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There are two aspects to this:1) Will the home office consider my total sales value with VAT amount for the earnings or will it add only the amounts transferred from my business bank a/c to personal bank a/c (nett figures)
Reimbursed expenses are not considered as earnings! So you can simple leave them out!2) Can the expenses also be a part of the total income figure calculated by home office
You will have to provide 2 sets of evidence for your earnings. Say for your employment period, you can provide those payslips along with your personal bank statements. and for your self-employed period, you will have to produce your payslips and bank statements to prove your salary and Dividend vouchers and bank statements for your dividends.3) Do i have to submit all my business bank statements for last 12 months and also my personal bank statements for the last 12 months.
When ever we talk about income it is always the gross income i.e. Net salary + tax deductions! or Net dividends + Tax Credits4)Can i add my income from my permanent job before tax to the sales figure to get the total income figure.
VAT / Corporation tax etc are something that your company pays. You can simple leave out your VAT and Corporation tax amount i.e. you leave 1500 + 1300 straight away. This means you can claim only your gross salary i.e. 2500 + Net Dividends i.e. 2700 + Tax credit on your net dividends i.e. generally (2700 * 100 /90) - 2700.Gross sales is 10000
VAT paid is 1500
Corporation tax is 1300
Gross salary is 2500
PAYE tax is 200
dividends is 2700
Expenses are 2000
The the amount the home office takes into consideration is 1500+1300+2500+2700= 8000 Am i correct??
If yes, then my accountant letter will show all the above
However in my personal bank statement, there will be entry for only dividends(2700), nett salary(2300), expenses(2000)
This should not be a problem as long as you can prove it with documentary evidence. it doesn't matter if you pay yourself quarterly / monthly or annually.Also i do transactions from my business bank a/c to personal bank account only every quarter and not on a monthly basis. Will this cause any confusion? I have quarterly payslips and quarterly dividend vouchers
Yes, You can.hshah wrote:can i not issue a bonus or additional dividend (which one is prefereable)to myself from my business bank account with a lumpsum amount ?
If you declare yourself as 'Employed', then you need to produce Payslips, Dividend Vouchers, and your Personal Bank Statements.hshah wrote: The other query is do i need to submit my invoices, remittance advice from my agency, business bank account stmts.
VAT will not be considered as your company's income.hshah wrote:Thanks for ur reply.
Will the home office take into account the VAT and corporation tax as well.
Pls advise.