Limited company salary payments

[chaze21]

Hi,

I will shortly be applying for the HSMP visa. As I have recently started my own limited company, there was a bit of confusion on my part about how much to pay myself.

As a consequence, I transferred some wrong amounts from my business bank account to my personal bank account for salary.

After realising this I transferred the difference back and it states on the bank statement ‘SALARY CORRECTION’.

Was thinking that I would need a letter form my accountants etc to explain this?

Any advice would be great!!!

Thanks!

[SYH]

why? you are the director. you have a p60 that states your salary, you show the bank statements with what you transferred and the correction.
You don't need a note from the principal to go to the bathroom.

[chaze21]

thanks for the quick reply!!!

The p60 is one thing that I am not to sure about though - I will finnish my job before I apply (end july - they have offered me a chance to go on contract aftter this date and after I get the visa) and I thought that you only got p60's at the end of the tax year?

Also who will issue the p60 - will it be my agency that I am currently temping through, or will I have to do something else to get it now I am working through my own limited company?

Thanks!

[SYH]

You know you aren't very clear with your dates and what you are doing so it makes it harder to help you.
So I have to guess, from what I gather you are saying that you began work after the new tax year began, meaning after april 5th 2007? so your tax year for a p60 wont be available until next year 2008. If so, then you get a p45 which shows what you made until you stopped working.
Otherwise if you worked from april 6th 2006- to april 5th 2007, then you can get your p60 now
Then you talk about this limited liability stuff, in this case, if you don't have a self assessment form which it is unlikely, then you provide the home office, your invoices, and bank statements showing the receipt of payments from these invoices. For your salary, most people as a director make one payment at the end of the year, it sound like you are giving yourself a montly salary so either you can write out a contract for yourself as director of your company and backing it up with bank statements for your monthly payments.

[chaze21]

Sorry, this is the situation:

I worked under an umbrella company up until the 5th April 2007 – I have been told that for this form of employment, I will be assessed under the ‘salary’ option with the visa application – I have all p45s for that period of employment, and am planning to get a tax return for that period.

After the 5th of April 2007 I switched and became the director of my own limited company, paying myself a monthly salary. Under this category, with the visa application, I will be assessed as ‘self-employed’. For that it says you need a tax return – as it is not the end of the year, I am assuming that a p45/p60 will be ok instead. As I have always worked through the umbrella option, I had all the p45s for my previous employment sent to me, and I wondered if the p45 was something I would have to organise/arrange to get now that I am director. Also I was not aware that a contract written by myself (as director) for myself (as employee) would be accepted for the application.

Thanks for all your help so far!

[SYH]

Ok a couple of things, your understanding of your situation is still a bit muddled and it is too dififcult to sort it out from my end. From your use of muliple umbrella companies, you get p60's which will show income for 2006-2007
From, 2007 You will need one way or another to show income after you stopped using an umbrella company, using a contract is a suggestion, it isn't the end all be all, Your usage of monthly salarly isn't relevant with a LLC since you are a director and you could be paying yourself with the same money. The invoices are more probative in my opinion
You also state you have an accountant, I think you should query him for help and make him earn his fees.
Another source to get your head around your situation is the new employer helpline. USE IT.