Self Employed Query

[basis2011]

Hi Gurus,

For those of you that did PEO with salaried employment + self employment. I will like to know if the case worker will ever ask question about what I do and contact details of my clients. More importantly, do I need to provide contact details of my clients for the self employed earnings? Or the accountants documentation is just enough. Also, will I need to mandatorily submit invoices?

I am asking this question because I need to make £20,000 in the next 3 months to be a able to get enough points for the income earning for extension.

Thank you for answering.

[rajaninanu]

Hi,
I was self employed and went for PEO but they didnot ask me any questions.
But if you are going to claim £20,000 in next three months they may question you.
Also your accountant gives you an invoice summary which would be based on the invoices generated by you. In that summary he is supposed to include the contact details of all your clients.
Also you should provide your profit and loss accounts.
It is said in the policy guidance that if an applicant is providing bank statements and letter from accountant, they should also provide all the invoices generated if they are claiming it.

[basis2011]

Thank you Raj

[rpsarangi]

Hi raj .. Which PEO did you go to in your extension ?? And how much was your self employed earning ?? Please answer so that it helps me ..

[geriatrix]

Hello gurus,

This is my situation. I work for a company in US and they issue me a cheque that I pay in here in the UK. My two questions are these:

1. Can I use the US earnings to claim points for UK earnings?

2. The company gives me US bank cheque in dollars and when I pay it into my account, it is converted to pounds using the prevailing exchange rate by the bank. How will I issue the invoice to be able to claim the point for UK earnings....pounds or dollars.

Thanks for clarifying.

1. Yes.
2. I stand to be corrected but IMHO, since the cheque is deposited in a UK bank, you will need to take into account the "pound equivalent" for each deposit.