Post
by JaySam » Sun Feb 09, 2014 12:55 am
Hi,
I have declared a income of 51,00 to UKBA last year when I applied for my Tier 1 - General Extension and got approval on same day (Required £50,000). At the time I was working as employee (£29500) + limited company director - dividend voucher (£20500).
I have paid a full corporation tax around £4050 on my limited company profit on 20% basis.
Now the tricky part
At the time I was also in a partnership with a friend to open up a ware house on self-employed basis, but due to some bad business decision (Sub standard good imported,import tax bills and other expenses) I lost around £15000 of my hard earned money on this venture. At the end of the year when I filed my tax return I declared employed income + dividend from company + Losses from Self employed. On these basis my total Income on Self assessment tax return is £38800.
Is this going to effect me in any way in further for Extension or ILR ? (As I fell far below the 50,000 income required at the time)
I always have paid my tax due on time and accordingly what I have declared to home office in past on Initial application and extension application, and have not use deception in any way.
Please advice as your advice will be very helpful.