Showing personal and business bank account funds

[misskin]

hello,

i have recently started contracting as a developer, and am currently under PSW. I plan to apply for the switch to Tier 1 Entrepreneur visa in December.

I need to show £50k, most of which i have in a personal bank account. However, I also have money coming in as a contractor but it is in a business account. It is just sitting there and I haven't invested in anything.

My question is: can I show money from the business account, which is under my name and my company name, towards the £50k?

Thanks for all your help,
Kinnu

[Darvesh]

u must have ur own 50k as investment money. money in business account belongs to bussiness not u though u own compnay. make sure u have 50k in ur personnal account at the time of application.

[sabuj263]

Agreed with Darvesh. If you are planning to apply December. You should start processing necessary documentation planning by ASAP. Having money is the key but money is not everything. There are so many refusals around. So please read policy guidance and this forum previous threads probable list of documents. Good luck on your next steps.

[wazobia]

As Darvesh said, the 50K must be your own money. Money in your business account is company money. How will the home office know your liabilities (corporation tax, VAT, PAYE/NI, dividend tax) or your profits (dividends) just by looking at your business account balance? Except of course if you get your accounts audited by a recognized accounting firm to show all of the above. However that is just complicating a relatively simple thing.

Transfer your dividends in your personal account to make up your 50K. And besides, the policy guidance clearly states the bank statement showing your funding money is to be from a personal account, NOT a business one.

[Olasunkanmi]

@ misskin, since you are already trading in your business, then you should try to put separate 50k in your personal account and then also submit your business bank statement, company invoices, contract with clients e.t.c. to show that you are already trading and this I believe should help in your case.