Employed + Self Employed Very Urgent Please advise

[aju2012]

Hello Experts,

I am due to apply for my extension in first week of March 2013, I am going to show Employed + Self Employed for Previous earnings. Please urgently advise me is it compulsory to open Business Account for self employed. can't I show my self employed income in my savings account where my salary is also getting credited.


Thanks

Aju

[Mayurc]

You getting worried for no reason.

You can maintain your self employed income , employment income and your balance for maintenance to get your visa approved in one bank account. No need to open other account especially for visa.

Take deep Breath...

[bluebug]

Wrong information Mayurc ..


Correct information:

For any business in UK business bank account is required. So for self employment clearly written in UKBA policy guidance business bank statements are required to claim points.

Reason: The money we receive in our personal accounts is already taxed and net income.

The money we receive in our business accounts are gross income and is not been taxed.

PLEASE DO READ UKBA POLICY GUIDANCE

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

Page 20 is of your interest .

Regards

[Mayurc]

Wrong information Mayurc ..


Correct information:

For any business in UK business bank account is required. So for self employment clearly written in UKBA policy guidance business bank statements are required to claim points.

Reason: The money we receive in our personal accounts is already taxed and net income.

The money we receive in our business accounts are gross income and is not been taxed.

PLEASE DO READ UKBA POLICY GUIDANCE

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

Page 20 is of your interest .

Regards

For reality Check- my employed and self employed earnings were received in my current account and the same account I put for balance for maintenance. My visa got approved 15 days ago so do not know if rules have been changed in last 2 weeks ...

[aju2012]

I am really confused now, but don't understand how amount received in Business bank account is gross amount and not a net amount.

[Itiswell]

@bluebug;
You are not completely correct.

Self Employed can receive their payment in their personal account provided your accountant is able to produce tax payable document. Not all money received on your personal account was tax so the accountant have to produce profit, loss and tax payable.


Example: Dentist work as self employed, could have limited company but has been stopped so they are now self employed and they receive their payment on their personal account.

@Mayurc is right.

Wish you the best aju2012

[Dasavathar]

Hi Aju,

I got my visa approved where i used my personal bank account for business.

I used the same account for both my employment, self employment and the living expenses money.

Best wishes.

D

[1n1le]

Mayur, could you be kind enough to list the docs you submitted for both salaried and self employed.
It would be of great help for me.

Kind Regards

[scorpio_besal]

SOLE TRADERS: CAN USE BUSINESS OR PERSONAL ACCOUNT (COMPLETELY OPTIONAL)

LTD COMPANY:ONLY AND ONLY BUSINESS ACCOUNT

[sunny!!!]

Completely agree with "scorpio_besal", I obtained my Tier-1 initial visa using personal account both for Self-Employed earnings and Employment Earnings. It is completely optional.
"You can definitely use personal bank account to show self-employed earnings"

Please read "Self-employed earnings within a business or company structure" section on Page 22.
http://www.ukba.homeoffice.gov.uk/sitec ... idance.pdf

You can provide Personal Bank Statement along Accountant's letter explaining your profits.

Good luck!