proof of income - umbrella company paying me as loan

zhsmp · Post by **zhsmp** » Mon Mar 09, 2009 12:39 pm

I am a contractor.but i work through umbrella company.
Officially, I work as a permanent employee of umbrella company. The pay me salary which will qualify for Tier-1. But the also pay me extra money in the form of pre-paid loan.
My salary and pre-paid loan are tranferred to same bank account but in diffrent transaction. My statement shows that both the tranfer are from same employer. Salary slip does not have any mention of pre-paid loan.Will it create problem. pre-paid loan are 2-3 times the salary and tranfer same day/time. Can i ask HO to look selectively for salary transaction and ignore prepaid loan transaction.What if they start matching the salary slips with the total amount beeing paid to me. Please advice?

aspirant09 · Post by **aspirant09** » Mon Mar 09, 2009 12:46 pm

hi.....i dont think this should be a problem as long as you donot claim points based on "pre paid loan".
please mention this explicitily in the covering letter.

Looking at the fact that you work in SAP i am sure prepaid loan will be more than salary !!!!! lol

zhsmp · Post by **zhsmp** » Mon Mar 09, 2009 1:13 pm

But they might become suspicious that my gross income is more than what i am showing on salary slip and its a mismatch between salary slip and the amount paid to me.
Prepaid loan is the term not used commonly used like (dividend, vaucher, bonus etc) .
Should i provide them a letter from my employer explaining what this prepaid loan is? or should just asked them to ignore it in my cover letter.

drjabberwocky23 · Post by **drjabberwocky23** » Mon Mar 09, 2009 1:16 pm

zhsmp wrote:But they might become suspicious that my gross income is more than what i am showing on salary slip and its a mismatch between salary slip and the amount paid to me.
Prepaid loan is the term not used commonly used like (dividend, vaucher, bonus etc) .
Should i provide them a letter from my employer explaining what this prepaid loan is? or should just asked them to ignore it in my cover letter.

If you can get a letter from your employer, this would be great. Howevere, as long as you are not claiming points for this, it should not matter. For example, a family member may be giving you money that would not strictly be classed as "earnings," but would be apparent on your bank statement. They should not get too confused about this scenario.

zhsmp · Post by **zhsmp** » Tue Mar 10, 2009 1:45 pm

Some people suggested me that they might get confused with the term "pre-paid loan" and think that i am in debt, that might affect the maintenance fund requirement.
Oteher people says that they will reject my application staritaway because so much money is being paid to me apart from my salary from same same company and i am not providing any ducumentation for that.

So i am in dilemma if i should mention this component in my cover letter.

realitycheck · Post by **realitycheck** » Tue Mar 10, 2009 9:09 pm

On a side note, if your umbrella operates similar to this scheme http://forums.contractoruk.com/business ... ement.html you may have bigger problems down the line

(long thread but read 2 or 3 pages in and you'll start to see my point)

Post by **ChetanOjha** » Wed Mar 11, 2009 11:13 am

You can highlight the salary deposited date in your bank statement and also mentioned the date on which Net salary is deposited in your bank account. As long as Net salary mentioned in the payslip corroborate the bank statement it is fine.

Many companies (legal big-fishes) pay allowances/expenses as a separate transaction than salary. It shouldn't be a problem.

zhsmp wrote:Some people suggested me that they might get confused with the term "pre-paid loan" and think that i am in debt, that might affect the maintenance fund requirement.
Oteher people says that they will reject my application staritaway because so much money is being paid to me apart from my salary from same same company and i am not providing any ducumentation for that.
So i am in dilemma if i should mention this component in my cover letter.

zhsmp · Post by **zhsmp** » Wed Mar 11, 2009 12:14 pm

Thanks for the advice.
I would leave this company asap and find out some legal company.

zhsmp · Post by **zhsmp** » Wed Mar 11, 2009 2:53 pm

Thank,
I would high light it.
1. Should i mention pre paid loan in my covering letter?
2. Does it matter if two month salary is tranferred at once.
e.g Salary of Jan, Feb was tranfered in March in two transaction(on for Jan, one for Feb). Jan salary was delayed due to late processing So it was tranferred with Feb salary. Should i mentino it in cover letter.

chetanojha wrote:You can highlight the salary deposited date in your bank statement and also mentioned the date on which Net salary is deposited in your bank account. As long as Net salary mentioned in the payslip corroborate the bank statement it is fine.

Many companies (legal big-fishes) pay allowances/expenses as a separate transaction than salary. It shouldn't be a problem.

zhsmp wrote:Some people suggested me that they might get confused with the term "pre-paid loan" and think that i am in debt, that might affect the maintenance fund requirement.
Oteher people says that they will reject my application staritaway because so much money is being paid to me apart from my salary from same same company and i am not providing any ducumentation for that.
So i am in dilemma if i should mention this component in my cover letter.

zhsmp · Post by **zhsmp** » Wed Mar 11, 2009 5:20 pm

I suspect my umbrella company is doing something fishy(tax fraud).
Are there chances that HomeOffice will find out (from bank ststetement and salary slip) and report my case to Inland Revenue.

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proof of income - umbrella company paying me as loan

proof of income - umbrella company paying me as loan