of shares and I am in debt of £50K which I need to pay to my company. Will that make sense ?

Thanks

[Ameten]

Thanks Zimba !

In my share certificate, It is showing that I have 50,000 shares of £1 each. Will this be the only document I have to provide or I have to provide business bank statements also along with Accounts ?

Please where can someone obtain a share certificate as Company House said they dont issue share certificate. Lavildhillon, please can you advise on how you got your share certificate or anyone with any idea?

[zimba]

Hi,

Can we buy ordinary shares in first year of business and transfer the share capital £50K over the period of three years before I apply for tier 1 extension ?

Because in first year accounts, It is showing I have got XX amount of shares and I am in debt of £50K which I need to pay to my company. Will that make sense ?

You must transfer money in return for shares allocated. This must be shown in your accounts under your name.

Please where can someone obtain a share certificate as Company House said they dont issue share certificate. Lavildhillon, please can you advise on how you got your share certificate or anyone with any idea?

Companies house ??? You are buying shares of your own company, therefore your company must issue share certificate for your. You can find templates online.

[Ameten]

Please where can someone obtain a share certificate as Company House said they dont issue share certificate. Lavildhillon, please can you advise on how you got your share certificate or anyone with any idea?

Companies house ??? You are buying shares of your own company, therefore your company must issue share certificate for your. You can find templates online.[/quote]

Thanks Zimba,
Can someone Please help on which is the appropriate address to send additional document for extension application. The Reason why am confused is because Application was sent to:
Home Office
Tier 1
PO Box 496
Durham
DH99 1WQ

But the address on the reference letter is showing:
PO Box 3468
Sheffield
S3 8WA

Please which of the addresses is appropriate?

[zimba]

You should send your application to the Durham address only.
You are also NOT allowed to add any extra documents as they will be ignored. They will have no effect on your application as HO will NOT accept any documents sent afterwards

If any extra documents is required during the process, your case worker will contact you and ask you to send them to a specific address.

[lavildhillon]

HI ALL,

I have a few queries related to business.

1. Can we invest more then £50,000 in business ? If business in need.

2. If in starting we have invested £50,000 via Share capital, Can we invest another £50,000 via DL ?

3. Now If Investment is of total £100K, Do we need to show total investment of £100K or just £50K ?

Please give me your reviews on this..

Thanks

[zimba]

HI ALL,

I have a few queries related to business.

1. Can we invest more then £50,000 in business ? If business in need.

2. If in starting we have invested £50,000 via Share capital, Can we invest another £50,000 via DL ?

3. Now If Investment is of total £100K, Do we need to show total investment of £100K or just £50K ?

Please give me your reviews on this..

Thanks

You need to show you invested at least 50K in the form of DL/share in your business. You can invest more than that it is your business.

[seasky]

Since the introduction of genuine entrepreneurs test there is a subjective side to the assesment. So absolutely show you are a genuine entrepreneur and show all the investment you made. Alsi reference it in covering letter in a positive way (e.g. "I saw a great opportunity for growth and invested....")

[geriatrix]

Keep your TIer 1 E queries in a single topic.

[lavildhillon]

Hi Zimba,

I have invested £50K via share in first year and another £50K via DL in third year. Can I only submit third year accounts in which it showing investment by DL of £50K ?

Thanks

[regularuser]

Hi Zimba,

I am ready with application but just a quick question regarding Director loan, as my solicitor advice me about the Director remuneration, So i have invested more than 200k.
Should I put 200k on my director loan or exact amount as per accounts.


Thanks

[helpingperson]

hello zimba
my appear in this format
"Creditors: amounts falling due after one year
Director Investment "

is this ok?

Our accountant is saying software has standard notes and wording, he is not able to change any notes and add our names.

Please advise your experience/understanding on this?