Tier 1 Extension-Self Employed

Oasis4u · Post by **Oasis4u** » Tue Jan 12, 2010 12:11 pm

Dear All,

Thank you for updating the information for everyone.
I am also a newbie and looking for information.
I am on HSMP which is due to expire in feb 09.
I am self employed from last 6 months.

Can some please advice me what documents I require to file my applicationm.

I seem to be quite late in filing the same.

I apprecite your help in this matter..

Regards
Oasis

skomati · Post by **skomati** » Tue Jan 12, 2010 12:33 pm

it would be better if u can give more details about self employement..
like did u operate through limited company or registered with hmrc or as contractor...coz there are many ways to show self employment income...

Oasis4u · Post by **Oasis4u** » Tue Jan 12, 2010 12:56 pm

Hi Thank you for your reply..
it is a limited compnay and I am a sole director..

company was formed approx 10 months ago but trading started about 6 months ago,,,

skomati · Post by **skomati** » Tue Jan 12, 2010 1:15 pm

do you want to claim points on net profit of the company

or

do you want to claim points on earned dividend and salary from your company?

Oasis4u · Post by **Oasis4u** » Tue Jan 12, 2010 1:34 pm

Hi..
Thank you for your speedy reply!

to be very honest as this is quite a new company.. I just need to claim points so whichever is best...

I have dividend vouchers.. would that do??

Oasis4u · Post by **Oasis4u** » Tue Jan 12, 2010 6:32 pm

Guys Please help me as I really need this information..

Many thanks

skomati · Post by **skomati** » Tue Jan 12, 2010 7:42 pm

if u took salary and or dividend, then
u need to submit
1. dividend vouchers
2. personal bank statement
3. pay slips(if u took salary)
4.accounatant letter confirming the dividends and salary u have received

Sushil-ACCA · Post by **Sushil-ACCA** » Tue Jan 12, 2010 8:49 pm

Oasis4u wrote:Hi..
Thank you for your speedy reply!

to be very honest as this is quite a new company.. I just need to claim points so whichever is best...

I have dividend vouchers.. would that do??

ONLY DIVIDEND VOUCHER WILL NOT HELP

U NEED

company accounts
income certificate -company earning
sales summary

mubu · Post by **mubu** » Wed Jan 13, 2010 1:42 pm

Well Sushil, if we apply as salaried, then why are the P&L, balance sheet and other details necessary???

Wont the salary slips + dividend vouchers, coupled with bank statements suffice?

Oasis4u · Post by **Oasis4u** » Wed Jan 13, 2010 4:11 pm

Thank you very Much Skomati..
Also can I just show all my income as dividends???
Lastly do I need to get the Profit and loss sheet prepared as well for the trading period.
I have all the company bank statements and everything..

Pls advice

Sushil-ACCA · Post by **Sushil-ACCA** » Wed Jan 13, 2010 4:17 pm

Oasis4u wrote:Thank you very Much Skomati..
Also can I just show all my income as dividends???
Lastly do I need to get the Profit and loss sheet prepared as well for the trading period.
I have all the company bank statements and everything..

Pls advice

How to prove that dividend is coming from a profit making self managed company ?

mubu · Post by **mubu** » Wed Jan 13, 2010 7:45 pm

Sushil-ACCA wrote:
Oasis4u wrote:Thank you very Much Skomati..
Also can I just show all my income as dividends???
Lastly do I need to get the Profit and loss sheet prepared as well for the trading period.
I have all the company bank statements and everything..

Pls advice
How to prove that dividend is coming from a profit making self managed company ?

Self managed company only??

I am in a similar situation, I have a limited company, take salary and dividends.

My wife is also a director along with me...whats the best way I can apply for extension Sushil? Am I doomed

Sushil-ACCA · Post by **Sushil-ACCA** » Wed Jan 13, 2010 8:36 pm

mubu wrote:
Sushil-ACCA wrote:
Oasis4u wrote:Thank you very Much Skomati..
Also can I just show all my income as dividends???
Lastly do I need to get the Profit and loss sheet prepared as well for the trading period.
I have all the company bank statements and everything..

Pls advice
How to prove that dividend is coming from a profit making self managed company ?
Self managed company only?? dividend earned other than self managed company r not counted by HO FOR visa purpose but hmrc count for tax purpose

I am in a similar situation, I have a limited company, take salary and dividends.

