- FAQ
- Login
- Register
- Call Workpermit.com for a paid service +44 (0)344-991-9222
ESC
Welcome to immigrationboards.com!
Moderators: Casa, Amber, archigabe, batleykhan, ca.funke, ChetanOjha, EUsmileWEallsmile, JAJ, John, Obie, push, geriatrix, vinny, CR001, zimba, meself2
Is there a database for certified accountants with tier 1 entreprenueur experience? HO requirement is different from the normal accounting. Tired of clueless accountants..dnf wrote:I have now successfully extended my entrepreneur visa on £50k route and will clear here a number of misconceptions.
Timeline
Application sent - 15/02/16
Received - 16/02/16
Acknowledgement - 21/02/16
BRP request - 21/02/16 (Given the same day)
BRP received - 02/03/16 (decision date 29/02/16)
Passport and other documents - waiting
I have requested to expedite my case, which was approved on medical grounds. I provided my wife's doctors letters from Canada.
I am a Chartered Certified Accountant (FCCA), running an award winning practice.
Documents submitted
Application
1 year management accounts clearly showing director loan of £50k under creditors
Director Loan agreement (format below)
Proof of transfer of director loan (both business and personal statements)
Current appointment report
Employment documents (Payslips for the last 15 months - full payment submissions for the last 15 months, P46 for all the employees who started with my firm, the employees passport copies, P11'S)
Professional indemnity insurance (For genuine entrepreneur purpose)
Employers Liability insurance (For genuine entrepreneur purpose)
Invitation that I was invited as a guest speaker by Barclays Bank to discuss business growth (For genuine entrepreneur purpose)
Last 3 months business statements
Last 3 months personal statements (maintenance)
Corporation Tax letter from HMRC
Latest VAT filed with the payment
Employment
A number of people suggest here that apprentices are not employees, which is incorrect as apprentices are employees and receive national minimum wage. I had 1 apprentice, who worked for me full time. As my case is approved, which is why I believe that apprentice was accepted as an employee. I did provided a cover letter explaining the employment, which in my opinion, home office must have accepted due to my expertise in the industry.
The director loan was only transferred 2 months before the extension and stayed in the business account as my company is profitable and the money was not used.
In summary, this post should clear the misconception of apprentices being employees and the director loan, which does not have to be used by the company if not needed but yes need to be transferred, stayed in the business account and shown on the accounts.
-----
Director Loan agreement (I signed as myself and as the director and no witnesses)
THIS AGREEMENT is made on the 01 of January 2013
Between,
Lender: XYZ, Director of XYZ Limited
Borrower: XYZ Limited, 123456789
Amount of Loan: £ 50,000
Repayment Period of Loan: 60 Months after the initial 5 years
Amount payable: £ 50,000
Annual Percentage Rate: 0 %
Terms of the Loan
1. The lender shall lend or make available to the Company the sum of £ 50,000 (‘the Loan’) for a total period of 5 years. The loan, if not transferred at the date of this contract than must be transferred before 30th November 2015. The term of the loan will start immediately after the transfer.
2. The repayment period will starting at the end of the 5th year for a period of 5 years, amounting to 60 Monthly repayments.
3. In consideration of the Lender lending or making available the Loan the Company covenants and undertakes to repay the Loan to the Lender on the Repayment Date or on any earlier date on which the Loan may become repayable pursuant to this agreement.
4. The loan is unsecured and subordinated in favour of third-party creditors.
5. The lender must ensure that the Loan is available in lenders accounts on the signing date and credited to the company business account on or before 30th November 2015.
6. Notwithstanding anything else contained in this agreement the whole of the Loan or so much of it as for the time being remains outstanding and all interest accrued but unpaid shall immediately become repayable in any if the Company shall be unable to pay its debts within the meaning assigned to that expression by the Insolvency Act 1986 Section 123 or if the Company shall certify that it is unable to pay its debts as and when they shall fall due.
Signed on behalf of Company
Name: Mr. XYZ
Signed: …………………………………………………………………………………………
Position: Company Director
Dated: 01 January 2013
Lenders Full Name: Mr. XYZ
Signed: ……………………………………………………………………………………………
Dated: 01 January 2013
----
I applied for ILR on 10 years basis, 8 months before my entrepreneur visa expired (18/12/15). ILR was refused due to over 1300 days absences in 10 years. I appealed and the appeal rights exhausted on 27/01/16. I was therefore an over stayer from 28/01/16 and applied for extension on 15/02/16 i.e. within 28 days. As my extension was approved, which means that the overstaying time of under 28 days was disregarded. Also, the time between 18/12/2015 - 27/01/16 was classed as extension under section 3c.
dnf wrote:I have now successfully extended my entrepreneur visa on £50k route and will clear here a number of misconceptions.
