Tier 1 entrepreneur extension already invested

[111muhammadabd]

Hi,

My extension for tier 1 entrepreneur 50k category is due in March 2017, and my initial application was in already invested category.

So can anyone answer below questions please
1. Do I need to send evidence of investment again?
2. I have invested as director loan , I have withdrawn approximately 20000 as director salary if not more. So should I reinvest this again as it was director loan initially?
Will this be considered as deduction from my initial investment?

Or it does not matter as I have already received visa under already invested category?
3. my business is not running in profit, I can't find any point in the guidelines about profit and loss but a bit concerned as I heard if company is in loss then they are sending refusals.
So, should our business demonstrate profit?

Thanks in advance

[zimba]

My extension for tier 1 entrepreneur 50k category is due in March 2017, and my initial application was in already invested category.

Did you send company accounts, DL agreement, bank statements to prove your investment during initial ??

[111muhammadabd]

Thanks zimba88 for Your prompt reply.

Yes I did submit all of those documents and checked in as already invested in the visa application as well

[zimba]

Thanks zimba88 for Your prompt reply.

Yes I did submit all of those documents and checked in as already invested in the visa application as well

Then you do not need to send any investment evidence again during extension.

[111muhammadabd]

Thanks zimba88.

What about investing some more money to compensate for the director salaries? And also I have stopped taking director salary due to the same reason.

And about profit and loss?

[111muhammadabd]

And I have got my wife's dependent visa 4months back.. I will be sending her application with mine as well. Do I need to maintain. 630+945 only?

[zimba]

Thanks zimba88.

What about investing some more money to compensate for the director salaries? And also I have stopped taking director salary due to the same reason.

And about profit and loss?

I suggest you do that to be on the safe side. Profit/loss does not matter to HO

And I have got my wife's dependent visa 4months back.. I will be sending her application with mine as well. Do I need to maintain. 630+945 only?

Yes, for 90 days

[111muhammadabd]

Thanks zimba88..

Do I need to file self assessment?

And I know we need to be NVQ level 7 to apply for this visa,

However , does falling under NVQ level 7 in anyway makes ur earning to be at certain level every year ???

[zimba]

Do I need to file self assessment?

Yes, legally you need to file

And I know we need to be NVQ level 7 to apply for this visa,
However , does falling under NVQ level 7 in anyway makes ur earning to be at certain level every year ???

That is only when you initially switch from PSW or Tier 1G

[111muhammadabd]

Thanks zimba.

OK. I was on psw initially and then applied for tier 1 entrepreneur. So should my self assessment show that I have earned atleast 30000 annually

Or will HO investigate about my annual earnings?

[zimba]

Thanks zimba.

OK. I was on psw initially and then applied for tier 1 entrepreneur. So should my self assessment show that I have earned atleast 30000 annually

Or will HO investigate about my annual earnings?

You need to file self-assessment as required by the law, showing all your earnings as a self-employed. HO could reject your ILR if you failed to follow the law. Talk to your accountant about how to file etc

[111muhammadabd]

Thanks zimba88

Apologies for not being clear, I kbo. I need to submit the self assessment as per law and HO checks it for ILR but my question was regarding tier 1

Will HO check my personal annual earnings apart from 50000 investment and 2 full time jobs?

I have filed my self assessment but it's zeroed tax.

Is this an issue for extension?

[zimba]

No

[mk074]

Hi Muhammadabd/Zimba,

Can you please kindly update if the visa has been approved and your time line to help other applicants.
Thank you in advance

[zimba]

Do not bump old threads. The OP of this post has not visited since Nov 2016