TIER 1 Extension Earnings

[vivekmang]

Hi Everyone

Under the current policy guidelines and the time that I have left in before my visa expires I figured that I would need to show an income of at least 55000 in about 11 months.
Lets say I am successful in getting work as a contractor on a contract paying 300 GBP per day. With this kind of daily rate and assuming no major interruptions in work , how hard would it be to demonstrate an net profit of at least 55000GBP ?
Am I setting myself for an impossible task ?

I highly appreciate your inputs. Thanks..

[MB243]

It all depends on your actual earnings. No can really say how much you will be able to earn.

If you are in a job (or manage to find 1) in UK that can pay you the amount you need to apply for an extension then you should take a chance.

Everything is a gamble

[vivekmang]

Hi MB243

Thank you so much for your response.
I understand that generally speaking its quite a gamble.

I was referring to the scenario where I am able to get contracts paying minimum of 300 GBP per day. From whatever limited market testing I could do, I think I can take this risk. (I dont know how exactly it will play out but I feel ok taking the chance )

If i make 300 GBP per day for 11 months then it will total to
300 x 20 x 11 = 66000 GBP
This gives an idea of the gross revenue that I can get.

But unfortunately I have no idea about the expenses (or cost of doing business) like maybe national insurance, etc (i dont know what stuff I would need to subtract from the revenue to arrive at the gross earnings)
Thats where I need help from people in this forum. I need to get some idea about the things that should be counted out from the gross revenues (what are they and how large) .
I hope I am making myself clear ..

Since the gross revenue is 66000 GBP, can I consider that as my gross earnings ?

Thanks very much for your response. Its much appreciated.

[MB243]

You just need to deduct operational expenses (job related travel, accomodation etc), not taxes or NI. UKBA considers taxes and NI as part of earnings.

Guidance notes makes it clear what can be included in earnings and what cannot

Goodluck

[vivekmang]

Hey man MB243 thanks a lot.

I will check the guidance.