Tier-1 General Extn - LTD Co - Profit/Loss and Balance Stmt

[satish.koneri]

Hi,

I have my Tier-1 General Extension appointment due on 13th May.

I have gathered all necessary documents, but I'm little fussy about few documents which I might need from my Accountant who is dealing with my LTD company (Established on 16-Aug-12).

I'm claiming for the period 1st May 12 to 30th Apr 13.
Earnings include
1. Salary from my previous employer from 1-May-12 to 10-Aug-12
2. Salary from my own LTD Company from 16-Aug-12 to 30-Apr-13
3. Dividend from my own LTD Company from 16-Aug-12 to 30-Apr-13


I have asked my accountant for below documents:
____________________________________________________________

1. Accountant's Letter
UKBA Requirement: A letter from the applicant's accountant on headed paper confirming the gross and net pay for the period claimed. The letter should give a breakdown of salary, dividends, profits, tax credits and dates of net payments earned.

2. Dividend Vouchers
UKBA Requirement: Dividend vouchers which show the amount of money paid by the company to the applicant, normally from its profits, and which confirm both the gross and net dividend paid.

3. Financial Statements
UKBA Requirement: Company or business accounts that meet statutory requirements and clearly show:
(1) the net profit of the company or business made over the earnings period to be assessed,
(2) both a profit and loss account (or income and expenditure account if the organisation is not trading for profit), and
(3) a balance sheet signed by a director;
____________________________________________________________

Accountant's reply is:
You company is not year old and accounts are not due. Also, company accounts are not required to prove your personal income. Payslips and dividend vouchers will be sufficient.

Please can anyone advise do i really need Profit/Loss account stmt and Balance Sheet. Or is my accountant has less knowledge about UK BA requirements.

Any advise on this is much appreciated.

Kind Regards,
Satish

[gurrano2]

Your point 3 is valid for case worker to approve your case. Your case will be refused without showing the company account for the period you are claiming. The temporary account has to be prepared by your accountant even if the year has not ended. He has to prepare for the period you are claiming only. If he is not sure, I will advice you to look for another accountant who knows about home office requirement for ltd company applicants. Good luck.

[satish.koneri]

- gurrano2

Thanks for your quick reply.

My accountant has come back saying...

If you have worked in a self-employed capacity in your own business or company structure and have chosen to keep your earnings within the business or company, you could send: (documents stated by me)

This is also mentioned in UKBA website:
http://www.ukba.homeoffice.gov.uk/visas ... documents/

Any thoughts ?

[gurrano2]

If you dont want to go through stress after sending your document, please get an accountant to produce business account for your ltd company for the period you are claiming for. You do not need to pay any corporation tax just yet but get the interim account prepared by the accountant (profit & loss) & balnace sheet included. As adviced earlier, get another accountant if your accountant is not experienced with home office requirement. Good luck

[megatop]

Your case will be refused without showing the company account for the period you are claiming.

@Gurrano: Do you have any references/ link to share regarding this statement? My case is around 90% similar to Satish. From what I have read on this forum, business accounts have been mentioned quite rarely in the set of documents that applicants submit. Further, it cannot be used to corroborate any other evidence. What purpose it serves is something I fail to understand!!

I am a Ltd company director getting paid Salary and Dividends. I do not pay Class 2 NI and therefore consider myself as Employed (not Self-)

I am planning to provide the following :

Main File
----------
Salary - Payslips attested by accountant + Personal bank statements
Dividend - Dividend vouchers attested by accountant + Personal bank statements
- Letter from accountant + Invoices raised (per guidance notes)

Extras
-------
Last year company P&L accounts
All previous contract agreements
Letter from my current agent
Timesheets for the last one year
Business bank statements (1 year)
Cert of Incorporation
P60s
VAT regn certs
VAT repayment returns
Self assessment tax returns


Your thoughts!!

[gurrano2]

You already have it in your set of document you are submitting.

Extras
-------
Last year company P&L accounts

I think they use this to check if you have actually taken paid yourself dividend out of the company's profit. Your company account will state your Net profit out of which you can take your dividend.

viii) Company or business accounts that
clearly show the net profit of the company
or business. Accounts must show both
a profit and loss account (or income and
expenditure account if the organisation is
not trading for profit) and the balance sheet
should be signed by a director. Accounts
should meet statutory requirements and
should clearly show the net profit made
over the earnings period to be assessed.

Hope this is clear enough.

[tierone_extension]

Your case will be refused without showing the company account for the period you are claiming.

@Gurrano: Do you have any references/ link to share regarding this statement? My case is around 90% similar to Satish. From what I have read on this forum, business accounts have been mentioned quite rarely in the set of documents that applicants submit. Further, it cannot be used to corroborate any other evidence. What purpose it serves is something I fail to understand!!