My wife is also a director along with me...whats the best way I can apply for extension Sushil? Am I doomed

Wife is director no issue, who is owner of shares is important for dividend distribution

mubu · Post by **mubu** » Wed Jan 13, 2010 8:57 pm

Thanks a lot ... I was very tensed!

So, I am the 100% share holder. Can I just show payslips, dividend vouchers, bank statements and accountant letter?

I have not yet made my company annual accounts - company is only 8 months old, but I have taken enough salary and dividends to qualify for extension.

Please advise, and if you can recommend someone for consultation, I dont mind paying fees but I want my visa to be done for sure!!!

Would you mind spending time with me, I can come to Wembley and also pay you your fees mate?

mubu · Post by **mubu** » Wed Jan 13, 2010 9:01 pm

Also Sushil, what exactly is a self managed company? I have a limited company with me and wife as directors, accountant is secretary, i take monthly salary and quarterly dividends.

wife doesnt take anything for now.

Sushil-ACCA · Post by **Sushil-ACCA** » Wed Jan 13, 2010 9:26 pm

mubu wrote:Also Sushil, what exactly is a self managed company? I have a limited company with me and wife as directors, accountant is secretary, i take monthly salary and quarterly dividends.

wife doesnt take anything for now.

check shareholdership , see wife not holding any share, if yes , transfer in yr name .

self managed company is a company where owner work himself

Sushil-ACCA · Post by **Sushil-ACCA** » Wed Jan 13, 2010 9:28 pm

mubu wrote:Thanks a lot ... I was very tensed!

So, I am the 100% share holder. Can I just show payslips, dividend vouchers, bank statements and accountant letter?

I have not yet made my company annual accounts - company is only 8 months old, but I have taken enough salary and dividends to qualify for extension.

Please advise, and if you can recommend someone for consultation, I dont mind paying fees but I want my visa to be done for sure!!!

Would you mind spending time with me, I can come to Wembley and also pay you your fees mate?

company accounts r must , even 8 month or 3 months to coroborate company is capable of paying dividend

mubu · Post by **mubu** » Wed Jan 13, 2010 9:52 pm

Great, thanks so much for the quick replies Sushil.

I am the 100% shareholder so it should not be any issue.

BUT...

Wife is also director, she also works and her client pays the money into the same bank account from where I get salary and dividends (of course, she does not take any salary or dividends, just to show my income as 'more' for visa renewal)

So do I still qualify for self managed company ? Help please, I am so confused!!!

Will the Home Office get into details of how many clients I have etc?

vighneshsawant · Post by **vighneshsawant** » Wed Jan 13, 2010 10:20 pm

Hi,

I would be thankful to you, if you can help me on one of the query. I am tier1 general visa holder. Looking forward for an extension in Jan 2012. I am salaried employee and additionally may indulge in contract with local or overseas company in future.

I would carry out this assignment as a self employed. If I need to show evidence of past earnings especially contract work, then please correct me on the following documents requirement to HO.

a) Bank Statement
b) Tax deduction at Overseas country
c) letter or statement from Accountant
d) Is it necessary to form a company?

Please also guide me any other documents require. This will help me to work on immigration formalities in advance.

Best Regards

HSK Accountancy Services · Post by **HSK Accountancy Services** » Tue Jan 19, 2010 11:13 pm

vighneshsawant wrote:Hi,

I would be thankful to you, if you can help me on one of the query. I am tier1 general visa holder. Looking forward for an extension in Jan 2012. I am salaried employee and additionally may indulge in contract with local or overseas company in future.

I would carry out this assignment as a self employed. If I need to show evidence of past earnings especially contract work, then please correct me on the following documents requirement to HO.

a) Bank Statement
b) Tax deduction at Overseas country
c) letter or statement from Accountant
d) Is it necessary to form a company?

Please also guide me any other documents require. This will help me to work on immigration formalities in advance.

Best Regards

It is good to plan in advance but that could be bad as well especially when we all know immigration rules are bound to be changed soon.

It is not necessary to form a company but if you can then I would recommend to use company sturcuture with seperate business account.

Make sure all receipts goes into your business account and not in personal account.

If you want to minimize any risk then take salary from your company instead of dividend (obviously it will be more costly coz you have to paye NI & taxes at source ) .

If you have a genuine overseas income then you should be fine as long as you have all legal documents and invoices etc.

In Year 2012 when the Mayn's Calender will be ticking on last days you need a good accountant to preprare all documents.

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