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mnvinod wrote:Hi,
My HSMP is coming up for renewal.
I have been taking minimum PAYE salary of 10K per annum along with dividends totalling upto 40K per annum.
Renewal of HSMP is in Feb. I will be able to file income tax returns only after Apr 5th. I ahve income tax return for the previous financial year.
According to guidance note, for dividend vouchers will only be assessed only if it forms part of earned income. Under Glossary, the definition of Earned/Declared earnings is Earnings that has been declared to tax authorities.
Since tax returns have not been filed yet, I do not have any proof of declared document.
Can you please advice how I should be going about with this?
Thanks,
-Vinod
goldfish wrote:Actually a limited company (which I assume is what mnvinod is using) is a common structure when working as an independent contractor / consultant. The proportion of salary:dividends might raise questions in an HMRC investigation, but the HO is not HMRC and the CW will be looking at how many the applicant earned. They are not a tax investigator.
mnvinod, check the HSMP FAQs which specify what category you should use for your application. You can then see what documents are required and what alternatives are possible if you don't have a tax return.
it is called a statement from your accountant regarding your financesmnvinod wrote:Hi,
My HSMP is coming up for renewal.
I have been taking minimum PAYE salary of 10K per annum along with dividends totalling upto 40K per annum.
Renewal of HSMP is in Feb. I will be able to file income tax returns only after Apr 5th. I ahve income tax return for the previous financial year.
According to guidance note, for dividend vouchers will only be assessed only if it forms part of earned income. Under Glossary, the definition of Earned/Declared earnings is Earnings that has been declared to tax authorities.
Since tax returns have not been filed yet, I do not have any proof of declared document.
Can you please advice how I should be going about with this?
Thanks,
-Vinod
sunny9675 wrote:yes if you are director cum owner of company , you r fine
you get certificate from your accountant with supportings
why i am saying , i work in a/c firm and most of manager owned company structure is like that
this is part of best tax planning and not evasion
regards