I am a Ltd company director getting paid Salary and Dividends. I do not pay Class 2 NI and therefore consider myself as Employed (not Self-)

I am planning to provide the following :

Main File
----------
Salary - Payslips attested by accountant + Personal bank statements
Dividend - Dividend vouchers attested by accountant + Personal bank statements
- Letter from accountant + Invoices raised (per guidance notes)

Extras
-------
Last year company P&L accounts
All previous contract agreements
Letter from my current agent
Timesheets for the last one year
Business bank statements (1 year)
Cert of Incorporation
P60s
VAT regn certs
VAT repayment returns
Self assessment tax returns


Your thoughts!!

I think these are enough documents, i feel you can submit your degree certificate along these (you are claiming 30 points for that)

[tierone_extension]

Hi,

I have my Tier-1 General Extension appointment due on 13th May.

I have gathered all necessary documents, but I'm little fussy about few documents which I might need from my Accountant who is dealing with my LTD company (Established on 16-Aug-12).

I'm claiming for the period 1st May 12 to 30th Apr 13.
Earnings include
1. Salary from my previous employer from 1-May-12 to 10-Aug-12
2. Salary from my own LTD Company from 16-Aug-12 to 30-Apr-13
3. Dividend from my own LTD Company from 16-Aug-12 to 30-Apr-13


I have asked my accountant for below documents:
____________________________________________________________

1. Accountant's Letter
UKBA Requirement: A letter from the applicant's accountant on headed paper confirming the gross and net pay for the period claimed. The letter should give a breakdown of salary, dividends, profits, tax credits and dates of net payments earned.

2. Dividend Vouchers
UKBA Requirement: Dividend vouchers which show the amount of money paid by the company to the applicant, normally from its profits, and which confirm both the gross and net dividend paid.

3. Financial Statements
UKBA Requirement: Company or business accounts that meet statutory requirements and clearly show:
(1) the net profit of the company or business made over the earnings period to be assessed,
(2) both a profit and loss account (or income and expenditure account if the organisation is not trading for profit), and
(3) a balance sheet signed by a director;
____________________________________________________________

Accountant's reply is:
You company is not year old and accounts are not due. Also, company accounts are not required to prove your personal income. Payslips and dividend vouchers will be sufficient.

Please can anyone advise do i really need Profit/Loss account stmt and Balance Sheet. Or is my accountant has less knowledge about UK BA requirements.

Any advise on this is much appreciated.

Kind Regards,
Satish

Hi Satish, Ask your accountant to prepare a P & L statement from the date of incaropration. It's not for carporation tax where as it's management P & L staement even though company is less than a year old
If you submit the same would be nice..

[satish.koneri]

Thanks everyone guys.... I have got P/L & Balance sheet from my Accountant finally.

[karg_g]

Hi,

http://www.immigrationboards.com/viewto ... highlight=


Gurrano dont scare people. For ltd company all u need is salary slips, proved by bank statement. Dividend payments proved by bank statement & accountant letter.

Note: if ur salary slip has dividend in it you dont need dividend vouchers.

Above applies only for Ltd company

[gurrano2]

KARG_G: WHY DO YOU SAY I PANIC PEOPLE. IN YOUR POST YOU HAVE EQUALLY SUBMITTED INTERIM ACCOUNT. WHY DONT YOU WANT OTHER PEOPLE TO SUBMIT SAME....? SEE NO 5 OF YOUR DOCUMENT BELOW:

5) Interim Company Accounts Approx From Aug-2012 Upto Jan-2013

[karg_g]

Hi Gurrano Dikhead,

It was not submitted it was with me. For ltd company its not a mandatory document. Its a must only for self employed.

I can also type in caps

[gurrano2]

Hey Karg_g.
Try and grow up and stop using abusive word like dickhead. I have never abused you so wondering why you should be using that word on me. I could have called you coconut head but did not. Please stop this.

[karg_g]

Gurrano ,
U got excited just like d---head and didn't read my previous post correctly. Further more I know very well how much mess u did for ur dividends. If HMRC & UKBA were linked many people's dividend wud be considered illegal/director loan.
U shudnt have typed in CAPS u dikhead

[gurrano2]

@ KARG_G: U COCONUT HEAD....Just behaving like the child you are. Not surprised though.

[karg_g]

Gurano

Like a child but dikhead

[gurrano2]

Have a nice day baby kokonut head Karg_g

[saq427]

common guys stop fighting.

