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mdomarfaruk wrote:Dear all respected seniors,
I am applying in 4-5 days time for my tire1 entrepreneur extension application on 50,000 route. Its last minutes documents check to satisfy HO requirements without any error.
I have confusion after seeing the total 3 years account. I have invested through director loan via bank transfer in total 8 transactions in three years time.
First year £10,000
Second year £14,000
Third year £37,500
-----------------------------
Total : £61,500
My Accounts showing the total director loan amount is £62,900 (£1400 is cash not Identifiable transaction )
Question 1: Do I need to make director loan agreements according to accounts figure £62,900 or Only £61,500 which I have identifiable transfer proof?
50k is requirement, its upto you for more than that.Make sure DLA date must before first investment.
Question 2: My first and second year accounts are not showing the director loan amounts on the Accounts Note. Do I need to amend the accounts to add the director loan on the note? If I amend note section of the account for first and second year, do I need to resubmit the accounts again to HMRC?
Need Amendments because loan will be carried forward.
Question 3: If only third year accounts show the total director loan amount will be okay to meet the HO requirements?
Director loan amount must be clearly mentioned in accounts in Notes section with creditor name which is you.
Question 4: My business bank statements can identify all the director loan transfer Under My Name as a director loan. Do I still need to send the personal Bank statement? or only Business Bank Statements will be okay? As its getting difficult to collect all three years personal Bank Statements original copy from Bank.
Business Bank Statement is requirement but its not clear about personal account.
To be on safe side you can provide.
Please advice ASAP. I really appreciate yours inputs.
Thanks in advance
Omar