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Tier 1 General extension self employee time restrictions

Archived UK Tier 1 (General) points system forum. This route no longer exists.

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discplayer
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Tier 1 General extension self employee time restrictions

Post by discplayer » Wed Apr 18, 2012 12:56 pm

I am applying for a T1 extension
I have income as a employee, but come up £5000 short for the 12 months.
I just registered with HMRC for self employee to raise the money.

My problem and questions arise because I need to apply for the extension now (within 2 weeks), and therefore I need to invoice and get paid now.

Can you comment on the following as being OK or not...

1)I registered sole trader with MY name, I will use MY regular bank cheque account.

2) I do not have the self employed UTR number yet. HMRC does have me registered 3 weeks ago. I asked and received a letter confirming this. (I do have a UTR for myself as a employed - assume different).
Along with this, I do not have a 'registration' number yet for class 2 payments. HMRC suggested (and I did this today) mailed them a cheque with my NI number and explanation for payment of first 2 weeks class 2.
I made copies and hope they deposit it within the week to show up on my bank statement.
I assume all this, like class 2 payment, needs to be in place BEFORE I receive income.
So when can I invoice?
If I need this £5000 by the end of April (2 weeks), I assume both invoice AND payment into my account need to be in April (or would they count a April invoice and May payment- the 13th month)

Thank you in advance to everyone. Good luck to everyone.

discplayer
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Posts: 5
Joined: Wed Apr 18, 2012 12:08 pm

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Post by discplayer » Wed Apr 18, 2012 1:29 pm

sorry, I forgot to say....
A point to all this, If I start my application now (end of April) and meet/submit documents in May or June, does my 12 months of income still need to be BEFORE April (my application date).

AccountantMatthew
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Location: London Town

Post by AccountantMatthew » Wed Apr 18, 2012 1:34 pm

1)I registered sole trader with MY name, I will use MY regular bank cheque account.
Yes that is fine. Legally you and the business are one and the same person. If you decided upon a business name you would really be 'discplayer trading as x'

No problem with using your own personal bank account either as a sole trader. Some banks may insist that you use a business account product if they notice what is going on but it is matter between you and them and not a matter of whether it is legal or not.

(I do have a UTR for myself as a employed - assume different)
If you had to fill in a self assessment return before you would already have a UTR. However if you have only ever been employed then you won't have one. Did you mean a National Insurance number(?)
So when can I invoice?
You can do this now if you want.
I assume all this, like class 2 payment, needs to be in place BEFORE I receive income.
Take a look here http://www.hmrc.gov.uk/selfemployed/reg ... elfemp.htm and here http://www.hmrc.gov.uk/sa/register.htm for what to do and when.

Good luck!
Please don't private message me or e-mail me for free personal advice - you are just wasting your time writing something that won't get answered.
Anything written here shouldn't be construed as being formal advice given in a professional capacity.

discplayer
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Posts: 5
Joined: Wed Apr 18, 2012 12:08 pm

Post by discplayer » Wed Apr 18, 2012 6:01 pm

Thanks for the reply. I see you helping many others here.

I DO have a UTR from 1 year ago. The company I work for said to get one because I was in the UK for 6 months and also had USA income. I filed self asesment last year.

By your comment I am thinking I do not need another UTR for self employment. True? I would think HMRC would see this.

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