Well as far as information i've. if u r showing ur company accounts then u need,

1. payslips (if u r PAYE registered)
2. Dividend Vouchers (Done by accountant)
3. Accountant letter (Declaring or confirming ur salary & dividends)
4. Accounts for the period claiming

[gurrano2]

THanks.....Point no 4 explains it all. I rest my case

[karg_g]

Hi Saq427,

Office holders or directors are considered employees and hence liable for class A NIC only. This also means they are treated as employees. Effectively UKBA asks only necessary proof like dividend vouchers and accountant letter. Again for self employed u also need company accounts since UKBA policy clearly states they will consider the monies made in that year/period. As a limited company u can draw dividends from last year profits but still will be accounted for income calculation (assuming last 12 months)

Gurrano2 its now without a doubt ur a dikhead

[gurrano2]

Coconut head karg_g , I wonder why you took the company account with you to home office when I know this. That is why u are a coconut head. You prepared one and took it along and are now trying to prevent others from preparing. If they didn't ask you does not mean others should not go with one as most case junior case workers treat most issues with ltd companies as self employed. In my case, they looked at it. You are a clear Memunu.

[Itiswell]

Gurrano and Karg_g

Thought this forum is for matured people who are seeking help towards their future and not children social networking site.

You both should kindly stop this.

No man is an island of lanuguage, we all need it but not the way you two are going about it.

Kindly bury your difference and no more trading of words.

Thanks guys

[megatop]

Dear Karg and Gurrano,


You both (and everyone else) have been doing a great job by giving back to the forum your experiences and your vast knowledge on the rules/ subject. Please do not spoil your own hard earned self-image in front of other forum members who have high regards on you by pulling each other down.

Mistakes and absence of mind happens to everyone at some point. It is best to point it out and allow one to correct themselves.

Gurrano: I had raised the question on the basis of what information you have made a statement. You pointed to me that even I had the document in my hand. Like Karg, that was just a document in hand in case they ask for it.

Your statement that visa will be refused if you did not show the company accounts (with interim) was too generic a statement. As I now understand it is for Self employed and not for Ltd company.

I guess thats the point even Karg was trying to make.

[gurrano2]

Thanks Megatop. You are one in a million unlike some people. Apologies for the statement made regardig "Visa will be refused". There a many ways mistakes or errors can be pointed out without being too harsh in replies like some dumbhead. Anyway...point noted and goodluck to everyone.

[layla1234]

KARG_G: WHY DO YOU SAY I PANIC PEOPLE. IN YOUR POST YOU HAVE EQUALLY SUBMITTED INTERIM ACCOUNT. WHY DONT YOU WANT OTHER PEOPLE TO SUBMIT SAME....? SEE NO 5 OF YOUR DOCUMENT BELOW:

5) Interim Company Accounts Approx From Aug-2012 Upto Jan-2013

HI guys stop fighting ( BUT EVEN UR FIGHT GIVE USEFUL INFO) and give me your best advise my tier 1 general was approved in may 2011 i used dividend of 25k along with i send P&l account of the company which mentioned total income of 35 k i joined as a director & share holder of my friend company he gave me this figures which accountant mentioned on P&L accounts later he kick me out of the company and in 2012 he closed the company without submitting annual accounts of the company and declared himself as Bankrupt since then i had no contact with him now i realized that he before me he draw himself dividend of 22k in March 2011 i was unaware of it as company bank account was on his name and he was the main owner, my concern is

i am worried that is it misleading to UKBA of giving 35 k operating income on P& l accounts submitted with my application through which i got dividend of 25 k while if the total dividend drawn by both directors amounted 47 k within those period .( he did not told me that he is also getting dividend and applying for tier 1 general before me in March 2011)

And that these dividend were drawn at the initial 8 months of company being incorporated ( not the final annual accounts )

P&L accounts i submitted with my application mentioned only my name as directors but did not mention his name ( while on company house records we both were appearing as directors )

though i am on ILR obtained under long residency rule and have nothing to do with tier1 general but what if on any stage later on ukba ask for these reasons or further documents or proof of the company what is my defense how i can justify myself ?

i am unable to provide any further document of the company as he closed the company and its bank account more than an year ago company bank account was under his name so i cannot access it. he has no contact with me i tried a lot but could not get hold of him

will i be responsible of not submitting company annual accounts to HMRC ( while i was resigned from directorship well before the annual accounts reaching date )

is it a deception or general mistake made by me showing only my name as director on company accounts submitted with the application .

is it deception or mistake to mention 35 k income and getting 25 k dividend for myself while the other director also had taken 22k dividend earlier before me

should both dividend be mentioned on the P&l accounts submitted with my application made in April 2011 .

the company which is closed and dissolved voluntary by the other main director, am i responsible to keep all the documentation & business details ?

( while i have paid all tax for my dividend and self employment to HMRC) and nothing is outstanding .

can UKBA make problems for not providing documents and proofs for the closed companies and businesses where you are not the direct sole owner ( just director and hold 100 shares )

PLZ GURUS MODERATORS OR ANY ONE ELSE EXPLAIN ME AS I AM REALLY WORRIED I hardly Got ILR after almost 11 years of struggle in UK canot afford any risk of deception what steps i can take to safe myself .