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Not necessarily. Limited companies has nothing to do with the way people run it. I am running a limited company but had no problem in getting extension. Ok i didn't tell you that i pay myself decent salary to make sure I meet the extension creteria of 40K and also paid proper tax . But in the end it's worth it.Vanadil wrote:Limited companies are also almost a definite no no for those on any type of immigration status. It's possible sure, but you're playing with fire in terms of your earnings and that’s never a good idea.
You don't need to do that. You just need to plan in advance atleast one year for your extension, if you are opening limited company. If you cannot plan for your own existance on Tier-1 what's the point going shifting on Tier-1 and opening ltd companyVanadil wrote: Best thing to do is work on a Tier 1 or 2 for 5 years happily ticking along with an umbrella company ensuring that you have enough assessable billings and then once you've got ILR, crack open a Limited company and maximise your earnings. Can be frustrating for those first 5 years but at least you know where you stand.
Yes, that's the irony. people think opening company will get loads of money coming in. They forget that they have to make proivision for the very visa they are on. Unfortunately, when people think they can claim all load of expenses(which is very tempting) they forget something is waiting silently for them. Frieghtning huh...better pay all genuine taxes...hire a good accountant who can advise your properly and you won't have much problem. There are many accountant who will advice you on saving lot of money(by taxes or some other way) but then people sleep restless...is it worth it?Vanadil wrote:Unfortunatley the above doesn't get told to those with Visas, and Agencies are all to quick just to say "Just open a Limited company, you'll get loads of money". *sigh* I'm trying to educate them but alas I am just 1 man!
Hi Vanadil,Vanadil wrote:I'm afraid that everything you have written is 100% correct. Most Umbrella companies have a very loose, if any, understanding of immigration an its requirements and so will recommend the wrong choices for you. There are a few Umbrella Companies out there that do specialise in helping those such as yourself in the UK but most Umbrellas unfortunately will allow you to claim for too many expenses and ruin your chances of obtaining your next immigration status
I'm sorry to bear bad news but if you would like more information on companies that can help you please PM me and I will send you a few links.