ILR as a Ltd Company Director - Urgent Help required

[naresh25]

Hello Gurus,

I am following this forum from last 4 months as i am due for my ILR in Jan 2013.

Currently I am on Tier 1 general and working as a Ltd company director.

I need advice on my situation as a Ltd company director i have my accounts done by an accountant and he generates a financial statement of which he tells me how much funds i can take from my business account. But the problem is i had not taken enough funds for 8 times in the past 7 months.

Is it mandatory that all my transactions should match my financial statements?

To give more details on my Ltd company,
My company year ends is April.
So I want to show my earnings from May 2012 till December 2012 and i meet the requirement for earnings which is £20k.
My transaction of funds does not align on individual transactions but will align on overall amount.

Can some experts please advise me as I got my appointment on 10th Jan 2013 at Croydon.

Many Thanks in advance.

Regards.

[naresh25]

Hi,

I take a weekly salary and dividends.

Regards

[gaboon_viper]

we didnt get it. explain please.

and my advice ignore crydon . they will ask so many questions
. cancel your appointment and try solihull, liverpool or sheffield

standard docs for limited director required

salary slips
dividends vouchers
accountant letter
personal and business statements

optional but take along with you just they ask but don't submit

contracts of business
invoices
company house welcome letter
company house list of director appointment
any tax returns
any NI paid receipts

thanks

[goldfish]

You don't have to take all the profits from the company as salary / dividends. I don't take all mine, I pay a monthly salary and an annual dividend. The amount of the dividend varies each year depending on the company earnings and how much I want to pay out vs retain in the company account.

You need to make sure you are paid enough salary + dividends to meet the earning requirement relevant to you. The evidence of those earnings i.e. the individual transactions must match.

If the salary and dividends paid so far don't meet the earning threshold, what about paying another dividend (assuming you have enough retained profit in the company) that will give you the required amount? Then all your individual transactions should match. Example (note these are not actual amounts):
May £1000 salary
Jun £1000 salary
July £1000 salary
Aug £1000 salary
Sep £1000 salary
Oct £1000 salary
Nov £1000 salary
Dec £1000 salary
Dec £4000 dividend

Total £12000

[vizh]

I don't take m salary and dividend every month. I transfer them to my personal account as and when required. But, the transactions match in my personal and business bank account statements. Is that acceptable?

[naresh25]

Many Thanks for the responses.

But to be clear on my situation i give the below example which illustrates my situation:

I work xxhrs a week and send the info to my accountant, then he generates a statement which has info regarding my dividends available and salary i can transfer from business account.

He provides me together salary + dividend and i was transferring to that amount every time from day one of my company.

My accountant said that i can take upto the amount he suggested in the form of dividends+salary so i never transferred salary on its own.

Let us say, for 1 week i was told that i can transfer £1000 pounds (salary +dividends) what i had done is transferred this amount as 3 times x £300

so there is a balance of £100 left over

In next week he says the same amount to transfer, but i had done £1,100 in 2 times covering the balance left over in earlier week.

My accountant now says that he can't give me dividend vouchers according to the transfers i had made as he already stated in the financial statement about salary and dividend vouchers.

Is this going to be a problem when i put my case infront of a case officer for ILR???

If so, can you all please advise me.

Many Thanks in advance.

[clintonmdu01]

then prepare your payslips in the way how you have credited your accounts.