antony wrote:Hi frnd,
Please find my replies in blue.
tier1visaissues wrote:Thank you Sushil ji for your reply.
I am little confused though.
1. Its a limited company, I am a director.. do i still need to send the company bank statements? As I am a director which is like being a employee of the company, I was hoping that the payslips and personal bank statements showing net payments will be good enough? Do i need to send company bank statements as well - if yes, then pls clarify why?
Ans = Its ideal to send the Business bank statements (which shows gross for the stated period and can be cross verified by the Invoice been charged) as you are running a SME (small and medium enterprise). Note: Moderator please advice if this is correct
2. What about attesting the payslips? can i do so being the director of the company or should my accountant do it?
Ans = If you have a company secretary then, they can sign the payslip (if you are using a personal bank account to transfer your salary / didivends from business bank account). But if you are the Director of the Limited company and want to show Business bank statements cross verified with personal bank statements, then you may rather have the A) invoice and the B) Business bank statements to show the proof of earnings for the Limited company. Guidance notes of Tier 1 application page 27 of 47 says the following:
A) Invoice section vii) Invoice explanations or payment summaries from the applicant’s accountant. These are summaries or explanations created by an applicant’s accountant. These explanations should include a breakdown of the gross salary, tax deductions and dividend payments made to the applicant. The total gross salary and dividend payments should be the same as the applicant’s earnings. The payment summary should enable us to check that these correspond with the net payments into the applicant’s personal bank account. All accountants must be either fully qualified chartered accountants or certified accountants who are members of a registered body, see section on providing evidence from an accountant or accountancy firm.
B) Business Bank statements ix) , Business bank statements showing the payments made to the applicant: Bank statements provided must be on official bank stationery, and must show each of the payments that the applicant is claiming. If the applicant wishes to submit electronic bank statements from an online account he/ she should also provide a supporting letter from the bank on company headed paper confirming that the documents are authentic.
3. Also, since i am the director, I believe I am an employee. But Since I am the sole director, am I self employed as well?
Ans = Not sure if the sole Director can be called as Self-employed. But depends on the structure that you have formed. You can better check with the accountant who knows the Home office requirements. If you follow the standard practice most contractors do as ...
Director of Limited company (sole shareholder of company) => Also pays to self via salary (minimum monthly amount) and remaining funds in form of Dividends.
Note: The Dividends can be in form of every month OR can be Quarterly.
Again moderators please provide your expert advice on the responses if you think otherwise.
Thank you for your reply.
I was told by a consultant today that since, Director is an office i.e an employee who is paid in basic salary as well as dividend, payslips (that shows both basic salary and dividend) plus personal bank statement showing net payments along with payment summaries from accountant would suffice. The consultant showed me this section in guidenance note (Pg 26 pf 44):
Employees who receive a salary and
dividend payments:
• If the applicant is paid with a combination
of salary and dividends, and both
payments appear on the applicant’s
payslip, this employee could provide:
• personal bank statements for the full 12-
month earnings period
Since business bank statement would mean that I am self employed and that would make me put more documents like NIC documents.
What do you think? do i still need business bank statements? Please advice.
