URGENT-Query regarding Divedends,payments & Limited comp

[dev106]

Hello Friends,

I'm on PSW visa, since past 8months I was working as a contrator thru an Umbrella company and recently I finished my contract.When I showed my 8month payslips to my friends who are on HSMP status, they told that if at all if I'm gonna apply for HSMP using these payslips/earnings then no doubt I would be getting a clear refusal as the umbrella company to which I was working they used to pay me weekly and every weekend I used to get an invoice(mentioning the no of hrs I worked and gross pay) & Payslip(mentioning my netpay,holiday pay,bonus,reimbursed expenses,income tax etc). But, as per the home office rules and regulations for the 12month peirod we need to show them that we got 20k ,but in my case even thou if I add all my 8month payslip(32 weeks) which shows that I've reached 20k still My friends told me that the home office are concerned only with ur payslip(shows my net pay) but not with ur invoice(which shows my gross pay) ,and just by using these payslips I could'nt able to reach 20k.Is their any alternative for this sort of situation.
So,after all this I thought to start again from the scratch,and got a new contract job recently for 1.5yr.So ,this time I have setup my own limited company & hired an accountant(to look after my accounts) and planning to apply for HSMP after 7 or 8 months with PERFECT documtnation.But,while doing this I got few questions in this like
1.As I'm the director of my own limited company & also an employee,how does my pay would be segregated between these 2 people(both r the same) ?
2.How should the money from my bussiness account be transffered to my personal bank account?
3.Once the agency transfers the money(weekly or montly) to my bussiness account ,can I straight forward tranfer to my personal account?
4.As I want to reach my 20k quickly,I'm thinking not to take any dividends(i mean not to claim any expenses till i reach 20k)???is it right way or please suggest me the best way??
4.and also please dont mind, can u please list out all the documents in MY CASE that are required while applying for HSMP?

Friends,please help me out in this,as I dont want to be in quandry in the end.

Once again thanks a lot for your time and your valuable suggestions.

I wish all the best to those people who are making their application and congrats who already got their HSMP.

Regards,

newbie[/b]

[geriatrix]

You can't apply for HSMP as the scheme closed down on 29 June 2008. You'll have to apply for Tier 1 (General).

Read Tier 1 (G) policy guidance carefully to understand the requirements and documentary evidences needed.

regards

[dev106]

I'm apologize...it's not HSMP..its TIER-1 GENERAL which i'm gonna apply...please send ur valuable suggetions..thanks u...

[sreblog]

Hello Friends,

I'm on PSW visa, since past 8months I was working as a contrator thru an Umbrella company and recently I finished my contract.When I showed my 8month payslips to my friends who are on HSMP status, they told that if at all if I'm gonna apply for HSMP using these payslips/earnings then no doubt I would be getting a clear refusal as the umbrella company to which I was working they used to pay me weekly and every weekend I used to get an invoice(mentioning the no of hrs I worked and gross pay) & Payslip(mentioning my netpay,holiday pay,bonus,reimbursed expenses,income tax etc). But, as per the home office rules and regulations for the 12month peirod we need to show them that we got 20k ,but in my case even thou if I add all my 8month payslip(32 weeks) which shows that I've reached 20k still My friends told me that the home office are concerned only with ur payslip(shows my net pay) but not with ur invoice(which shows my gross pay) ,and just by using these payslips I could'nt able to reach 20k.Is their any alternative for this sort of situation.
So,after all this I thought to start again from the scratch,and got a new contract job recently for 1.5yr.So ,this time I have setup my own limited company & hired an accountant(to look after my accounts) and planning to apply for HSMP after 7 or 8 months with PERFECT documtnation.But,while doing this I got few questions in this like
1.As I'm the director of my own limited company & also an employee,how does my pay would be segregated between these 2 people(both r the same) ?
2.How should the money from my bussiness account be transffered to my personal bank account?
3.Once the agency transfers the money(weekly or montly) to my bussiness account ,can I straight forward tranfer to my personal account?
4.As I want to reach my 20k quickly,I'm thinking not to take any dividends(i mean not to claim any expenses till i reach 20k)???is it right way or please suggest me the best way??
4.and also please dont mind, can u please list out all the documents in MY CASE that are required while applying for HSMP?

Friends,please help me out in this,as I dont want to be in quandry in the end.

Once again thanks a lot for your time and your valuable suggestions.

I wish all the best to those people who are making their application and congrats who already got their HSMP.

Regards,

newbie[/b]

Hi,
As far as I know that you can still apply for tier 1 even if your doing contracting and getting devidents. But your total earnings should match eligibility criteria.

You cannot tranfer money directly from limited company to your personal account. Get hold of a accountant , as you need to pay taxes.