Salaried + Self employed General Query

[amahmed]

Hi All,

I have single Bank Statement(Perosnal Bank Stament) showing my earning from Salary and Self employed. Would it be a problem when applying for extension.

Is it important to have Business Account when working part time or not regular self employed along with full time salaried.

Thanks,

[iffi786]

Hi I m applying as well for same day at end of may same like u when u r applying ?

[amahmed]

I will be applying in june!!

[Sahib]

I did my initial application Tier 1 (G) Employed + Self employed with personnel bank account only, was no problem.

I don't think it is mentioned in guidence notes either that a business account is mandatory for self employed earnings.

[amahmed]

Thanks Sahib,

Its Just that i couldnt find any thing related to it on UKBA site. All I could see is that if you have a company then you should have business account, which is much understandable, but for a part time self employed worker, i didnt seem relevant.

Any one would like to share there experience!!

Regards,
AM

[amahmed]

Hi iffi786,

Do share your experience, how it went with your application, i am sure there would lot of people looking this question answer

Regards,
AM

[iffi786]

Hi iffi786,

Do share your experience, how it went with your application, i am sure there would lot of people looking this question answer

Regards,
Inbox me ur number ahamed

[AccountantMatthew]

I have single Bank Statement(Perosnal Bank Stament) showing my earning from Salary and Self employed. Would it be a problem when applying for extension.

No (assuming you are a sole trader not a one man company)

Is it important to have Business Account when working part time or not regular self employed along with full time salaried.

There's no legal requirement for a sole trader to have a separate bank account for his/her business (for a company there is). Banks may insist on it though but that's down to their contractual terms rather than the law.

In practice it's probably better to have a separate account though (be it a second personal account or a business one). It helps you to monitor the busness better and I can tell you from an accountant's point of view that it helps us and bookkeepers out. Ultimately it takes less time to do things so it keeps your fees down!

[amahmed]

Thanks AccountantMatthew

Yes I am working as a sole trader and yes I have only one account for salary and for self employed.

Thanks for the detail answer!

[Funkey007]

Hi Guys,

For my Tier 1 initial application I showed both my sole trader and full time employment income in my personal bank statement, in HMRC's point of view it's legal to run your business in ur personal bank if you are sole trader, and banks would insist you to open a business account as they can charge for every transactions in & out.

I had issue with Lloyds TSB while applying for my initial Tier 1 , when ever I deposited more than 1500 pounds they asked me questions , and insisted me to open a business account.

Now im getting ready for my 2nd extension in 2013 still wondering whether I should open a business account, as my accountant says it's easy for them to do the calculation and stuffs if I had a business account....hmmmm wondering what to do ??

[Praveena1]

Hi,

Being a sole trader, is it mandatory to have an employer's liability insurance, while applying for Tier 1 extension?

It has been mandatory while applying for Tier1 initial visa, hence the query.

I am employed as well as self employed

Please advise.

Thanks

[rpsarangi]

employers liabilality insurance was a part of the proff required while the initial application. you are right .. but i think that you dont need that now as in guidelines there is no mention of the proff this time in extension. but in my opinion it will always be a safe practice to have it as it has been used in initial application

[AccountantMatthew]

For Praveena1.

Leaving aside the UKBA requirements, you may want to consult this section of the BusinessLink website for your insurance responsibilities:

http://www.businesslink.gov.uk/bdotg/ac ... 1074299774

[mika]

Hi gurus

I am a new member of the forum so if neglect any rules please accept my apologies in advance.

I am t1g visa exp on 13th 2012, going to apply in 1st or 2nd week of July2012. I am ft employed (income 19500) and self employed (14500 after expenses). I am using 12 months period from July 2011 to June 2012.
Now my question is do I need to have 2 business management accounts from my accountant i.e (July 2011 to March 2012) and (April 2012 to June 2012).

Thanks in advance for your valuable advice.

[Sushil-ACCA]

Hi,

Being a sole trader, is it mandatory to have an employer's liability insurance, while applying for Tier 1 extension?


NO , GONE

It has been mandatory while applying for Tier1 initial visa, hence the query.

I am employed as well as self employed

Please advise.

Thanks

[mika]

Hi gurus
I am a new member of the forum so if neglect any rules please accept my apologies in advance.

I am on t1g visa exp on 13th 2012, going to apply in 1st or 2nd week of July2012. I am ft employed (income 19500) and self employed (14500 after expenses). I am using 12 months period from July 2011 to June 2012.
Now my question is do I need to have 2 business management accounts from my accountant i.e. (July 2011 to March 2012) and (April 2012 to June 2012) or just 01 business account (i.e. July 2011 to June 2012).
Could a kind soul please help me with above mentioned.
Thanks in advance for your valuable advice.

[Sushil-ACCA]

Hi gurus
I am a new member of the forum so if neglect any rules please accept my apologies in advance.

I am on t1g visa exp on 13th 2012, going to apply in 1st or 2nd week of July2012. I am ft employed (income 19500) and self employed (14500 after expenses). I am using 12 months period from July 2011 to June 2012.
Now my question is do I need to have 2 business management accounts from my accountant i.e. (July 2011 to March 2012) and (April 2012 to June 2012) or just 01 business account (i.e. July 2011 to June 2012).
Could a kind soul please help me with above mentioned.
Thanks in advance for your valuable advice.

ONE a/cs for period corresponding of 12 months what u r claiming to ho for yr visa

[mika]

Hi gurus
I am a new member of the forum so if neglect any rules please accept my apologies in advance.

