self employed-earnings proof.

[devig]

Hi,

I am self employed and planning to apply for tier 1. Since the required documents for the self employed is pretty confusing, I could use some help from you guys.

If I apply in December, then I am required to show earnings for the period Nov08 to Nov09. My tax return papers will only cover till March09. So thats not very relevant. Also, since I am the sole owner of the company and all the company profits are my earnings, I don't really have any monthly drawings and therefore no personal accounts. What I do have are audited balances sheet for the said period, business bank statements, letter from the auditor saying the whole profits belong to me and copies of purchase orders from my clients. Will these suffice as proof of earnings??

Thanks.

[HSK Accountancy Services]

Hi,

I am self employed and planning to apply for tier 1. Since the required documents for the self employed is pretty confusing, I could use some help from you guys.

If I apply in December, then I am required to show earnings for the period Nov08 to Nov09. My tax return papers will only cover till March09. So thats not very relevant. Also, since I am the sole owner of the company and all the company profits are my earnings, I don't really have any monthly drawings and therefore no personal accounts. What I do have are audited balances sheet for the said period, business bank statements, letter from the auditor saying the whole profits belong to me and copies of purchase orders from my clients. Will these suffice as proof of earnings??

Thanks.

Monthly drawings are not required you can keep all profits in the business if you want.

Audited accounts and letter from your auditor should be fine but please make sure the auditor is a qualified accountant and have a valid practicing licence.

Basically you need an independent confirmation for your company's profits.

I hope that is helpful.

Regards,

[Sushil-ACCA]

Hi,

I am self employed and planning to apply for tier 1. Since the required documents for the self employed is pretty confusing, I could use some help from you guys.

If I apply in December, then I am required to show earnings for the period Nov08 to Nov09. My tax return papers will only cover till March09. So thats not very relevant. Also, since I am the sole owner of the company and all the company profits are my earnings, I don't really have any monthly drawings and therefore no personal accounts. What I do have are audited balances sheet for the said period, business bank statements, letter from the auditor saying the whole profits belong to me and copies of purchase orders from my clients. Will these suffice as proof of earnings??

Thanks.

As per HO guide line u need 2 items out of 4 mentioned below

1. Sales summary on acctns letter head - Name address and contact detils of yr customers , period of work , amt reced date in bank , amt rcd

2. Income certificate of company -sales, PBT , TAX PAT, Dividend

3, Divinded vchrs
4. Accts of company