Tier1 Extension- Salary Shortfall

[Mannu1979]

Hi,

My Tier-1 extension is due in Oct,2012 and right now my salary is 10K less than the amount required for my Visa renewal.

I request you to tell me what are the ways from which I can fill this salary gap. Should I show as freelancing and wht documents i need to show for that or is there any other possible way.

Thanks

[AccountantMatthew]

Aside from getting a second job or looking for something better paid, having a sideline in freelancing is your only option.

You can either form a limited company or become a sole trader in order to carry on your business. If you are unsure as to which then here is a good place to start your research - but research thoroughly before deciding:

https://online.businesslink.gov.uk/hub/ ... ewbusiness

If you have already decided that sole trader is the way forward then this link tells you what to do:
http://www.hmrc.gov.uk/selfemployed/index.shtml

As for what you then need to show UKBA, there is guidance on what documents are needed on the UKBA website. It's also repeated elsewhere on this forum.

Finally it's worth checking your contract of employment with your current firm just in case if your sideline is expressly forbidden (of course it's then up to you whether you tell them or not).

[ankitv]

Finding another source of income is the only option. Now whether you operate it as sole trader or limited company is a next step to be decided.

As matthew said, you could do freelancing, you could work on weekends and extra hours to earn that cash.
The bottom line is everything you do must be proved before UKBA. So if you are working freelancing or stores, keep a formal record, accept cheques etc. Avoid taking cash.

[feedback556]

Hi,

My Tier-1 extension is due in Oct,2012 and right now my salary is 10K less than the amount required for my Visa renewal.

I request you to tell me what are the ways from which I can fill this salary gap. Should I show as freelancing and wht documents i need to show for that or is there any other possible way.

Thanks

Hi

Iam in the same situation as you...can you please share that what is the alternative you have thought of?Appreciate your help.

[Mannu1979]

Hi,

Thanks alot for the advice.

I shall be really grateful if anyone can tell me what documents are required to be produced if you are showing yourself as a sole trader for Visa extension.

Thanks in advance.

[AccountantMatthew]

You'll start by getting set up with HMRC:

http://www.hmrc.gov.uk/selfemployed/reg ... elfemp.htm

For general info on getting started in business then BusinessLink (a govt. site) is a user friendly site:

http://www.businesslink.gov.uk/bdotg/ac ... ink.gov.uk

[theroyale]

Just to restate what someone else has already said: whatever work you do, avoid being paid in cash. There is no way to prove this, and this money earned is useless in the eyes of your Tier-1 extension.

[Mannu1979]

Hi,

Thanks for the replies but still I have not got the answer of the question "what are the documents required ?" to show myself as a sole trader and proving the income from it as part of my total income.

Can anyone pls let me know that.

thanks

[MB243]

Hi,

Thanks for the replies but still I have not got the answer of the question "what are the documents required ?" to show myself as a sole trader and proving the income from it as part of my total income.

Can anyone pls let me know that.

thanks

You will need to send UTR reference number letter from HMRC, NI contribution bill, highlighting the NI amount paid on bank statements, invoices to customers, contract agreements if any, personal & business bank account statements, payslips, tax returns for previous years if you were self employed earlier, letter from accountant showing gross amount from self employment after deducting operational expenses apart from other documents required for the application

[AccountantMatthew]

Reading what is in here will answer your question:

http://www.ukba.homeoffice.gov.uk/sitec ... idance.pdf

It's easy to follow so you can jump straight to the section you want.

[feedback556]

Hi Matthew

Can you please advise if a self employed (sole trader) need to make earnings from some limited company only or earnings made by working for an individual or licensed contractor are also valid ? Thanks for your help.

[feedback556]

Hi Matthew

Can you please advise if a self employed (sole trader) need to make earnings from some limited company only or earnings made by working for an individual or licensed contractor are also valid ? Thanks for your help.

Hi, Would any member be kind enough to answer the above query.Thanks.

[Manka10]

sole trader & limited company are 2 different things, a sole trader does not work for any limited company & a limited company director (or employee) is not called a sole trader

[feedback556]

sole trader & limited company are 2 different things, a sole trader does not work for any limited company & a limited company director (or employee) is not called a sole trader

Hi, Sorry , may be I wasn't able to communicate my query properly.What I wanted to ask is that as a self employed(sole trader), is it necessary to have the clients which are registered companies only or my clients could be individuals as well?

[gaurav76.5]

advisable to have clients which are limited company...

[simtiaz]

Hi all,
I provide consultancy for self employed people and other immigration services. Happy to be contacted to provide personalize help with nominal charges.

proactive.education2010@gmail.com

[sshah20]

Hi All,

I have a limited company and most of my clients pay me cash on the spot and I issue them invoice. I also prefer cash as cheques may bounce. the same amount I deposit in my business bank account.

will it be a problem in extension?

I have record of all invoices, which include the amount, name, address, telephone, email address of customers.


shah