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Thank you for your message. Wouldn't that cause concerns, too, if suddenly a new business type is added to the business category on the Companies House profile? Or if there's an interview and he's questioned about it?teddybear79 wrote: ↑Wed Mar 07, 2018 6:51 pmI would advice start a new business under the same limited company
T1E is a points based system. And changing the business is definitely not a reason to deny any points.sm12 wrote: ↑Wed Mar 07, 2018 5:35 pmI am posting this question on behalf of my brother and it doesn't relate to my business- I am therefore making a separate thread rather than continuing on my own thread.
His own business got off to a good start but the past year has been very tough due to loss of clients. His personal issues further hampered his prospects and now he is mulling over starting a new business (he has been working on the business plan for a few months).
The problem is that he is due to apply for ILR soon. He could have applied earlier but didn't go for it due to numerous reasons that relate to his personal life rather than the business.
Would it be a major red flag to have a start up business/original business closing down just before applying for ILR? I am inclined to believe it would be, but I thought I'd ask here as to whether anyone did this before extension/ILR and still succeeded?
Thank you.
All of the genuineness based refusals seen here have been the result of interviews where the answers have been inconsistent or misunderstood.
Thank you.
If he is not claiming any points from the new business - there are no documents to send regarding the new business. Not even the CAR.sm12 wrote: ↑Thu Mar 29, 2018 7:25 pmMy brother has decided to go ahead with starting his new venture.
He will be claiming points for creating jobs on the basis of the work that he did when running his old business.
In addition to providing the Current Appointments Report for the new business, what other documents does he need to send for the new business? Bank statements and tax registration proof?
Thank you.marcnath wrote: ↑Thu Mar 29, 2018 9:01 pmIf he is not claiming any points from the new business - there are no documents to send regarding the new business. Not even the CAR.sm12 wrote: ↑Thu Mar 29, 2018 7:25 pmMy brother has decided to go ahead with starting his new venture.
He will be claiming points for creating jobs on the basis of the work that he did when running his old business.
In addition to providing the Current Appointments Report for the new business, what other documents does he need to send for the new business? Bank statements and tax registration proof?
If he wants to use the new business to show he was still a Director in the 3 months before extension, then the CAR and a Bank account statement would be needed plus a tax document.
Hello Marcnathmarcnath wrote: ↑Wed Mar 07, 2018 9:04 pmT1E is a points based system. And changing the business is definitely not a reason to deny any points.sm12 wrote: ↑Wed Mar 07, 2018 5:35 pmI am posting this question on behalf of my brother and it doesn't relate to my business- I am therefore making a separate thread rather than continuing on my own thread.
His own business got off to a good start but the past year has been very tough due to loss of clients. His personal issues further hampered his prospects and now he is mulling over starting a new business (he has been working on the business plan for a few months).
The problem is that he is due to apply for ILR soon. He could have applied earlier but didn't go for it due to numerous reasons that relate to his personal life rather than the business.
Would it be a major red flag to have a start up business/original business closing down just before applying for ILR? I am inclined to believe it would be, but I thought I'd ask here as to whether anyone did this before extension/ILR and still succeeded?
Thank you.
The previous guidance used to have a section that said
We recognise that, as an entrepreneur, you may have moved on to other activities and no longer be involved in the business in which you initially invested, but we still require this evidence to show that the money was invested.
Clearly, HO is aware that things change for entrepreneurs.
As long as you can explain the reason for the change (needed only in the case of an interview), there should be no issues at all.
I haven't checked the CW guidance for this in either the old or new versions, so I am not sure.sm12 wrote: ↑Thu Apr 12, 2018 8:04 amHello Marcnathmarcnath wrote: ↑Wed Mar 07, 2018 9:04 pmT1E is a points based system. And changing the business is definitely not a reason to deny any points.sm12 wrote: ↑Wed Mar 07, 2018 5:35 pmI am posting this question on behalf of my brother and it doesn't relate to my business- I am therefore making a separate thread rather than continuing on my own thread.
His own business got off to a good start but the past year has been very tough due to loss of clients. His personal issues further hampered his prospects and now he is mulling over starting a new business (he has been working on the business plan for a few months).
The problem is that he is due to apply for ILR soon. He could have applied earlier but didn't go for it due to numerous reasons that relate to his personal life rather than the business.
Would it be a major red flag to have a start up business/original business closing down just before applying for ILR? I am inclined to believe it would be, but I thought I'd ask here as to whether anyone did this before extension/ILR and still succeeded?
Thank you.
The previous guidance used to have a section that said
We recognise that, as an entrepreneur, you may have moved on to other activities and no longer be involved in the business in which you initially invested, but we still require this evidence to show that the money was invested.
Clearly, HO is aware that things change for entrepreneurs.
As long as you can explain the reason for the change (needed only in the case of an interview), there should be no issues at all.
Has the above paragraph been removed from the caseworkers' guidance as well?
Can't seem to find it.
The start date is the start date - not sure what the doubt is. If they intended it to be claim start date, I am sure they would have said sosm12 wrote: ↑Tue May 15, 2018 4:43 amMy brother is applying for another extension rather than ILR.
He is claiming points for his first business. In the form where employees' details have to be entered, does he need to put the start date as the start date from which points are being claimed, or the original start date with the company?
Yes, that's what I told him as I filled it in that way.marcnath wrote: ↑Tue May 15, 2018 6:57 amThe start date is the start date - not sure what the doubt is. If they intended it to be claim start date, I am sure they would have said sosm12 wrote: ↑Tue May 15, 2018 4:43 amMy brother is applying for another extension rather than ILR.
He is claiming points for his first business. In the form where employees' details have to be entered, does he need to put the start date as the start date from which points are being claimed, or the original start date with the company?
Hi Marcnathmarcnath wrote: ↑Thu Mar 29, 2018 9:01 pm
If he is not claiming any points from the new business - there are no documents to send regarding the new business. Not even the CAR.
If he wants to use the new business to show he was still a Director in the 3 months before extension, then the CAR and a Bank account statement would be needed plus a tax document.
Please refrain from tagging on to old posts. If you think this has an impact on your own application, then please raise the question in your own post.sm12 wrote: ↑Fri Jun 15, 2018 5:39 pm
Hi Marcnath
He is sending documents for both businesses.
Also, he has been using his investment to cover business expenses, and used the revenue generated to pay himself a salary. However, his business was in loss. Even though the revenue was adequate to cover the salary, while the investment covered all other expenses, does he need to justify taking a salary in the application considering the loss?
E.g.
Investment made and shown in previous application: £50,000
Revenue generated: £30,000
Business expenses: £40,000 (all covered by investment £50,000)
Salary paid: £15,000 (all covered by revenue £30,000)
Loss: £25,000
Although these aren't the exact numbers from his accounts, as I have tried to simplify them for the purpose of explaining the situation, but the situation is like the example, where there is a loss but the revenue actually covers the salary and the investment covers the other expenses.
Thank you for your reply.
I have not seen anything that substantiates the highlighted part