Tier 1 General Visa through my own limited company

[Cormet]

Hi,
I need help regarding Tier 1 General Visa first time applying as currently I am on PSW and got visa till Jan 2010.

I am working as an IT Contractor through my own limited company.
This company was registered on 1st October 2008 and I started my current contract on 13th October 2008.

On 12th October 2009 I will get my required earning which is 32000.

I have not paid any tax and not issued any payslip to my self so far. All I use to do is transfer money from Company’s business account to my personnel account. As I contacted an accountant 6 months before he asked me to come on 12th October 2009 when your required income will be completed.

But one of my friend told me that you had to be done lot more in order to apply for Tier1 General Visa.


Please help me what I need to do as I want to apply in October 2009.

Is there any way I can overcome things which I had not done so far.

Best Regards,
Cormet

[ashishashah]

Hmm..Not paid any tax?HMRC will be keeping an eye on you.

you just cannot transfer money from Compnay account to your personal account..Have you paid Employer and Employee NI?

[ChetanOjha]

Hi,
I need help regarding Tier 1 General Visa first time applying as currently I am on PSW and got visa till Jan 2010.

I am working as an IT Contractor through my own limited company.
This company was registered on 1st October 2008 and I started my current contract on 13th October 2008.

On 12th October 2009 I will get my required earning which is 32000.

I have not paid any tax and not issued any payslip to my self so far. All I use to do is transfer money from Company’s business account to my personnel account. As I contacted an accountant 6 months before he asked me to come on 12th October 2009 when your required income will be completed.

But one of my friend told me that you had to be done lot more in order to apply for Tier1 General Visa.


Please help me what I need to do as I want to apply in October 2009.

Is there any way I can overcome things which I had not done so far.

Best Regards,
Cormet

Contact an accountant. Ask him to give you a letter which can corroborate your payslips(if you don't have payslips, accountant letter will do as well).
+bank statement(personal). You will be good to go. It is advisable to get your accounts in order sooner than later and keep it in order.But for Tier-1, HO is not bothered about your business accounts unless you are claiming you are keeping all your earnings in business account.

Don't know what your friend mean by "lot more to do".

[mvent00]

His company started less than a year ago, I know some companies give tax once an year. If his accountant is saying him to come in October 2009, they must have done everything to see through the legal matters and solid reasons behind this. Seems okay to me. Follow chetan's advice and prepare for your application. If any problem arises, you can seek advice from this forum.

Hmm..Not paid any tax?HMRC will be keeping an eye on you.

you just cannot transfer money from Compnay account to your personal account..Have you paid Employer and Employee NI?

[Cormet]

I have not issued any payslip to me so far my accountant told me that we can issue Dividend vouchers for all transaction which you have made from your business account to personal account.
Will that be workable?
If this is acceptable to HO what further documents do I need.
Please help me as my case looks complicated.

[Sushil-ACCA]

you r fine my friend if no payslips r issued

u can claim dividend as basis for earning pts

yr accountant is correct and u have to pay taxes within 9 months of close of yr book (that after year end)

so relax and dont get scared

regards

[Cormet]

Hmm..Not paid any tax?HMRC will be keeping an eye on you.

you just cannot transfer money from Compnay account to your personal account..Have you paid Employer and Employee NI?

Thanks

[Cormet]

you r fine my friend if no payslips r issued

u can claim dividend as basis for earning pts

yr accountant is correct and u have to pay taxes within 9 months of close of yr book (that after year end)

so relax and dont get scared

regards

I am feeling better now after getting your reply. Thanks.

Can you please give me some more information that how my Tax will be calculated and which Tax documents do I need to include in my application as:
I am working through my limited company and I am acting as a Director (will be an employee also?) and having 100% share.
All the company income is going to my personal account.

Do I need to pay corporate Tax also if yes on which income will it be calculated?

You also said I have 7 months from year end so that mean my company’s first year will be completed on 30th Sep-09 so I have further 7 months to pay tax? Is that my personal Tax or corporate Tax?
Regards

[bobby80gh]

you r fine my friend if no payslips r issued

u can claim dividend as basis for earning pts

yr accountant is correct and u have to pay taxes within 9 months of close of yr book (that after year end)

so relax and dont get scared

regards

I am feeling better now after getting your reply. Thanks.

Can you please give me some more information that how my Tax will be calculated and which Tax documents do I need to include in my application as:
I am working through my limited company and I am acting as a Director (will be an employee also?) and having 100% share.
All the company income is going to my personal account.

Do I need to pay corporate Tax also if yes on which income will it be calculated?

You also said I have 7 months from year end so that mean my company’s first year will be completed on 30th Sep-09 so I have further 7 months to pay tax? Is that my personal Tax or corporate Tax?
Regards

The company pays the corporation tax not you the director. as a director you may need to submit a self assessment which will determine the tax you pay on the income you have recieved as a director. as a director there are many tax planning methods that you can apply to reduce and delay your tax liability.

the company has 9 months after accounting year end to pay the corporation tax.

if you require further assistance and advise with regard your running your payroll, preparing your dividend vouchers, drafting your company accounts etc you can contact me on this number 07535700871.

[ChetanOjha]

if you require further assistance and advise with regard your running your payroll, preparing your dividend vouchers, drafting your company accounts etc you can contact me on this number xxxxx.

How are you? Accountant? If yes, don't start advertisement in this forum.

[mvent00]

People who put their personal information on public forums, often have spam problems. Avoid putting your personal information. If your are so much interested then you could send a PM instead of giving your phone no. Besides try to avoid using this forum for your publicity.

if you require further assistance and advise with regard your running your payroll, preparing your dividend vouchers, drafting your company accounts etc you can contact me on this number XXXXXXXXXXXXXXX.

[mvent00]

Chetan delete his number from your post please. He should also delete number from original message.

if you require further assistance and advise with regard your running your payroll, preparing your dividend vouchers, drafting your company accounts etc you can contact me on this number XXXXXXXXXXXXX.

How are you? Accountant? If yes, don't start advertisement in this forum.