Archived UK Tier 1 (General) points system forum. This route no longer exists.
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achellap
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by achellap » Tue Mar 22, 2011 3:06 pm
hi there,
i have already made my TIER 1 application last week , but before applying i had £6000 in my business account , this amount is includes the earnings i had shown to home office , my accountant says it has to be transferred to personnel account before we had applied the visa , so will this be a problem for me earn points on earnings?
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teddy0409
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by teddy0409 » Tue Mar 22, 2011 4:54 pm
Are you showing as a self employed (sole-trader) or Limited Company ?
If you are a sole-trader then you can keep the net profit with in the business account (Do not require to transfer across to your personal bank account)
Ref: Tier 1 (General) Policy Guidance version 12/2010 Updated 23 December 2010 Page 26
Self-employed earnings within a business or company structure:
If an applicant has worked in a self-employed capacity in his/her own business or company structure and has chosen to keep his/her earnings within the business or company, he/she could provide:
business or company accounts that meet • statutory requirements and show the net profit made for the earnings period claimed; and
personal/business bank statements.•
If the applicant is not the sole shareholder of the company he/she should also provide:
a letter from his/her accountant confirming • his/her shareholding and the proportion of net profit before tax to which he/she is entitled for the earnings period claimed.
If Not We, Then Who?
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achellap
- Newbie
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by achellap » Tue Mar 22, 2011 5:29 pm
i am working a as a sole trador , so i hope this wont be an issue i beleive
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katwmn6
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by katwmn6 » Mon Apr 04, 2011 11:15 am
What does that mean, "business or company accounts that meet
statutory requirements" ??
I'm so confused as to whether it's worth opening a separate business account to declare SE earnings (working as an HMRC registered sole-trader), and whether I need to get an accountant...
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aliq09
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by aliq09 » Tue Apr 05, 2011 7:43 pm
achellap wrote:hi there,
i have already made my TIER 1 application last week , but before applying i had £6000 in my business account , this amount is includes the earnings i had shown to home office , my accountant says it has to be transferred to personnel account before we had applied the visa , so will this be a problem for me earn points on earnings?
Hi ,
IMO, it should go to your personal account to count as earning . Hope for the best ....
Thanks
Ali
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aliq09
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by aliq09 » Tue Apr 05, 2011 7:44 pm
katwmn6 wrote:What does that mean, "business or company accounts that meet
statutory requirements" ??
I'm so confused as to whether it's worth opening a separate business account to declare SE earnings (working as an HMRC registered sole-trader), and whether I need to get an accountant...
Hi ,
You need both mate! just to be on clear green edge .
Thanks
Thanks
Ali
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bango
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by bango » Tue Apr 05, 2011 8:39 pm
@ali.
Please dont confuse the original poster if you are not sure.
@O/P= You dont need 2 accounts. If you are a sole trader then u can either show business account or personal account as you are personally liable for profit/loss of ur trade.
The guidance you have mentioned above is applicable for someone running a limited company. Good luck.