Tier 1 General Extension (Income of director of Ltd Company)

[tearOne]

Hi,
I want to start this top as particularly useful to ask questions that are related to private limited company owners, director and share holders.

I am falling in the same area and I want to apply for Tier 1 Extension next month.

Following are my questions. If anyone can answer that would be a great help.

1. Salary slips are required as one of the proof. My accountant creates them all at once with a particular figure to keep the invoice low to avoid higher tax. Is this a good approach? And will these low paid salary slips NOT create any problem?


2. My comp turnover is above 70k. What is the maximum divided I can take from company account? As I only need 40k to get max points.


3. As I am the sole director of the company, is the Accountant letter essential apart from the bank statements, dividends and salary slips?

4. ukba online booking not working for me. any one able to book a same service in last 3 or 4 days?


Thanks.

[Vega]

1. No problem.
2. Ask your accountant.

[tearOne]

1. No problem.
2. Ask your accountant.

well Accountant is an old english guy which only knows accountancy. This is forum for such questions I think that why asked if any one can help.

[Vega]

Point is that your accountant has the details to answer that question.

[goldfish]

2. My comp turnover is above 70k. What is the maximum divided I can take from company account? As I only need 40k to get max points.

As Vega says, this is an accounting question so your accountant can answer. It depends on how much of the 70k is available for distribution as dividends. When you have the answer you can declare as much (or as little) of the available amount as you like.

[QuickSam]

Well the issue is that people on this board can give you the answer but we are not accountants. You need to consult with an accountant do provide you that information because he/she is better equipped and aware of all the legal issues.

I am also surprised by the statement "Accountant is an old english guy which only knows accountancy" wtf is that??? Get a grip on your English grammar and brain.

You need to get a reality check mate. Most accountants that I have met are vibrant individuals and it doesn't matter what your age is, to be an accountant you need to know what the rules are.

** I would say this would be applicable to you as well. Your employer's would just fire you when you are old

[Prudent Consult]

I think the first thing to do is print the evidence required to prove earnings from the UKBA website and take it to your accountant. Most accountants do not know much about immigration rules. Do not assume that your accountant knows about this complicated points based system. You have to explain things to him. Most accountants will do what your accountant did. that is run the payroll at the end of the year especially when it is one man business. Unfortunately, this approach will not help you for your visa purposes. As per UKBA requirements the net amount shown on your payslip should actually be shown on you personal bank statements. In terms of dividend, the amount you can take as dividend should not be more than the retained earnings. Dividend is not base on your turnover.

[ScopeD]

well Accountant is an old english guy which only knows accountancy.

This is so wrong!!!

[goldfish]

Accountants shouldn't need to understand the complexities of visa rules. You should read the guidance (and forums like this one!) to understand what you need from them, and explain what they need to provide. For example, if you need to send an accountant's letter, find out what you need to include for UKBA's purposes and ask your accountant to draft a letter including all the relevant info. If you need dividend vouchers, ask them to help you prepare them.