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pallavkumaria wrote:I am running a company within the UK and currently on a PSW visa and need to apply for UK Tier 1 (Entrepreneur) visa. I have a business turnover of over £100K and I have been able to generate £50K+ with the business. As per what I have read on the UKBA site it mentions that PSW visa holders should invest there own money and business should have access to the same.
So, would my situation be alright that My business and I being the owner of the company have access to the money as it is already in the business or do I need to use my personal money and invest it in my own company to show that my company and I have access to £50K.
pallavkumaria wrote:I thought so but when you withdraw money as dividends you need to pay all the taxes prior to doing so but if I keep the money in the business account and then invest that would be considered as a business expense, so would have to eventually pay less taxes and reuse the money. But the only thing that am not sure of is if the £50K money needs to come from outside the business or the money in the business can be considered.
rehan01 wrote:@ KickAss All i can say is you KICKED it again .............. SIR lol
KickAss wrote:rehan01 wrote:@ KickAss All i can say is you KICKED it again .............. SIR lol
Mate !
The way you keep on calling me SIR is making me feel like R Jadeja (Jr)
and sooner or later Admin's will block both of us !
You know any accountant on this forum ? if so PM him to advice on this please ..
Cheers
KickAss wrote:Ok what I am suggesting is not recommended but still ill put it here
As a director of the company, you can put money in multiple business accounts. A major question here is, when is your companies financial year end date ? If you think you have plenty of time then you can for the time being Tx money from business account to your personal account. File the visa and then wait for outcome. After successful application, you can then move the money back to business account.
One wrong thing here is that money should be in business account. but as a director, I might find it more profitable to put money in savings account and earn interest. which is a debatable issue..
At the end of the day
1) You cannot take out money from business account for your personal expenses unless declared as dividend or its a legitimate company expense.
2) If you pay taxes and take out 50,000 pounds from your business account and then tx it back as an investment, then its a tax paid money and when ever company will make a profit that 50,000 is a directors loan and that can be txed back to you from company account.
So one way or the another, proper tax is being paid by you and the company.
One slight advantage of following my step is that one can apply as soon as company has 50-60K , keeping in mind the company has enough money left to meet its upcoming expenses and before filing returns for the company at the end of financial year, all the companies money should be back in company account.
P.S :- Many might not agree with my suggestion and I am not an accountant either, but I don't see anything wrong in my suggestion.
Would love to have experts advice me on this.
Cheers