I am on t1g visa exp on 13th 2012, going to apply in 1st or 2nd week of July2012. I am ft employed (income 19500) and self employed (14500 after expenses). I am using 12 months period from July 2011 to June 2012.
Now my question is do I need to have 2 business management accounts from my accountant i.e. (July 2011 to March 2012) and (April 2012 to June 2012) or just 01 business account (i.e. July 2011 to June 2012).
Could a kind soul please help me with above mentioned.
Thanks in advance for your valuable advice.

ONE a/cs for period corresponding of 12 months what u r claiming to ho for yr visa

Thanks Sushil-ACCA.
So u r suggesting that just one BM accounts (July 2011 to June 2012) is fine for visa purpose but my concern is as financial year is from April to March, case worker might consider it unprofessional. Any further thoughts??

Other members please advice as well..

Thanks

[Sushil-ACCA]

Hi gurus
I am a new member of the forum so if neglect any rules please accept my apologies in advance.

I am on t1g visa exp on 13th 2012, going to apply in 1st or 2nd week of July2012. I am ft employed (income 19500) and self employed (14500 after expenses). I am using 12 months period from July 2011 to June 2012.
Now my question is do I need to have 2 business management accounts from my accountant i.e. (July 2011 to March 2012) and (April 2012 to June 2012) or just 01 business account (i.e. July 2011 to June 2012).
Could a kind soul please help me with above mentioned.
Thanks in advance for your valuable advice.

ONE a/cs for period corresponding of 12 months what u r claiming to ho for yr visa

Thanks Sushil-ACCA.
So u r suggesting that just one BM accounts (July 2011 to June 2012) is fine for visa purpose but my concern is as financial year is from April to March, case worker might consider it unprofessional. Any further thoughts??

Other members please advice as well..

Thanks

HO is concered with 12 months income out of last 15 months applicant is claiming

this way it works , tax system works april to march , u will be ok by giving corresponding 12 months of a/cs with yr pay slips

and file tax return as per tax year

[mika]

Hi gurus
I am a new member of the forum so if neglect any rules please accept my apologies in advance.

I am on t1g visa exp on 13th 2012, going to apply in 1st or 2nd week of July2012. I am ft employed (income 19500) and self employed (14500 after expenses). I am using 12 months period from July 2011 to June 2012.
Now my question is do I need to have 2 business management accounts from my accountant i.e. (July 2011 to March 2012) and (April 2012 to June 2012) or just 01 business account (i.e. July 2011 to June 2012).
Could a kind soul please help me with above mentioned.
Thanks in advance for your valuable advice.

ONE a/cs for period corresponding of 12 months what u r claiming to ho for yr visa

Thanks Sushil-ACCA.
So u r suggesting that just one BM accounts (July 2011 to June 2012) is fine for visa purpose but my concern is as financial year is from April to March, case worker might consider it unprofessional. Any further thoughts??

Other members please advice as well..

Thanks

HO is concered with 12 months income out of last 15 months applicant is claiming

this way it works , tax system works april to march , u will be ok by giving corresponding 12 months of a/cs with yr pay slips

and file tax return as per tax year

Thanks a lot Sushil-ACCA.

Could I please also request AccountantMatthew for his valuable advice? cheers

[mika]

ONE a/cs for period corresponding of 12 months what u r claiming to ho for yr visa

Thanks Sushil-ACCA.
So u r suggesting that just one BM accounts (July 2011 to June 2012) is fine for visa purpose but my concern is as financial year is from April to March, case worker might consider it unprofessional. Any further thoughts??

Other members please advice as well..

Thanks

HO is concered with 12 months income out of last 15 months applicant is claiming

this way it works , tax system works april to march , u will be ok by giving corresponding 12 months of a/cs with yr pay slips

and file tax return as per tax year

Thanks a lot Sushil-ACCA.

Could I please also request AccountantMatthew for his valuable advice? cheers

I have another question i.e ho requies the self-employed NI contribution bill for the last quarter from the date of the application but hmrc issues the self-employed NI contribution bill on 6 months basis (i.e 7 april to 6 october and 7 October to 5 april). as mentioned above I am gonna apply in first or second week of july and received the last bill in april which I paid in april and new bill will come in october. I am confused what to do?????please help.
Thanks

Please anybody help with the above...Thanks

[mika]

Thanks Sushil-ACCA.
So u r suggesting that just one BM accounts (July 2011 to June 2012) is fine for visa purpose but my concern is as financial year is from April to March, case worker might consider it unprofessional. Any further thoughts??

Other members please advice as well..

Thanks

HO is concered with 12 months income out of last 15 months applicant is claiming

this way it works , tax system works april to march , u will be ok by giving corresponding 12 months of a/cs with yr pay slips

and file tax return as per tax year

Thanks a lot Sushil-ACCA.

Could I please also request AccountantMatthew for his valuable advice? cheers

I have another question i.e ho requies the self-employed NI contribution bill for the last quarter from the date of the application but hmrc issues the self-employed NI contribution bill on 6 months basis (i.e 7 april to 6 october and 7 October to 5 april). as mentioned above I am gonna apply in first or second week of july and received the last bill in april which I paid in april and new bill will come in october. I am confused what to do?????please help.
Thanks

Please anybody help with the above...Thanks

Please could anyone shed some light on the above query please...Cheers

[AccountantMatthew]

Could I please also request AccountantMatthew for his valuable advice?

Sorry mika, I've been busy with the day job!

You wouldn't be being considered unprofessional by a caseworker if your earnings period does not co-incide with your accounting year. In the majority of cases this scenario will arise. You just need to get a set of accounts drafted that cover the earnings period so that you can then claim the correct amount of earnings (and, of course, provide proof).

I've answered the above question in a separate post.