50K investment query

[sonirulz]

Someone hijacked my post and now my queries are not getting answered

Thanks
Soni

[zimba]

Someone hijacked my post and now my queries are not getting answered

Thanks
Soni

I answered them above

[sonirulz]

Thanks Zimba....your response has always given me the peace of mind that I am doing the right things.

[sonirulz]

Dear Zimba,

As I was filling my entrepreneur extension form and have checked the guidlines few times I would like to clarify some doubts in the form. Appreciate your advice:

1. Pg 46, Section 3B2.
It states that if hourly rate changed for an employee in the same job please enter this information as a fresh period of employment
My Question: In the form there are 2 table. Each table with few field. So do I put start date and end date as the period of same pay? When there was change in pay I mention the start date when the change of pay occurred and end date as till what date the employee received that pay?

Do I use the same table for that 1 employee?

2. My accountant mentioned in Notes Ms xxx has made investment in the business.
My Question: Is that ok?
He did mention in account compilation report that the investment is unsecured directors loan.

3.Page 45, Section N3 states "A duplicate HMRC FPS for the year before job were created and the year job were created.
My question: My accountant has provided FPS from the date job was created. How do I send them fps for the period we did not have employees?
I have a letter from HMRC that states we did not have employees in the year 2013-14. Will that suffice?
Or do I submit P11 which shows no employee before Dec 2014?

Appreciate your response.

Thanks
Soni

[zimba]

1. Pg 46, Section 3B2.
It states that if hourly rate changed for an employee in the same job please enter this information as a fresh period of employment
My Question: In the form there are 2 table. Each table with few field. So do I put start date and end date as the period of same pay? When there was change in pay I mention the start date when the change of pay occurred and end date as till what date the employee received that pay?

Yes, new row in the table.

Do I use the same table for that 1 employee?

Each table for each position/job/role. So if three employees worked in the same position/role/job, you put them in the same table.

2. My accountant mentioned in Notes Ms xxx has made investment in the business.
My Question: Is that ok? He did mention in account compilation report that the investment is unsecured directors loan.

Covered here: http://www.immigrationboards.com/uk-tie ... 08860.html
Compilation report has nothing to do with investments.

3.Page 45, Section N3 states "A duplicate HMRC FPS for the year before job were created and the year job were created.
My question: My accountant has provided FPS from the date job was created. How do I send them fps for the period we did not have employees?
I have a letter from HMRC that states we did not have employees in the year 2013-14. Will that suffice?
Or do I submit P11 which shows no employee before Dec 2014?

This for people who joined/taken over an existing business.

[sonirulz]

I have joined the business after 6 months from incorporation. So it is important for me to prove that there was no job created during that point. We did not have payroll during that time as well.

Thanks
Soni

[zimba]

You do not need to provide such information as obviously is not relevant. This should be clear in the accountant's letter and your cover letter. The guide says you need to provide the previous FPS if the company hired before you joined:

If you have taken over or joined a business that employed workers before you joined it, you must provide the following documentation for the year immediately before the jobs were created and the year that the jobs were created, showing the net increase in employment, which you must sign and date .....

[sonirulz]

Dear Members and Zimba,

I have submission of my extension application is 2 weeks and I am in complete mess.

Few hours back, my accountant informed me that he is no longer having his registration with CIMA. He was registered with CIMA till the starting of this year.

I have the following queries:
1. He did my company's accounts for previous year (when he had registration with CIMA). The company accounts of previous years have compilation report with his accountancy firm name. Do I need to get signature of an accountant on those previous year's accounts by a pratising accountant now?

2. I am going to submit my this year company account to companies house. Should it be submitted by an accountant who has practising certificate? Or my account (who is without one) can do it?

I am completely shattered after he conveying this news to me. I would appreciate some advice and support.

Thanks
Soni

[zimba]

1. He did my company's accounts for previous year (when he had registration with CIMA). The company accounts of previous years have compilation report with his accountancy firm name. Do I need to get signature of an accountant on those previous year's accounts by a pratising accountant now?

No one is going to sign an accounts prepared by someone else. Obviously HO will refuse to accept the accounts prepared by a firm that no longer is regulated as required.
My advice is to find a new accountancy firm and discuss the matter with them. Prepare the accounts again if possible, get them to sign it and send it again with a covering letter to HO before your extension decision is made !

2. I am going to submit my this year company account to companies house. Should it be submitted by an accountant who has practising certificate? Or my account (who is without one) can do it?

It does not matter, however for the purpose of extension it needs to be prepared as required by the immigration rules by a certified regulated accountant. If you do not intend to use it for immigration purposes, then it does not matter.

[sonirulz]

Thanks Zimba,
Do I submit annual retrun to companies house for all years 2014, 2015 and 2016?

That accountancy firm had their registration during 2014 and 2015 accounts submission.

Appreciate your advice.

Thanks
Soni

[zimba]

Do I submit annual retrun to companies house for all years 2014, 2015 and 2016?

