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Moderators: Casa, Amber, archigabe, batleykhan, ca.funke, ChetanOjha, EUsmileWEallsmile, JAJ, John, Obie, push, geriatrix, vinny, CR001, zimba, meself2, Administrator
Can you tell us how do you operate? Do you pay yourself min. salary every month and take extra amount as dividends? If you have been paying yourself a min salary everymonth, you can use payslips of this salary + bank statement. Along with payslips+bank statement, you can provide dividend vouchers(from your accountant) and corroborative bank statement.email257525 wrote:hi
Friends
When applying for tier 1 gen, in limited company scario,
1. do i have to submit the invoices as well if so what could be the format, can it be on company letter headed paper?
2. Can i pay dividend voucher/profit to myself every month as already taking wages from company or it has to be at the end of the year.
3. Do i need to issue payslips to myself and pay tax and ni as being the only director of the company?
4. Is this necessary to have company land line, a fax and a web site according to hm?
5. Is this compulsary to have company logo on the letter headed papers?
Your replies will be much appreciated
Thanks for reading
Please reply in the context of ho tier 1 gen requirements
Check this and let us know in which category you fall? Many IT contractor runs their own company and bill their clients for the services they provide. Do you have the similar setup.If not, you can me self-employed as well, but cannot tell more unless I have more info.email257525 wrote:Thank you for your reply,
I am planning to pay myself minimum salary and take extra amout as dividends,
I will be considered as an employee when working for my own company and taking out wages
I will be self employed when owning my company and taking the dividends as well,
So in my scanirio i will be employee as well as self employeed, Am i right please correct me
1. So am i right you are saying i dont need to submit the invoices (invoices issuedd to customer/clients when selling the goods and services) if i am working for my own company (Employeed and self employeed scanirio)? What if i am not taking out any wages from my company and just taking out the dividends and claim point on that one?
2. Dividends can be taken every months, quarter or yearly? IS it
3. Thanks
4. Thanks
5. Thanks
Please Explain a bit more about question One
Thanks for replying
HI chetanojha1.If you are showing yourself as an employee of your own company then you don't need invoices etc. If you are planning to show yourself as Self-Employed then you may need them
You basically need to evidence from two difference source. In case of Self-Employed people you need to provide extra evidences. Also wait for other members to reply.k820 wrote:HI chetanojha1.If you are showing yourself as an employee of your own company then you don't need invoices etc. If you are planning to show yourself as Self-Employed then you may need them
I am working as a self-employed and planning to provide two evidence.
1- Accountant letter
2- bank statement
do i need to provide invoices as well? thanks for your in advance
chetanojha wrote:Check this and let us know in which category you fall? Many IT contractor runs their own company and bill their clients for the services they provide. Do you have the similar setup.If not, you can me self-employed as well, but cannot tell more unless I have more info.email257525 wrote:Thank you for your reply,
I am planning to pay myself minimum salary and take extra amout as dividends,
I will be considered as an employee when working for my own company and taking out wages
I will be self employed when owning my company and taking the dividends as well,
So in my scanirio i will be employee as well as self employeed, Am i right please correct me
1. So am i right you are saying i dont need to submit the invoices (invoices issuedd to customer/clients when selling the goods and services) if i am working for my own company (Employeed and self employeed scanirio)? What if i am not taking out any wages from my company and just taking out the dividends and claim point on that one?
2. Dividends can be taken every months, quarter or yearly? IS it
3. Thanks
4. Thanks
5. Thanks
Please Explain a bit more about question One
Thanks for replying
1. If you are taking out only dividends, you can claim points on income through dividends as well.
2. Yes. Dividends can be taken every months,quarter or year.Most people prefer to take quarterly.
marahman3001 wrote:i operate thru limited company, i provide services, IT services and teaching, to private individual clients. They pay into company business acc and i get paid in dividends into my personal acc.
1. Do i need to send invoices with application?
2. Do i need to show that i paid vat to hmrc? Mine was vat reg comp for sometime , now its not.
1. Invoices are not required for you. All you have to do it to present payslips(or accountant letter) stating your salary break-up and dividends. This salary breakup and dividend should corroborate your bank statement.marahman3001 wrote:i operate thru limited company, i provide services, IT services and teaching, to private individual clients. They pay into company business acc and i get paid in dividends into my personal acc.
1. Do i need to send invoices with application?
2. Do i need to show that i paid vat to hmrc? Mine was vat reg comp for sometime , now its not.
Dividend vouchers and accountant letters are considered to be from one source only. You can have them along with Bank Statement.marahman3001 wrote:Chetan: I did not take salary but just dividends into my personal account. So i dont need to provide Payslips. isnt it?
Just the dividend vouchers and accountant letter mentioning the gross and net dividends, tax credits.
chetanojha wrote:Dividend vouchers and accountant letters are considered to be from one source only. You can have them along with Bank Statement.marahman3001 wrote:Chetan: I did not take salary but just dividends into my personal account. So i dont need to provide Payslips. isnt it?
Just the dividend vouchers and accountant letter mentioning the gross and net dividends, tax credits.
If your company accounts are managed by a managing agent than I don't understand why letter provided by accountant should be considered as a separate source. It should be considered same as company letter. I don't agree why they should be treated as from separate source.Sushil-ACCA wrote:chetanojha wrote:Dividend vouchers and accountant letters are considered to be from one source only. You can have them along with Bank Statement.marahman3001 wrote:Chetan: I did not take salary but just dividends into my personal account. So i dont need to provide Payslips. isnt it?
Just the dividend vouchers and accountant letter mentioning the gross and net dividends, tax credits.
Dividend vouchers are given by company and accountants letter is different source , they are different Chetan
Regards
Sales 102,000.00skomati wrote:so the accountants letter confirming dividends is enough or
he need to confirm his net profit figs from accountant? for the above case where he is taking just dividends and no salary..
coz casw worker guidance show " if the applicant is not paid set salary, the case worker must establish how much of the the net profit of the company has been paid to the applicant. The assessment must work on the net profit , as this is the figure that is available as potential earnings(after all the company expenditure has been deducted"
si if take accountant letter confirming the dividends , how case worker establish net profit of the company?
Experts please comment...
skomati wrote:hi, chetan and sushil,, thanks for ur replys..
as per my case scenario,, ltd company and sole director and sole share holder...took only dividends...no salary..
toatl sale:20,000
expenses:3000
Net profit:17000
Dividends: 10000
Tax: xxxxxx
the documents what i am sending are
1. personal bank statment
2. dividend vouchers( signed by secretary on company letter head)
3. accountant letter (just confirming the dividends in tabular form).
My question is : Do i have to include net profit and all the above figs in accoutant letter? yes
I got enough points from dividend it self, so i dont need to claim points on the net profit .. both are same -no doubel points
please advise me...
Thanks in advance..