ILR (WP+Tier 1G)..Urgent advice from experts needed

[Jugs]

Dear all,

I hope you all are well and good? I need some advice regarding my forthcoming ILR. I’m on tier 1(g) valid for next 3 years, I was on work permit before so in total I will complete my 5 years next year in Aug 2014.
Now please see my questions as below.

1. I have always been in permanent employment until this period, however I have recently accepted a contract role and decided to go limited company. I have hired a good accountant but he doesn’t seem to be much aware of the UKBA rules or documentation etc. To qualify for ILR, I will need to show minimum of £35,000 plus, so please can some expert advice on the things which I need to aware of? He is registered account but he doesn’t seem to be much aware of UKBA documentation.
• List of documentation required?
• How much salary or dividends? I am entirely new to this so got no clue how it works. Is there any limit on amount of money I can take out of bank account? Do I need to transfer from my business to personal and then withdraw cash?
• Also the agency will pay me weekly, can I hold the money until the end of the month and withdraw?
• One of my frnd is advising me to take 100% salary, but this doesn’t make sense because I will pay more tax and there is no point then me going contract then.
• How much is advised to take as salary and How much is advised to take as dividend?
• Are there any particular things which I need to be careful or aware of from the beginning through my ltd company? As I don’t wana talk to-up my ILR.

Also now the other major issue is that the contract requires lot of travelling, the client is UK based but he wants to me to travel abroad as when required, although I will be paid in my UK business bank account and pay relevant taxes etc. I am hoping my out of country days will be less than 180, but I have been informed by the UKBA settlement team that I can’t claim UK experience points? Is that right? Well I’m travelling for my business to see my clients abroad, why can’t I claim UK experience points ?

Also what documents do I need to show for WP period? Is payslips will be sufficient?

Please I would really appreciate if some experts or someone could advise on the above, as I’m really worried.

Many thanks
Jugs

[Jugs]

Any one please ??

[Jugs]

So I'm I the only one who doesn't get replied here ? or is this forum dead now ?

[satzhsmp]

Hello,

If you have LTD company, are you 100% share holder?
Your accountant should be FCCA/ACCA qualified. He needs to provide copy of his certificate as proof which should be submitted with your application.
You can take minimum salary say £1000/month which is tax efficient & remaining amount as dividend (max of around 28000 per year i think (check this with your accountant)). For details regarding the documents required from LTD company is in this link "http://www.immigrationboards.com/viewtopic.php?t=136979", check this.

Also, make sure you don't include salary & dividend while transferring from your business account to Personal account. Have a seperate record of this on your statement. Also, it would be better you transfer salary end of each month & dividend can be taken any time.

Hope this helps.

PS:- DO NOT pm me, if you have any more queries please post it here so others can reply too...

Cheers

[Jugs]

Hello,

If you have LTD company, are you 100% share holder?
Your accountant should be FCCA/ACCA qualified. He needs to provide copy of his certificate as proof which should be submitted with your application.
You can take minimum salary say £1000/month which is tax efficient & remaining amount as dividend (max of around 28000 per year i think (check this with your accountant)). For details regarding the documents required from LTD company is in this link "http://www.immigrationboards.com/viewtopic.php?t=136979", check this.

Also, make sure you don't include salary & dividend while transferring from your business account to Personal account. Have a seperate record of this on your statement. Also, it would be better you transfer salary end of each month & dividend can be taken any time.

Hope this helps.

PS:- DO NOT pm me, if you have any more queries please post it here so others can reply too...

Cheers

Thanks for your reply, some very useful points you said .

yes i'm the 100% share holder.
My accountant is FCC/ACCA qualified, i have confirmed with him.

Is that ok if i take less salary and more dividend? My friend is asking me to take more salary and less dividend ? if possible 100% salary, he was saying UKBA are holding application which are less salary etc. is that true ?

Yes i will transfer dividend and salary separately, probably both end of each month.

Also with regards to expenses, can this also be paid through my business bank account ? will home office raise any questions on that ?

cheers

[satzhsmp]

You should be fine by taking less salary and more dividends.I don't think so UKBA are holding application with less salary. May be if they could not verify certain document on the same day if going for premium service then they might hold it. If you pay corp tax, NI & have necessary filings to HMRC & Company house on time then you should be fine. Your accountant should help you on this.

What expenses are you mentioning here. Only expenses incurred towards your business, salary & dividends can be paid from your business account. You should not pay personal expenses from your business account. Speak to your accountant regarding the expenses you can claim from your business.

[Jugs]

You should be fine by taking less salary and more dividends.I don't think so UKBA are holding application with less salary. May be if they could not verify certain document on the same day if going for premium service then they might hold it. If you pay corp tax, NI & have necessary filings to HMRC & Company house on time then you should be fine. Your accountant should help you on this.

What expenses are you mentioning here. Only expenses incurred towards your business, salary & dividends can be paid from your business account. You should not pay personal expenses from your business account. Speak to your accountant regarding the expenses you can claim from your business.

I mean any expenses incurring towards the business such as softwares or IT equipment which i need to do my job properly etc.

And also when you are saying expenses, does is mean that i can claim 100% back ? for example if you pay "£50" for travel and then you can claim £50 back?

Also i am looking to draw minimum wage salary each month and hold back 0% of my dividend, will it be acceptable ?

Many thanks
Regards
Jugs