Talk to the new accountant about this

That accountancy firm had their registration during 2014 and 2015 accounts submission.

Sure, but given that you want the new firm to do them again you need to discuss this.

[sonirulz]

What happens when someone changes accountant during the 3 years visa period then the new accountant signs the accounts compilation letter and job creation letter?

I believe we don't require signature of accountant on management accounts?

So if the old accountant is no more in pratise and the new accountant refuses to resubmit the old management accounts does that affect my application. The latest accountant is obviously practising.

Appreciate your help.
Thanks
Soni

[sonirulz]

Hi Members,

I have a query and would appreciate response.

In full unaudited accounts we have Accountant's Report that says:

"
Accountants' report to the directors of

You consider that the company is exempt from an audit for the year ended 31 October 2014. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.

In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.

We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts."

I am not sure along with this do I have to submit a seperate Accounts Compilation report as well?

Appreciate your advice.

Thanks
Soni

[zimba]

This IS the compilation report

[sonirulz]

Thanks for your help and confirmation

Regards,
Soni

[sonirulz]

Hi Zimba,

I am in my last week before I submit. Going through documents and ensuring everything is fine. I have this last bit of questions regarding investment. Appreciate your help regarding the same.

1st Year:
Investment made: £10,300
Turnover: 70,600
Expense: 59,944
Directors salary= £7692 x 2 (as we have 1 entreprenur dirator and 1 non-tier 1 director)

Will this be ok in terms of investment? Did I take directors salary from investment anyway?

Appreciate your advice.

Thanks
Soni

[zimba]

How is that total expenses for that year are more that your turn over + investment !?

[sonirulz]

Hi Zimba,

Thanks for your response.

We had loss that year. We also had 43,00 cash in bank as well.

2nd year we covered up all the 1st year losses and still made profit.

Will Home Office consider all 3 years or will check individual years?

Thanks
Soni

[zimba]

To be honest this is guesswork as I have no idea how HO sees this, given that there are no rules on how to interpret accounts from immigration perspective. The obvious case will be that if you spent your savings on yourself or pay a previous owner, .. etc which clearly you have not done.

There is no way I can tell you if HO requires all expenses to be paid from turnover or investments, to me it is money in money out.
So if you paid yourself salary from turnovers and then (anything left + your investment) covered all your expenses, you should be fine.

[sonirulz]

Thanks Zimba,
I did take dividends from profit in the second year when we had profits are paying all our loss. But this year again we have loss.

Thanks
Soni

[sonirulz]

I initially made 50k investment as directors loan via cheque payments.

I can see in the form that they have asked the question in section K3:
K3. You must have invested no less than £200,000 (or £50,000 if, in your last grant of
leave, you were awarded points for funds of £50,000) directly into one or more businesses in
the UK. Please tick to confirm how this investment has been made (you may tick more than
one box, where applicable):
Part or all of the investment was made in the 12 months (or 24 months if you were a
Tier 1 (Graduate Entrepreneur)) prior to your initial Tier 1 (Entrepreneur) application,
and you demonstrated this investment when you made your initial Tier 1 (Entrepreneur)
application;
The investment was made during your initial period of Tier 1 (Entrepreneur) leave in
the form of a director’s loan;
The investment was made during your initial period of Tier 1 (Entrepreneur) leave in
the form of share capital;
The investment was made during your initial period of Tier 1 (Entrepreneur)
leave using funding made available by a Venture Capital firm/a UK Seed Funding
Competition/a UK Government Department;
The investment was made during your initial period of Tier 1 (Entrepreneur) leave
directly by you into the business, in cash;
The investment was made during your initial period of Tier 1 (Entrepreneur) leave
directly by a third party, but on your behalf.

Should I tick only investment via Directors Loan or can I also tick investment made directly by you into the business in cash? I am bit confused.

Secondly, I was director of the business even before I applied for entrepreneur visa.

L1. Do you wish us to take your date of entry into the UK as your specified date?
L2. You must provide the following evidence to establish your date of entry to the UK (Please
tick to indicate what evidence has been provided):
L3. Were you within six months of the specified date:

Please can you suggest which option as aain I am bit confused even after going through the guidance and form repeatedly.

Thanks
Soni

[sonirulz]

Hello Members,

I am submitting my documents on Monday and would like to get some advice on the following question:

D4: When did you first enter the UK?

Will it be when initially I can to UK in 2009? or when I switched to entrepreneur visa?

Thanks
Soni

[noajthan]

The clue is in "first enter"; its not a trick question.

[sonirulz]

Thanks Noajthan for your advice.

My accountant has emailed me scan documents of his signed letter. Will that be valid?

He is sending all the hard copy by post which will reach me on Monday. My visa expires on Monday as well. Can I apply on the last day ?

If my visa expires on 5th Dec and I apply my royal mail on that day will it be considered overstay?

Appreciate the last minute advice.

Thanks
Soni

[sonirulz]

Please can someone advice me as Ihave to post documents on Monday.

Regards,
Soni