tier 1 extension- company bank acc profit details

[merci]

Hi,
my husband is running his own company besides permanent work

we were reading extension documents which says for company documentation needed a bank account document shows the net profit.

What does it mean? Does it mean I have to keep in my account the whole
profit amount? or it should allow them to see logically the net profits
regarding movements of accounts?

Can you clarify this pls?
Thanks,

[nshar1]

Hi Merci,
The following documents can be helpful when you are running your own company.

1. Letter from company's accounting firm: This is the most important. The letter from accountant should state
- Shareholding of company
- how does your husband get his income from the company;is it through regular salaries or is it salary+bonus+dividend?
- what were the company's revenues and profits
- what was the gross&net salary,bonus and dividend given to your husband.

2.Company's annual accounts(if these have already been prepared)
- P&L statement
- Balance sheet

3. Company's invoices raised(if applicable)

4. Company's bank statements


5. Personal bank statements and P-60 etc.


When using own company,there is lot of documentation. You will need to do a lot of explaining in the cover letter.


NShar1

[email257525]

hi merci

Just want to clarify your question,
Did u want to know? Does your husband need to keep all the profit into the business account?

If so, No
There are no conditions, he will be spending money from company account as well. Every business earns and spend money.

Seniors please put some light
Correct me if wrong

[merci]

thank you vey much for your answers

we changed our mind and decided to pay all net profit as dividend payment, in that scenario besides dividend voucher what i should send as second evidence which is going to show that he is in charge of day to day management of company (as director naturally he is) there is no clairification at all about that in guidence.

They have been giving the combinations for salaried employment with wage+dividend payment and retain the profit in the company account but ther is no explanation if you wished to show your dividend payment of your own company besides earnings of salaried employment.

Could you pls light on this matter for me

Regards
Merci