Tier 1 Self Employed

[msrmsr]

Hi,

One of my friends has successfully received his Tier 1 (initial) visa for 3 years. He is currently working and earns 20,000 £ from his employment and around 11,000 £ from self employment (sole trader) Now the time has come to pay tax. We are wondering, to get some advice on this. What have other members been doing, is it best to pay the full tax due on self employment.
would this cause an issue during the extension?
Please share your thoughts.
Thanks.

[vks]

Hi,

One of my friends has successfully received his Tier 1 (initial) visa for 3 years. He is currently working and earns 20,000 £ from his employment and around 11,000 £ from self employment (sole trader) Now the time has come to pay tax. We are wondering, to get some advice on this. What have other members been doing, is it best to pay the full tax due on self employment.
would this cause an issue during the extension?
Please share your thoughts.
Thanks.

Not the right forum!
Look into the following:

http://www.hmrc.gov.uk/selfemployed/index.shtml

[msrmsr]

Hi Vks

thanks for the reply.


To put the question in different manner, is it advisable to pay the full tax on the self employed income declared to the Home office. Or can he declare less income to the HMRC and pay less tax.
Would the Home office verify the tax amount paid to HMRC?

Thanks

[vks]

Hi Vks

thanks for the reply.


To put the question in different manner, is it advisable to pay the full tax on the self employed income declared to the Home office. Or can he declare less income to the HMRC and pay less tax.
Would the Home office verify the tax amount paid to HMRC?

Thanks

I know where you are going to!
Verifcation checks are stringent from HO. No deception, then you risk the visa!

[aruni4470]

Hi Vks

thanks for the reply.


To put the question in different manner, is it advisable to pay the full tax on the self employed income declared to the Home office. Or can he declare less income to the HMRC and pay less tax.
Would the Home office verify the tax amount paid to HMRC?

Thanks

I know where you are going to!
Verifcation checks are stringent from HO. No deception, then you risk the visa!

And also a ban on future applications!!!

[arsenal49]

In short, not worth evading tax system when your ILR is at stake...

Regards

[vks]

In short, not worth evading tax system when your ILR is at stake...

Regards

Not just for ILR. You must respect the law of the land!

[HSK Accountancy Services]

In short, not worth evading tax system when your ILR is at stake...

Regards

Not just for ILR. You must respect the law of the land!

100 % agree with VKS!