Year End Account Show Other Creditors

[Fazie]

You can add a note in next page and add the note reference to 'amount falling due after one year'. In that note you can mention your name and that this amount is an unsecured director's loan. I don't think you need to resubmit your accounts to HMRC, as you are not making any changes in the accounts, you are just further elaborating/detailing the creditors section.

It's not mandatory to send your three years accounts. You can only send your last year accounts as it shows the director loan amount. However, it looks good and your application looks credible enough if you can send your three years account. That's because, this way the case worker can make sure that you have never withdrawn/taken out director loan amount during last three years and put it back.

The accounts may also prove that your business has been continuously running and active from within the six months of your specified date (date you entered this category).

[Webpreneur]

Thank you Fazie for your time and your input.

Accountant was able to make changes to notes saction, and advised not to file to HMRC as we not making changes to figures or amount, It is just the notes section.

I invested money in a span of two and half years, from my personal to business account.
Do I need to submit unsecured director's loan for each tranction? or one will do the job?

Thanks and Regards

[dd156]

You can make one agreement if you want, but ensure that it allows for instalments in the terms and conditions.
I know one person who did submit separate loan agreements for each transaction (total 5).

[Webpreneur]

Thank you DD156,

Under one agreement, should mention about different transaction amount as well?

[Webpreneur]

Good afternoon Everyone,

Being a Director I was withdrawing salary in 2014 (From Jan to Dec 2014).
And shows on FPS as it was real time submission, do you all think it could be issue for me being on the monthly FPS submissions.

I relealised in 2015 and thereafter I took myself off from Payroll System.

Any suggestion in this direction?

Thanks

[FKS21177]

Not Really, if you are taking salary then you must report it to HMRC and this means your name will appear on FPS. this is not an issue at all but any salary taken by director is not investment.

[Webpreneur]

Not Really, if you are taking salary then you must report it to HMRC and this means your name will appear on FPS. this is not an issue at all but any salary taken by director is not investment.

Thank you for quick reply.
I understand it won't be considered as Investment.
My accountant amended accounts for 2014, and considered it as dividends from company to Director.
Do you think now it will be considered as in issue?

Thank You

[FKS21177]

As per my Knowledge you should be fine as long you either spent 50K on business or still stay in business account. I am also confused abit about director salary some people say we have to invest back any amount we taken as director salary.

[Webpreneur]

As per my Knowledge you should be fine as long you either spent 50K on business or still stay in business account. I am also confused abit about director salary some people say we have to invest back any amount we taken as director salary.

Thats what I have gone through the post on Immigration Boards.
I read guidelines and it does not mention anything related to it.
Lets wait what other has to say on this.

Thank you

[geriatrix]

Keep your Tier 1 E queries in a single topic.