Accountant Letter Self Employed - Sole Trader - Tier1

[keka]

Hello Gurus,

Need Some Help

Actually Iam applying for tier 1 General on next week. and im now on PSW
My income is through two different sources
1) salary from my current employer
2) Self Employment where i have registered as Sole trader .

Most of the people in the forum say that i need an accountant letter as one of the proof which explains the invoices and my net profit and a profit and loss Statement .

As I have registered as Sole trader do i need to show Profit and Loss Staterment . my accoutant says that the profit and loss statements will given only to registered companies i.e Ltd company.

The documents i got now
1) NI contribution Reciepts for last 1 year
2) Invitation letter from HMRC in which i have my UTR number
3) A letter from my account expalaing the my summary of invoices(self employment)
4) A letter from my accountant explaining the salary for last 12 months
5) A certificate of income from my accoutant specifying my income, registration with the HMRC and if any questions please contact us .

will all this documents suffice or do i need to have a profit and loss statement as well.

Your Help is much appreciated

Thanks
Keka

[cheshiregoan]

Hello Gurus,

Need Some Help

Actually Iam applying for tier 1 General on next week. and im now on PSW
My income is through two different sources
1) salary from my current employer
2) Self Employment where i have registered as Sole trader .

Most of the people in the forum say that i need an accountant letter as one of the proof which explains the invoices and my net profit and a profit and loss Statement .

As I have registered as Sole trader do i need to show Profit and Loss Staterment . my accoutant says that the profit and loss statements will given only to registered companies i.e Ltd company.

The documents i got now
1) NI contribution Reciepts for last 1 year
2) Invitation letter from HMRC in which i have my UTR number
3) A letter from my account expalaing the my summary of invoices(self employment)
4) A letter from my accountant explaining the salary for last 12 months
5) A certificate of income from my accoutant specifying my income, registration with the HMRC and if any questions please contact us .

will all this documents suffice or do i need to have a profit and loss statement as well.

Your Help is much appreciated

Thanks
Keka

If you are registered as a Sole Trader it is obvious you will not have a P&L statement as this is only prepared for companies and not people.

As far as the rules are at the most basic level - you need bank statements as one evidence to prove that the money has entered your accounts and second you need proof of income (payslips, accountants letter, etc)

As you are showing the letter from you accountant as one item of evidence, you will also need to show:

- Any invoices generated (See point X on page 24)
- NI Contribution proof - either most recent quarter receipt OR bank statement showing direct debit deduction OR exemption certificate OR welcome letter if no NI contributions have been made till date. (See point 141 on page 25)

http://www.ukba.homeoffice.gov.uk/sitec ... idance.pdf

[isa2011]

Hi there

If you are claiming points for income as a sole trader, does the income have to be made in the UK?

Thanks