Tier 1 Investment of 200K

[marcnath]

1.As informed earlier, I am now running a sole trader business and i think, in the UK, the business name is not registered anywhere with the government authorities. May I know how are we going to prove to Home Office that we are running that sole trader business? What documents do we need?

You should have registered with HMRC as self-employed. You should also have the proper accounts for your business.

2. My business management accounts ends on 31/3 each year. The reason being it corresponds to the fiscal year 5/4. So the management accounts which I will submit to Home Office is for the period from 1 April 2018 to 31 March 2019. After the closing of accounts, I will get it finalized and signed off by qualified accountants in the UK preferably before 30/4/2019. Our visa is expiring on 5/5/2019, do you think my expected timeline pose a problem??

No

3. I don't have a clue where to search for a qualified accountant to prepare and sign off the audited accounts. Can you all give me advice on this? Does anyone know the estimated cost for doing this?

Google is a good starting point. Cost can vary a lot depending on the amount of transactions you have, how good your book keeping records are and so on - so it is difficult to give an estimate.



Thank you in advance

Kind regards

Ben
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[benhuang]

Dear Marcnath/ Others,

Thank you for your reply.

1. Accounts and accounts compilation report - Interim Account
As informed earlier, I will submit to Home Office the accounts for the period from 1 April 2018 to 31 March 2019. However, in order to avoid the last minute rush as my visa expires on 5/5/2019, I will close my Interim Accounts in December 2018 and so the accounting period will now be changed to 1 April 2018 to 31 December 2018 and this will give me ample time to get the accountant to sign off the accounts. The interim accounts will clearly show the Direct Cash Investment of 200K. The question is does Home Office recognise this Interim Accounts for extension purposes?

2. Accounts and accounts compilation report- Format
May I know is the format of the accounts and accounts compilation report similar to the format of the private limited company's unaudited abridge accounts filed with companies house ?

3. Accountant's confirmation statement
In addition to documents (2) above, for purposes of visa extension, does Home Office require a confirmation statement to be issued by the accountant to confirm the creation of jobs and the direct cash investment of 200K?


4.Two full time employees
I will submit the supporting documents such as payslips and FPS from March 2018 to March 2019 for the 2 full time employees to Home Office. The 2 employees joined us in Oct/ Nov 2017. The question is do I need to submit the payslips and FPS for the entire period since the day we recruited them up to the month before the visa expires i.e Oct 2017 to April 2019 (visa expires 5/5/2019)?

5.After I have submitted the application for extension, if there is real emergency matters at home country such as to attend to matters of condolences (i.e due to sickness, one of the parents pass away). What is the Home Office practice on this? Does Home Office allow the main applicant or the dependant to leave UK?

Once again I would like to thank you in advance for your thoughts on the above questions

Kind regards

Ben

[benhuang]

Dear Marcnath/ Others,

Could you provide some insights regarding the queries I posted on 6 Nov 2018?

I thank you all in advance!

Kind regards

Ben

[marcnath]

1. Accounts and accounts compilation report - Interim Account
As informed earlier, I will submit to Home Office the accounts for the period from 1 April 2018 to 31 March 2019. However, in order to avoid the last minute rush as my visa expires on 5/5/2019, I will close my Interim Accounts in December 2018 and so the accounting period will now be changed to 1 April 2018 to 31 December 2018 and this will give me ample time to get the accountant to sign off the accounts. The interim accounts will clearly show the Direct Cash Investment of 200K. The question is does Home Office recognise this Interim Accounts for extension purposes?

Yes

2. Accounts and accounts compilation report- Format
May I know is the format of the accounts and accounts compilation report similar to the format of the private limited company's unaudited abridge accounts filed with companies house ?

I am not aware that there is a fixed format for the accounts filed with companies house - you can just enter the figures there and you don't need an accountant.

So, the answer is no.

Talk to any accountant - they should be able to tell you what this is.

3. Accountant's confirmation statement
In addition to documents (2) above, for purposes of visa extension, does Home Office require a confirmation statement to be issued by the accountant to confirm the creation of jobs and the direct cash investment of 200K?

No, unless you have joined the business in which case you need one for job creation.

4.Two full time employees
I will submit the supporting documents such as payslips and FPS from March 2018 to March 2019 for the 2 full time employees to Home Office. The 2 employees joined us in Oct/ Nov 2017. The question is do I need to submit the payslips and FPS for the entire period since the day we recruited them up to the month before the visa expires i.e Oct 2017 to April 2019 (visa expires 5/5/2019)?

You only need to submit for the months you are claiming.

Anything else is optional but sometimes makes sense to add a few more months at least in case there is a problem with one of the documents. Remember, you can't submit additional documents after a decision is made.

5.After I have submitted the application for extension, if there is real emergency matters at home country such as to attend to matters of condolences (i.e due to sickness, one of the parents pass away). What is the Home Office practice on this? Does Home Office allow the main applicant or the dependant to leave UK?

Yes, you can leave the UK in case of emergency. But you have to withdraw your application for that.

You can alternatively write to them with evidence of the emergency and ask for an expedited decision. But there are no guarantees.

Lastly, there has been at least one case here where the applicant withdrew is application, travelled back to home country and reapplied for extension there successfully (and very quickly). However, it is a risky approach.

[benhuang]

Dear Marcnath,

First of all, I wish you happy new year.

I thank you for your comment on "In the event of emergency...".


Kind regards

Ben

[benhuang]

Hi Marcnath/ Zimba and others,

First of all, I would like to thank Marcnath and Zimba and others who has given your valuable inputs on my doubts and your clarifications had enable me to get my Tier 1 visa extended successfully.

I summarised my application process as follows for everybody reference:

1.My Tier 1 visa expired on 5/5/2019

2.17/4/2019 UKVCAS accounts opened, applicant particulars submitted and payments made. Appointments with UKVCAS fixed on 8/5/2019.

3. 3/5/2019 Documents uploaded and submitted online via UKVCAS
4. 8/5/2019 biometrics and photo taken at UKVCAS
5. 12/6/2019 visa extension approved for another 2 years.

I consider myself to be fortunate as no interview is requested.

Thank you once again.

Kind regards

Ben