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2. According to the rules You must provide evidence to show you are reporting Pay As You Earn (PAYE) income tax appropriately to HMRC. For this you need to submit FPS reports from your accountant which you failed to submit with your application.The audited or unaudited accounts must show the investment in money made directly by the you, in your own name or on your behalf (and showing your name).
If you have invested by way of share capital the business accounts must show the shareholders, the amount and value of the shares (on the date of purchase) in your name as it appears on your application. If the value of your share capital is not shown in the accounts, then a copy of the company’s register of members must be provided.
No it is not acceptable. The accounts should show the shares under your name (as anyone can own shares in a company), the number of shares allocated and the value of each share. You being a director or simply showing bank account transfer of funds is not evidence of investment. Your accountant must have put these information in the notes of your accounts. This is VERY CLEAR in the guide but you failed to follow them.Actually in the unaudited account it does show my name as the director of the company, however as the accountant provided me with an abbreviated accounts for the first year, it only shows £100 for the capitals, assets and shareholder's funds respectively - I was quite confused by this and now assume this might be the problem? Although at the same time it does shows on the company bank statements that 200K were invested in initially and the accountant has also provided a letter to confirm this - will these still be considered as valid evidence?
Yes. Produce the accounts showing 200K worth of shares allocated under your name. Your accountant should be able to write these under the notes section of your accounts.In case these are still insufficient to overturn the decision, I might look at the possibility of applying again with better documents - Is there still a way I can prove that 200K has been invested in under my name?
You cannot submit new evidence for AR. Get these sorted and apply againwith regards to the FPS, I still can get those records from the accountant, but my guess was I can't use them in the admin review?
cappachino wrote:Sorry to hear the bad news.
Please explain what you mean by abbreviated accounts.
Did it not show creditors and capital invested? What all was included or not included in the accounts.
As for employment I am confused as you did submit all they asked. They have asked for the p11 or FPS as you submitted p11 this evidence should suffice.
As per application table 3b1xmk123 wrote:cappachino wrote:Sorry to hear the bad news.
Please explain what you mean by abbreviated accounts.
Did it not show creditors and capital invested? What all was included or not included in the accounts.
As for employment I am confused as you did submit all they asked. They have asked for the p11 or FPS as you submitted p11 this evidence should suffice.
Thank you for you post.
I think the abbreviated accounts I got from the accountant was meant for company house and didn't not reflect the real capital of the company - in fact they were all simply listed as £100 respectively.. it includes current assets, capital and reserves and shareholder's funds - I have got from other members above what it should contains but any suggestion what else it should have?
As to what you mentioned regarding P11, that was what I thought originally, but now it seems FPS records are essential to gain the points there..
Hello Zimba,zimba88 wrote:No it is not acceptable. The accounts should show the shares under your name (as anyone can own shares in a company), the number of shares allocated and the value of each share. You being a director or simply showing bank account transfer of funds is not evidence of investment. Your accountant must have put these information in the notes of your accounts. This is VERY CLEAR in the guide but you failed to follow them.Actually in the unaudited account it does show my name as the director of the company, however as the accountant provided me with an abbreviated accounts for the first year, it only shows £100 for the capitals, assets and shareholder's funds respectively - I was quite confused by this and now assume this might be the problem? Although at the same time it does shows on the company bank statements that 200K were invested in initially and the accountant has also provided a letter to confirm this - will these still be considered as valid evidence?
Yes. Produce the accounts showing 200K worth of shares allocated under your name. Your accountant should be able to write these under the notes section of your accounts.In case these are still insufficient to overturn the decision, I might look at the possibility of applying again with better documents - Is there still a way I can prove that 200K has been invested in under my name?
-Number of share allocated
-You name as the shareholder
-Value of each shareYou cannot submit new evidence for AR. Get these sorted and apply againwith regards to the FPS, I still can get those records from the accountant, but my guess was I can't use them in the admin review?
Did you miss noting the "Please" in the last sentence!! Or did you want it in all the sentences?geriatrix wrote:Please refrain from doing so again!
[quote="zimba88]Legal83 wrote:@ Business2Business
I do agree with you, but in tier1 extension application, its quite complicated from accountant end, he needs to understand the guidance regarding accounts preparation, RTI and FPS. As its been explained by Zimba in details. You can't do anything in AR.
Make a fresh application and please read the guidance alongwith your accountant to get all paper work sorted. you need to sign each paper of RTI with your name, also do mention your name in accounts as director loan with your name (where you invested / transferred the money)
Again I would still say hire a professional accountant who knows tier1 extension requirements.
Yes I understand they have no obligation whatoever to know anything about visa requirements. Although I am a bit stuck here - Are P11s and payment summaries the same as RTI FPS reports? I requested FPS reports from my accountant and he doesn't know what that is and I was sent FPS receipts by HMRC and payment summaries from the accountant's payroll system.zimba88 wrote:Accountants do not know anything about visa requirements, why would they ??
You should make sure that your documents are strictly prepared according to the requirement in the guide/rules.