Timeline
Application sent - 15/02/16
Received - 16/02/16
Acknowledgement - 21/02/16
BRP request - 21/02/16 (Given the same day)
BRP received - 02/03/16 (decision date 29/02/16)
Passport and other documents - waiting
I have requested to expedite my case, which was approved on medical grounds. I provided my wife's doctors letters from Canada.
I am a Chartered Certified Accountant (FCCA), running an award winning practice.
Documents submitted
Application
1 year management accounts clearly showing director loan of £50k under creditors
Director Loan agreement (format below)
Proof of transfer of director loan (both business and personal statements)
Current appointment report
Employment documents (Payslips for the last 15 months - full payment submissions for the last 15 months, P46 for all the employees who started with my firm, the employees passport copies, P11'S)
Professional indemnity insurance (For genuine entrepreneur purpose)
Employers Liability insurance (For genuine entrepreneur purpose)
Invitation that I was invited as a guest speaker by Barclays Bank to discuss business growth (For genuine entrepreneur purpose)
Last 3 months business statements
Last 3 months personal statements (maintenance)
Corporation Tax letter from HMRC
Latest VAT filed with the payment
Employment
A number of people suggest here that apprentices are not employees, which is incorrect as apprentices are employees and receive national minimum wage. I had 1 apprentice, who worked for me full time. As my case is approved, which is why I believe that apprentice was accepted as an employee. I did provided a cover letter explaining the employment, which in my opinion, home office must have accepted due to my expertise in the industry.
The director loan was only transferred 2 months before the extension and stayed in the business account as my company is profitable and the money was not used.
In summary, this post should clear the misconception of apprentices being employees and the director loan, which does not have to be used by the company if not needed but yes need to be transferred, stayed in the business account and shown on the accounts.
-----
Director Loan agreement (I signed as myself and as the director and no witnesses)
THIS AGREEMENT is made on the 01 of January 2013
Between,
Lender: XYZ, Director of XYZ Limited
Borrower: XYZ Limited, 123456789
Amount of Loan: £ 50,000
Repayment Period of Loan: 60 Months after the initial 5 years
Amount payable: £ 50,000
Annual Percentage Rate: 0 %
Terms of the Loan
1. The lender shall lend or make available to the Company the sum of £ 50,000 (‘the Loan’) for a total period of 5 years. The loan, if not transferred at the date of this contract than must be transferred before 30th November 2015. The term of the loan will start immediately after the transfer.
2. The repayment period will starting at the end of the 5th year for a period of 5 years, amounting to 60 Monthly repayments.
3. In consideration of the Lender lending or making available the Loan the Company covenants and undertakes to repay the Loan to the Lender on the Repayment Date or on any earlier date on which the Loan may become repayable pursuant to this agreement.
4. The loan is unsecured and subordinated in favour of third-party creditors.
5. The lender must ensure that the Loan is available in lenders accounts on the signing date and credited to the company business account on or before 30th November 2015.
6. Notwithstanding anything else contained in this agreement the whole of the Loan or so much of it as for the time being remains outstanding and all interest accrued but unpaid shall immediately become repayable in any if the Company shall be unable to pay its debts within the meaning assigned to that expression by the Insolvency Act 1986 Section 123 or if the Company shall certify that it is unable to pay its debts as and when they shall fall due.
Signed on behalf of Company
Name: Mr. XYZ
Signed: …………………………………………………………………………………………
Position: Company Director
Dated: 01 January 2013
Lenders Full Name: Mr. XYZ
Signed: ……………………………………………………………………………………………
Dated: 01 January 2013
----
I applied for ILR on 10 years basis, 8 months before my entrepreneur visa expired (18/12/15). ILR was refused due to over 1300 days absences in 10 years. I appealed and the appeal rights exhausted on 27/01/16. I was therefore an over stayer from 28/01/16 and applied for extension on 15/02/16 i.e. within 28 days. As my extension was approved, which means that the overstaying time of under 28 days was disregarded. Also, the time between 18/12/2015 - 27/01/16 was classed as extension under section 3c.
Thank you.dnf wrote:Hi TUHC - You send the FPS only for the period you claiming points i.e. April 14 - March 16.
Helping person - FPS is the part of RTI. Your accountant may send you RTI filing confirmation and FPS document outlining what was filed as RTI. Yes sign both and the applicant signature would suffice for Home Office.
dnf wrote:I have now successfully extended my entrepreneur visa on £50k route and will clear here a number of misconceptions.
