Maintainece Funds - help!

[vin2010]

Dear friends,

I need some help and clarification as I prepare to file for my Tier 1 switch/extension (currently on HSMP, expires 10 Jan 09). Unfortunately I have been caught on the wrong foot and didn't realise rules for Tier 1 were so comprehensive and didn't worry about maintaining enough funds in my account. I am on a very good income but have been investing my money into property and stocks last 3-4 months. Enough background - now my question

1. Is it ok if I have the £800 spread in two different bank accounts (both in my name - one current, one savings) during the 3 month period. I did have £2000 put away in my Saving account from Oct onwards (6th Oct precisely). Is it ok to apply now or wait till 6th Jan when I complete 3 months continuously having the money in one account? I rather not wait if the guidance for above query is clear, but again don't want to take chances as well.

2. Also - do I need to show £533 for my wife and daughter each for whom i need to apply as dependants? Hope the £2000 in my savings account would be ok? Do i need to supply separate copies of the bank statements to their forms?

Hope I have explained my situation clearly. I know I have been very careless with this process and left it to the last minute to take care of this important thing - so now want to make amends and get this right when i do apply. I have now read a lot of the posts on this forum which i found very helpful. But since this is a very specific question I thought I should ask this. Thanks in advance - would greatly appreciate any help/guidance.

Cheers
Vin

[push]

Dear friends,

I need some help and clarification as I prepare to file for my Tier 1 switch/extension (currently on HSMP, expires 10 Jan 09). Unfortunately I have been caught on the wrong foot and didn't realise rules for Tier 1 were so comprehensive and didn't worry about maintaining enough funds in my account. I am on a very good income but have been investing my money into property and stocks last 3-4 months. Enough background - now my question

1. Is it ok if I have the £800 spread in two different bank accounts (both in my name - one current, one savings) during the 3 month period. I did have £2000 put away in my Saving account from Oct onwards (6th Oct precisely). Is it ok to apply now or wait till 6th Jan when I complete 3 months continuously having the money in one account? I rather not wait if the guidance for above query is clear, but again don't want to take chances as well.

2. Also - do I need to show £533 for my wife and daughter each for whom i need to apply as dependants? Hope the £2000 in my savings account would be ok? Do i need to supply separate copies of the bank statements to their forms?

Hope I have explained my situation clearly. I know I have been very careless with this process and left it to the last minute to take care of this important thing - so now want to make amends and get this right when i do apply. I have now read a lot of the posts on this forum which i found very helpful. But since this is a very specific question I thought I should ask this. Thanks in advance - would greatly appreciate any help/guidance.

Cheers
Vin

Funds maintained in multiple accounts should be perfectly fine as long as the consolidated balance does not fall below the minimum required ever during the last 3 months. You can use the same set of statements for your dependants too if they are applying at the same time as you. You will need to specify the same in the application/cover letter.

Re the funds- you will be better off providing a table showing daily balances of funds in individual accounts & consolidated balance for ease of reference for the case worker.

[push]

You can search the forum for threads showing similar examples (of successful application involving maintenance funds being in multiple Bank Accounts)

[vin2010]

Thanks much push. will check the other posts as well.

Another quick question - am i late in sending my application? is there a 'requirement, to send the application a month in advance? can my application be rejected because of that? or is it more of a best practice. In my case i am already late - just want to see if i should explain anything in my cover letter as to why i am sending the application at such late stage.

thanks much.

vin

[saeed1977]

Hi,

My Tier 1 General Extension Application got refused and I have until 8th of Jan 2010 to Appeal.

Reasons for refusal and possible solutions i can think of:

1. Previous Earnings: Business Bank Account Statement was provided alongside Business Profit and Loss Account. Earnings in Profit and Loss account can not be corroborated with Business Bank Account Statement as it (the bank statement) only shows 'turnover' not the profit. So i need another document to support my profit and loss account. I can not use HMRC Self Assessment Statement because it covers from Apr To Apr and the period i am claiming points for runs from Nov 08 to Oct 09. The only thing i can think of is letter from an accountant. But i am not sure whether i can have an accountant when i am an accountant myself. I mean will it look reasonable that i do accounts for other people and my accounts are being done by some one else?

2. Maintenance: Balance of both of my bank accounts (Personal and Business) fell below the requirement for about 10 days. And the balance on my personal account statement fell below required amount about 3 times. HO said i can not use Business bank account statement as evidence of maintenance funds. I am a self employed sole trader and no one else has any thing to do with my business bank account.

I have been in this country for 8 years and have equity of around £40,000 in my house, if that has any meaning.

I don't mind hiring a solicitor to do it on my behalf.

Any advice and suggestions will be greatly appreciated.