LTD Company -Accounant Letter Required

[daisy80]

Hi ,

I am applying for ILR this May.

I am director of limited company and 100% shareholder.

As part of earnings requirement i submitting my

paylsips
dividend vocuhers
personal bank statements
business bank statements
corporation tax return on the profits
company annual return
5p60

do i need my accountant to submit a letter with gross salary and dividend.

also i do need to sumbit invoices too


aslo would be classified as self employed?

if yes then please could you share the format.

Thanks
Nev

[the_ilr_boy]

Hi Nev,

Can you share which category you are applying under as I think some differences apply for different categories?

I applied under Ancestry and had a letter from my accountant for director/limited company to cover the last twelve months - they basically just stated my earnings for each month (Gross, Tax, Net) as well as Dividend/s (Gross, Tax, Net).

They also stated the full period for which they had been handling the accounts for my company, that I had fulfilled all my Tax and NI obligations and that I was the sole 100% shareholder and entitled to all profits.

I also got a letter from the Agency from whom I had been contracted to state the period that I had been working for clients of theirs.





Regards,

the_ilr_boy

[daisy80]

i am apoplying under tier1 COMPLETION OF 5 YRS

[nnj10]

Most people applying as Director of their Own Ltd Co. are applying as "Employee" and not as "Self Employed".

If the earnings that you want to show is all declared in form of Salary and Dividend i.e. not claiming any profit retainment in business then only following is required.

1) Paylsips
2) Dividend vocuhers
3) Personal bank statements

In addition I will carry P60 for last 5 years.
You can also carry all other documents you have listed but not necessary to submit to case worker unless specifically asked by him/her
(Assume you are applying at PEO).

[ILR_UK_]

Accountant Letter Required. Mine also like yours.
They asked me Accountant Letter. Don't take chances....get it .

[krthk.s]

daisy80 - Since the Dividend vouchers are self-issued, I would recommend taking the accountant's letter confirming monthly salaries and dividends.

As for being Employed or Self-Employed see HMRC page

[khalidmirza]

In my opinion accountant letter is required and company accounts as well. As a director you are employee and no need to show self employed. Please make sure that accountant is on ICAEW . This is one area home office is very particular about now a days

[daisy80]

hi,

how can i verify the accountant is on the approved by home office


Also can share the accounat letter

Regards
Nvain

[nnj10]

Accountants themselves are not approved by UKBA.
The requirement is that they should be a member of a professional body like ICAEW, ACCA etc.
Read more on UKBA
http://www.ukba.homeoffice.gov.uk/visas ... ccountant/

[sakman]

Hi all

can anyone help me please,

my limited company has only been open for 8 months and my accountant says i dont need payslips for my limited company as i am the only employee

Where do i get dividend vouchers from?

And my corporation tax return is not due yet- what can i show instead?

And company annual return is not due also- what can i do about this?

Your help is much appriecated

[nnj10]

He doesn't know what he's talking about.
Show him the requirement for ILR and supporting documents required.
Your account should help you with preparing dividend vouchers too.
If your accounts are not due until after your ILR appointment, you do not need to provide anything for that.
If you want you can show your business bank statement showing you have provision i.e. bank balance for paying corporation tax due for earnings so far.

[sakman]

Thanks nnj10
i just need your opinion on 1 issue please.

do you think i should explain that my accounts and tax is not due to be paid yet so i cant show the end of year accounts or should i not mention this and hope the ECO will understand,

or should i write a letter showing what i have tranferered from business account into personnel account as earnings from the company.

Thanks again

[nnj10]

Thanks nnj10
i just need your opinion on 1 issue please.

do you think i should explain that my accounts and tax is not due to be paid yet so i cant show the end of year accounts or should i not mention this and hope the ECO will understand,

or should i write a letter showing what i have tranferered from business account into personnel account as earnings from the company.

Thanks again

I wouldn't be too concerned about future corporation tax as it is not yet due.
I don't think CW will be looking to ask any future tax.
In worst case, like I said, just carry your business bank statements to show that your business has enough cash balance to pay any potential corporation tax.

[AshMad]

Hi

You need letter from your accountant. Do not risk yourself.
Also you can get a letter addressed from your accountant to UKBA stating that they are accredited. Some big accountancy firms publish on their website that they are accredited, Not sure if your accountant is one of those.

Also since you have limited company---You are self employed.

If you are taking director salary and dividend then you can claim both as part of earning. Alternatively, if your dividends are exceeding the earning requirements then you need not claim director salary.

I had claimed only dividends as my earnings during my previous extension applications.

Hope this helps.

[sakman]

hi, if i am director of a limited company, should i be given payslips by the accountant, as mine does not issue me any and says i dont need them. i am confused now

[bulala]

Hi all

can anyone help me please,

my limited company has only been open for 8 months and my accountant says i dont need payslips for my limited company as i am the only employee

Where do i get dividend vouchers from?

And my corporation tax return is not due yet- what can i show instead?

And company annual return is not due also- what can i do about this?

Your help is much appriecated

Did you ask your accountant if he can show your transactions for 8 months because your accountant can prepare interim or management accounts for 8 months.

All you need are two independent sources of income which collaborate each other..

You should try to keep things simple depending on how you run your business i.e. self employed or employed - business or personal bank statements, company managment/interim accounts, invoices or payslips & dividend vouchers and an accountant letter..

[Rashid]

Hi,

Sorry, not being funny but we are just making things complicated to read here.

CONDITION 1:As a only director of a Limited company where you work as an employee and shareholder (whether partial or 100% share holder), all you need is Salary slips and dividened voucher and obviosuly, amounts appearing on these 2 should match with your personal bank statement. Accountants letter may be kept (but not presented) just in case.

CONDITION 2:On the other hand, if profits and retained with in business, you would need relevant documents BUT, I assume most of the people on forum would generally draw salary and dividends from business in whihc case, CONDITION 1 applies.

Thanks

[nnj10]

Agree with Rashid Completely.
Most people will fall under condition 1 of his explanation.
Even if you are considering condition 2, for the current year while you apply for ILR, most people will be better off planning ahead and with little help from his/her accountant will be abale to switch according situation mentioned in condition 1.

Personally I would advise everyone working through their LTD Co. to plan ahead and try to clain their past earnings under condition 1.