Have people receiving dividends got HSMP under new rules?

SASMAN · Post by **SASMAN** » Fri Jan 19, 2007 9:00 pm

Hey .
Are there any people that have claimed their earnings based on salary and dividends and have been succesfull getting their HSMP?
And if so what u documents did you supply?
cheers

shockboy2000 · Post by **shockboy2000** » Fri Jan 19, 2007 9:04 pm

JK2007 has, search for his posts.
i think he was employee shareholder like me though - not a director.

from memory... your case was a bit of one, then the other for certain amoung of time??

i sent in: bank statements, payslips, dividend vouchers, letter from umbrella company with reconciliation for each month, letter from contracting agency. No P60/tax return since there is none for whole 8 month period. 99% sure he sent in the same.

SASMAN · Post by **SASMAN** » Sat Jan 20, 2007 1:33 pm

[quote]i sent in: bank statements, payslips, dividend vouchers, letter from umbrella company with reconciliation for each month, letter from contracting agency. No P60/tax return since there is none for whole 8 month period. 99% sure he sent in the same.[/quote]

Thanks for that..
so presume you applied as salaried employee? and did you supply copies of contracts? - Haven't seen any mention of supplying contracts or business bank accounts unless you are applying under independent contractor or self-employed. So I am thinking that if I want to apply as a salaried employee then i SHOULDNT supply these.. wot u reckon?

shockboy2000 · Post by **shockboy2000** » Sat Jan 20, 2007 1:40 pm

yes i did send in contracts (though dont think they are necessary for salary employed).

dont have any business bank accounts as i am employee shareholder, i.e. they pay the lot into personal bank account.

it might help to talk to your accountant to help determine what classification you fall under, since HO do reference the HMRC website themselves for figuring out if u are self-employed/icontractor/salariy employed. Whether HO reference it right is another story...

jagberg · Post by **jagberg** » Wed Jan 31, 2007 2:42 pm

I am making an application with a similar situation. I work through Giant Powerhouse which is a composite company. I have never seen the contracts as Giant has that relationship with the client. They will bill for my time. What did your contracts say. Did you show them how much gross earnings you made, ie. Total amount billed for your daily rate?

roger_ye · Post by **roger_ye** » Wed Jan 31, 2007 3:34 pm

jagberg wrote:I am making an application with a similar situation. I work through Giant Powerhouse which is a composite company. I have never seen the contracts as Giant has that relationship with the client. They will bill for my time. What did your contracts say. Did you show them how much gross earnings you made, ie. Total amount billed for your daily rate?

Hi,

I come from giant too. got approval today. no worries.
bank statements, payslipsdividend vouchers, letter from umbrella company, letter from your agency, (all with signature and stamp), that's enough.

ALee_80 · Post by **ALee_80** » Thu Feb 01, 2007 12:05 am

roger_ye wrote:
jagberg wrote:I am making an application with a similar situation. I work through Giant Powerhouse which is a composite company. I have never seen the contracts as Giant has that relationship with the client. They will bill for my time. What did your contracts say. Did you show them how much gross earnings you made, ie. Total amount billed for your daily rate?
Hi,

I come from giant too. got approval today. no worries.
bank statements, payslipsdividend vouchers, letter from umbrella company, letter from your agency, (all with signature and stamp), that's enough.

Hi Roger,

Just a quick question. I am with Giant as well. What kind of a letter did they provide you with? As in what does the letter exactly state? I'd be grateful if you could copy paste the contents of that letter here coz what they've told me is that they do not issue such letters apart from letters for banks. Please post the letter here and I shall get them to sign it.

Cheers!
ALi

PST · Post by **PST** » Thu Feb 01, 2007 11:53 am

Hi all,

sorry so what category should i be applying under as a ltd company shareholder?

have contracts, invoices, dividend statements, p60 bank statements and letter from 1st contact umbrella company.....

am i a salaried employee working for my ltd company?...v confusing!

thanks! any help appreciated!

jagberg · Post by **jagberg** » Thu Feb 01, 2007 12:12 pm

Hi roger_ye. Are you with Giant Powerhouse or Strongbox (Umbrella)? You said letter from agency, what does that letter state? Thanks for your help. Did you send in any contracts? Last question... Did you apply as an Independent Contractor?

Do you have a contact name at Giant I could speak to. Id like to make sure I have the same papers.

hsmp_sp · Post by **hsmp_sp** » Tue Feb 06, 2007 1:56 pm

NO ONE in a postion to share the thought???????????????????????????

anyone????

contractors_in_uk · Post by **contractors_in_uk** » Wed May 02, 2007 3:23 pm

Hi Guys,

I have been seeing lotsa emails related to HSMP extension for limited company directors. I help my clients with their extension and here is a list of documents which you would need for (successful) HSMP extension...

1. All the original copies of contracts between your company (client) and Agency
2. All the invoices raised against the agency
3. Business bank statements
4. Salary Slips (you are a director & employee so would have these)
5. Dividend vouchers
6. Personal bank statements which clearly refers the salary+dividends payments
7. Management accounts of the company
8. A covering letter from your accountants and the company director (you in this case) seconding your earnings. Can also be signed by the company secretary.

I don't think I have missed out on any thing else, but if you need any more information then please feel free to contact me.

Regards,
Sandeep!

MyHSMPApplication · Post by **MyHSMPApplication** » Wed May 02, 2007 3:56 pm

Hi,
Can any one let me know as to what are the documents along with their formats that are to be submitted as proof when one is receiving part of income as dividends.
All I have is the
1.P60 for the year 2006-2007
2.Bank statements which shows the abrv company name.
3.A statement from the company in its official letter head stating the amount of dividends received on a monthly breakup along with the tax creding for each month. It also shows the total dividends received for the whole year. However there isn't any stamp/seal of the company neither there is any signature from the authorised person.

Do let me know what other document should one submit?
Is it a must for me to file my returns with the IRS?
Can you also give me the format for dividend statement /dividend voucher?
Cheers
PG

chaze21 · Post by **chaze21** » Fri Jun 01, 2007 4:16 pm

Hi,

Just one question - I will shortly be applying as a employee shareholder as was wondering if JUST the salary and dividends count toward the earnings total?

OR

The total that has been deposited in you personal bank account by the umbrella company?

(I ask this as the payment made into your personal account is not just dividents+salary, it also includes expenses)

Post by **John** » Fri Jun 01, 2007 5:53 pm

Expenses are not income. They are a mere reimbursement of expenses incurred by you.

It appears to me that your income from your company is the gross salary, as shown on a payslip or form such as P60, and also 10/9 of the amount of the dividends actually paid to you.

That is, with each dividend you get a tax credit of 1/9 of the amount of the dividend, and that tax credit counts as part of your taxable income.

Prab · Post by **Prab** » Mon Jun 04, 2007 2:59 pm

I am contracting thru Giant as well, but was a permanent employee before Feb this year. So, my application will have a mixture of both (permanent & contractor)...
Can someone please tell me what would be preferrable - applying myself or applying through an agency, like workpermit.com or others. Can they sort out everything for me?
Suggestions would be more than welcome.... Thanks guys.

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Have people receiving dividends got HSMP under new rules?

Have people receiving dividends got HSMP under new rules?

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