Timeline
Application sent - 15/02/16
Received - 16/02/16
Acknowledgement - 21/02/16
BRP request - 21/02/16 (Given the same day)
BRP received - 02/03/16 (decision date 29/02/16)
Passport and other documents - waiting
I have requested to expedite my case, which was approved on medical grounds. I provided my wife's doctors letters from Canada.
I am a Chartered Certified Accountant (FCCA), running an award winning practice.
Documents submitted
Application
1 year management accounts clearly showing director loan of £50k under creditors
Director Loan agreement (format below)
Proof of transfer of director loan (both business and personal statements)
Current appointment report
Employment documents (Payslips for the last 15 months - full payment submissions for the last 15 months, P46 for all the employees who started with my firm, the employees passport copies, P11'S)
Professional indemnity insurance (For genuine entrepreneur purpose)
Employers Liability insurance (For genuine entrepreneur purpose)
Invitation that I was invited as a guest speaker by Barclays Bank to discuss business growth (For genuine entrepreneur purpose)
Last 3 months business statements
Last 3 months personal statements (maintenance)
Corporation Tax letter from HMRC
Latest VAT filed with the payment
Employment
A number of people suggest here that apprentices are not employees, which is incorrect as apprentices are employees and receive national minimum wage. I had 1 apprentice, who worked for me full time. As my case is approved, which is why I believe that apprentice was accepted as an employee. I did provided a cover letter explaining the employment, which in my opinion, home office must have accepted due to my expertise in the industry.
The director loan was only transferred 2 months before the extension and stayed in the business account as my company is profitable and the money was not used.
In summary, this post should clear the misconception of apprentices being employees and the director loan, which does not have to be used by the company if not needed but yes need to be transferred, stayed in the business account and shown on the accounts.
-----
Director Loan agreement (I signed as myself and as the director and no witnesses)
THIS AGREEMENT is made on the 01 of January 2013
Between,
Lender: XYZ, Director of XYZ Limited
Borrower: XYZ Limited, 123456789
Amount of Loan: £ 50,000
Repayment Period of Loan: 60 Months after the initial 5 years
Amount payable: £ 50,000
Annual Percentage Rate: 0 %
Terms of the Loan
1. The lender shall lend or make available to the Company the sum of £ 50,000 (‘the Loan’) for a total period of 5 years. The loan, if not transferred at the date of this contract than must be transferred before 30th November 2015. The term of the loan will start immediately after the transfer.
2. The repayment period will starting at the end of the 5th year for a period of 5 years, amounting to 60 Monthly repayments.
3. In consideration of the Lender lending or making available the Loan the Company covenants and undertakes to repay the Loan to the Lender on the Repayment Date or on any earlier date on which the Loan may become repayable pursuant to this agreement.
4. The loan is unsecured and subordinated in favour of third-party creditors.
5. The lender must ensure that the Loan is available in lenders accounts on the signing date and credited to the company business account on or before 30th November 2015.
6. Notwithstanding anything else contained in this agreement the whole of the Loan or so much of it as for the time being remains outstanding and all interest accrued but unpaid shall immediately become repayable in any if the Company shall be unable to pay its debts within the meaning assigned to that expression by the Insolvency Act 1986 Section 123 or if the Company shall certify that it is unable to pay its debts as and when they shall fall due.
Signed on behalf of Company
Name: Mr. XYZ
Signed: …………………………………………………………………………………………
Position: Company Director
Dated: 01 January 2013
Lenders Full Name: Mr. XYZ
Signed: ……………………………………………………………………………………………
Dated: 01 January 2013
----
I applied for ILR on 10 years basis, 8 months before my entrepreneur visa expired (18/12/15). ILR was refused due to over 1300 days absences in 10 years. I appealed and the appeal rights exhausted on 27/01/16. I was therefore an over stayer from 28/01/16 and applied for extension on 15/02/16 i.e. within 28 days. As my extension was approved, which means that the overstaying time of under 28 days was disregarded. Also, the time between 18/12/2015 - 27/01/16 was classed as extension under section 3c.
It's still unclear how this sits with the T1E guidance that invested money has to be 'used'...dnf wrote:If a business is profitable from day one than it can survive without the need of investment.
You are not required to spend the investment which is the misconception majority of people have hence the reason I wrote this post to clear up the misconception
Kindly re-read my original post as everything is clearly outlined.
- page 72A21
...
Money deposited in a bank account, even if it is in a United Kingdom business bank account, is not counted as investment in business. The money should be used in the business to encourage growth or expansion, to improve services or products and to ensure the business is profitable