Does salaried income have to take into account business loss

[peacarrot]

Hi All

Could someone please shed some light on the following for me...

I am a salaried employee and plan to claim points under Tier 1 (General) for earnings using payslips and bank statements. I will be applying for the first time and I am outside the UK.

I am also a director of a small limited liability company in NZ that made a small loss in the last tax year and probably will again this tax year. I don't (and never have) recieved a salary or dividends from the company that I am director of.

My accountant has prepared a personal set of accounts for me that includes details of both my salaried income and the business loss.

My question is this - can I just send bank statements and payslips as evidence, and therefore just show the income received from my salaried position, or do I have to send in the accounts my accountant has prepared which shows the business loss as well?

Even with the loss subtracted from my income it doesn't affect my qualifying income points - I just don't want to overly complicate the application by sending my full accounts if this isn't required.

Any help or advice is most appreciated.

Many thanks!

[HSK Accountancy Services]

Hi All

Could someone please shed some light on the following for me...

I am a salaried employee and plan to claim points under Tier 1 (General) for earnings using payslips and bank statements. I will be applying for the first time and I am outside the UK.

I am also a director of a small limited liability company in NZ that made a small loss in the last tax year and probably will again this tax year. I don't (and never have) recieved a salary or dividends from the company that I am director of.

My accountant has prepared a personal set of accounts for me that includes details of both my salaried income and the business loss.

My question is this - can I just send bank statements and payslips as evidence, and therefore just show the income received from my salaried position, or do I have to send in the accounts my accountant has prepared which shows the business loss as well?

Even with the loss subtracted from my income it doesn't affect my qualifying income points - I just don't want to overly complicate the application by sending my full accounts if this isn't required.

Any help or advice is most appreciated.

Many thanks!

You dont have to show you accounts and company details if you are claiming points on salaried employee basis.

As you said you have never taken any salary or dividend from your company then the information about company is irelevant!

Hope that helps.

[peacarrot]

You dont have to show you accounts and company details if you are claiming points on salaried employee basis.

As you said you have never taken any salary or dividend from your company then the information about company is irelevant!

Hope that helps.

Great, a bit less paperwork for me then. Thank you so much for the super fast reply!

[republique]

You dont have to show you accounts and company details if you are claiming points on salaried employee basis.

As you said you have never taken any salary or dividend from your company then the information about company is irelevant!

Hope that helps.

Great, a bit less paperwork for me then. Thank you so much for the super fast reply!

Why would it take into account business loss??
Business entity is different from individual entity.
These are basic concepts for which if you don't know perhaps you shouldn't be running a business.

[peacarrot]

Why would it take into account business loss??
Business entity is different from individual entity.
These are basic concepts for which if you don't know perhaps you shouldn't be running a business.

I'm not an accountant (which is why I have one to prepare my accounts). I am aware that these are separate entities, but I wasn't sure if the home office needed to know about my involvement in the company for income purposes, as the loss comes off my personal tax to pay at the end of the tax year.



Thank you.

[republique]

Why would it take into account business loss??
Business entity is different from individual entity.
These are basic concepts for which if you don't know perhaps you shouldn't be running a business.

I'm not an accountant (which is why I have one to prepare my accounts). I am aware that these are separate entities, but I wasn't sure if the home office needed to know about my involvement in the company for income purposes, as the loss comes off my personal tax to pay at the end of the tax year.



Thank you.

that makes no sense unless you are self employed vs director of a ltd company.
It has nothing to do with an accountant, it has to do with basic concepts which you should have a grasp of even if you use a professional.

[peacarrot]

that makes no sense unless you are self employed vs director of a ltd company.
It has nothing to do with an accountant, it has to do with basic concepts which you should have a grasp of even if you use a professional.

Based on your comments, you don't appear to understand how the tax system in my country works in relation to this matter.

As I am not an expert on this (my accountant is), I'm not going to try to explain how it works.

My question has already been answered, so don't see the point in continuing this discussion, or receiving any further criticism from you.

[republique]

that makes no sense unless you are self employed vs director of a ltd company.
It has nothing to do with an accountant, it has to do with basic concepts which you should have a grasp of even if you use a professional.

Based on your comments, you don't appear to understand how the tax system in my country works in relation to this matter.

As I am not an expert on this (my accountant is), I'm not going to try to explain how it works.

My question has already been answered, so don't see the point in continuing this discussion, or receiving any further criticism from you.

Ditto
If you have an accountant, then why are you here? Shouldn't he help you?