Financial Requirements

chiba · Post by **chiba** » Mon Jul 23, 2012 2:12 pm

Can someone explain the Financial requirements to

I understand that ...

Must earn at least 18600 per year

Must have been in employment for the last 6 months and have receipts

Need to show a letter of job offer from the company

But ...
What happens if the job you have is only temporary?
What if it's only a 12 month contract?
What happens if you're working through a recruitment agency?

SoHopeful · Post by **SoHopeful** » Mon Jul 23, 2012 2:48 pm

From what I have read, I believe a 12 month contract is acceptable. Hopefully someone else will confirm.

harv · Post by **harv** » Mon Jul 23, 2012 3:06 pm

Hi chiba

1) Are you a contractor?
2) working through an umbrella company (agency)?
3) working through a limited company?

If you can answer these questions above, we will be able to help you.

chiba · Post by **chiba** » Mon Jul 23, 2012 3:11 pm

I'm working on a 12month contract due to expire in September '12. If I accept another contract of 6 or 12 months, and apply for visa while working on the contract , do you think it would be accepted?

harv · Post by **harv** » Mon Jul 23, 2012 3:23 pm

How are you paying taxes?

chiba · Post by **chiba** » Mon Jul 23, 2012 3:23 pm

harv · Post by **harv** » Mon Jul 23, 2012 3:24 pm

So, you are a contractor working through your limited company, right?

chiba · Post by **chiba** » Mon Jul 23, 2012 3:28 pm

No, all tax is handled by my employer. I receive a payslip every month and tax is taken automatically. I have a P60 and payslips.

harv · Post by **harv** » Mon Jul 23, 2012 3:32 pm

Okay, so you are employed on a contract basis (12/6 months).

As far as I can tell, you need to show the following:

P60 (Latest and previous if possible as well)
Payslips
Employer reference letter (containing any future contract period)
Your previous contract and the recent one (showing it has been renewed)

The above will help establish that the contract you are working with your employer is renewable and you have already been renewed once on it.

Hope this helps.

chiba · Post by **chiba** » Mon Jul 23, 2012 3:40 pm

Thanks for your advice

Hope these new regs get over-ruled.

chiba · Post by **chiba** » Mon Jul 23, 2012 10:30 pm

what happens if I just temping through an agency? there's no permanency with that kind of job, would they accept it?

harv · Post by **harv** » Tue Jul 24, 2012 9:27 am

When you say through agency, you have the following two options:

1) Use the agency as Umbrella company (Employed) - almost the same thing you are doing now, all your taxes and NI contributions are paid by the agency and you get the NET income.

2) Through your own Limited company (Self Employed) - you then invoice your employer and take care of all other things i.e. PAYE, NI, expense, Corporation tax etc.

The first option (same as your current situation) is easy to manage in terms of, you provide the payslips and other evidence and all is good.

The second option, you need to provide company accounts from your accountant and other bits of information on finances in the company as well as your declared pay to HMRC (Salary + Dividends).

Hope this helps.

chiba · Post by **chiba** » Thu Aug 16, 2012 3:39 pm

Hi all,

I wonder if someone could give me some advice

I am unclear about whether I need to have a PERMANENT job or if a contract is fine. Now I am working on a 6 month contract and previously I was working on a 12 month contract. I have looked at the financial requirements and they just say to state the type of work you have, permanent , contract,... They don't make it clear what you must have. how am I supposed to find this out?

Let's say I am working on 6 month contract and my "wife" applies for a spouse visa, how do I know if this will be accepted since the job will most likely finish when the 6 month period is up. Obviously I would find another job towards the end.

chiba · Post by **chiba** » Tue Aug 21, 2012 9:18 pm

BUMP!
any ideas about this?

In my situation

Mar 2011 - Sep 2011 6 month contract @18.5k PA

Sep 2011 - Sep 2012 12 month contract @21k PA

Sep 2012 - Mar 2013 6 month contract @ 25k PA

My contract could be extended..but I won't know until next year

We want to apply for her spouse visa in April 2013

What should we do? Push it forwards and get the visa now?

Post by **geriatrix** » Tue Sep 25, 2012 1:25 pm

Annex FM 1.7 wrote:Employment can be permanent, a fixed-term contract or with an agency.

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Financial Requirements

Financial Requirements