Tier1 Extension - Contractor with Limited Company- PEO Croyd

Chase53 · Post by **Chase53** » Tue Jun 19, 2012 11:34 am

Hi guys, I am an IT contractor and going to PEO Croydon on 29th June for my Tier1 extension. And my Limited company is just 9 months old and before that I was a permanent employee.
So the documents Iam gonna carry with me are

1)Last 12 months personal bank statements(June2011-May2012)
2)Salary slips from Permanent employement(June2011-Sept2011)
3)Salary slip from a Umbrella company(1 week Oct2011)
4)Dividends vouchers and Salary slips from my Limited company(Oct2011-May2012)
5)Accountant's letter confirming my Net salary and dividends (breakdown)
6)Company bank statements(Just incase)

Do you think I need any additional documents as my limited company is just 9 months old and also I dnt have a employment letter from the permanent work I did 9 months ago?? I have read in some posts that if the company is less than 2 years old then we need profit/loss and Balance sheet documents? And also read that the case workers normally delay the result saying they need to further verify if the company is less than 2 years old..??

So could you please help me in this regard??

Thanks!

O_Relly · Post by **O_Relly** » Tue Jun 19, 2012 11:46 am

That looks pretty good. My company was only 10 months old when I applied and got my approval, (did not get same day decision due to biometric delay) I did not submit profit / loss documents.

However, since my accountant letter had breakup of Salary + dividends + explanation of summary of invoices, I also submitted invoices.

Don't think it's true that they delay in making a decision if company is less than 2 years old, you should only hope that there isn't a biometric delay.

Chase53 · Post by **Chase53** » Tue Jun 19, 2012 12:12 pm

Thanks O_Relly. It is very useful. And the accountant letter has breakdown of just salary + dividends and no information of summary of invoices. Will it be ok? Although I have all the invoices I raised to the client, do you think I need to take them with me?

Thanks!

O_Relly · Post by **O_Relly** » Tue Jun 19, 2012 3:28 pm

Well, if you are 100% shareholder and sole director of the company, I don't think the invoices / invoice summaries really matter.

in my case, I am 50% shareholder (we are two directors generating income) and hence, I thought it would be better to submit invoices and accountant letter to include invoice summaries.

The policy guideline however states in pg 21

x) Where an applicant is submitting a
combination of bank statements and
a letter/invoice summary from their
accountant, they must also provide any
invoices generated during the period
for which earnings are being claimed.
All accountants must be either fully
qualified chartered accountants or
certified accountants who are members
of a registered body, see section on
providing evidence from an accountant or
accountancy firm.

Since your accountant letter does not have the invoice summary, may not be necessary for you submit invoices.

Chase53 · Post by **Chase53** » Tue Jun 19, 2012 3:40 pm

Oh cool, that makes sense and yes, Iam 100% shareholder of my company.

Thanks and appreciate your help.

sap1984 · Post by **sap1984** » Tue Jun 19, 2012 5:14 pm

I would advise you to carry your P45, P60 and Company formation certificate as well.

Chase53 · Post by **Chase53** » Tue Jun 19, 2012 5:23 pm

Thanks for your reply and You mean P45 and P60 from the permanent employer? Yeah, I do have them and sure will take them with me and also Company formation certificate.

And do you think of anything else?? I want to take optional documents as well if I have them just in case.

Chase53 · Post by **Chase53** » Fri Jun 22, 2012 4:53 pm

Chase53 wrote:Hi guys, I am an IT contractor and going to PEO Croydon on 29th June for my Tier1 extension. And my Limited company is just 9 months old and before that I was a permanent employee.
So the documents Iam gonna carry with me are

1)Last 12 months personal bank statements(June2011-May2012)
2)Salary slips from Permanent employement(June2011-Sept2011)
3)Salary slip from a Umbrella company(1 week Oct2011)
4)Dividends vouchers and Salary slips from my Limited company(Oct2011-May2012)
5)Accountant's letter confirming my Net salary and dividends (breakdown)
6)Company bank statements(Just incase)

Do you think I need any additional documents as my limited company is just 9 months old and also I dnt have a employment letter from the permanent work I did 9 months ago?? I have read in some posts that if the company is less than 2 years old then we need profit/loss and Balance sheet documents? And also read that the case workers normally delay the result saying they need to further verify if the company is less than 2 years old..??

So could you please help me in this regard??

Thanks!

I forgot to mention in my query above, I haven't paid any taxes on Dividends and Salaries to HMRC so far from my company except VAT on 2 occasions. As my company is just 9 months old, the tax dates for Dividends are due in July 2012, so my worry is that, Do I still have the strong case going forward??

Your replies are appreciated and couldn't tell you how helpful they are..!!

Thanks!

Chase53 · Post by **Chase53** » Mon Jun 25, 2012 1:13 pm

Thanks guys for your help, I got my visa extension.

priyakute · Post by **priyakute** » Mon Jun 25, 2012 3:35 pm

Hi,

Could uou please post what all documents you submitted at the peo.

Thanks

Chase53 · Post by **Chase53** » Mon Jun 25, 2012 3:48 pm

All the above mentioned documents. And thanks to sap1984, as the CW asked for my Incorporation certificate. I said I have p45 and P60 as well but she said she doesn't need them.

She asked for my Contract agreement with the client which I didn't carry but then she said its ok. She also asked whether I have photocopies of all the documents I have submitted for which I said no. The reason she asked may be because there are lot of docs and she wanted to give the decision soon as it would take time for her to take all the photocopies.

As a suggestion, even the CW tries to give the decision as soon as they can, provided all the documents are straight forward. And explain the documents to them so that they can explain them to their senior officers which helps them to take the decision quickly, so it all depends on our preparation.

All the best!

sma_tier1 · Post by **sma_tier1** » Mon Jun 25, 2012 4:00 pm

Chase53 wrote:Thanks guys for your help, I got my visa extension.

Congrats on your visa extension.

I have a doubt. Did you put your company seal on your ltd company's payslips and dividend vouchers .

Thanks,
SMA

Chase53 · Post by **Chase53** » Mon Jun 25, 2012 5:15 pm

Thanks sma_tier1.

My dividend vouchers are just word documents with company name and address and then dividend net/gross amounts and my signature at the bottom as director of the company and later they were stamped by my accountant confirming the amount has been transferred from my business account.

But payslips were created by my accountant and they were really good layouts same as permanent employees payslips and they stamped them as well confirming the amount.

Regards!

Chase53 · Post by **Chase53** » Mon Jun 25, 2012 5:19 pm

And also the accountant letter confirming the breakdown of salary and dividends is a must. My CW just used the accountant letter as reference to cross check the amounts in the bank statement.

Please try to go through Qualified Accountants as their letter carry a lot of weight.

contactrizwan79 · Post by **contactrizwan79** » Tue Jun 26, 2012 3:13 pm

Hi Chase53,

I am also an IT Contractor, doing the same way how you did it.

Just need to know that, CW did ask you about your Business Account and any Invoices ?

Is Salary Slip, Dividend Voucher and Accountat letter is enough for them?

Regards
ContactRizwan79

Chase53 · Post by **Chase53** » Tue Jun 26, 2012 4:02 pm

contactrizwan79 wrote:Hi Chase53,

I am also an IT Contractor, doing the same way how you did it.

Just need to know that, CW did ask you about your Business Account and any Invoices ?

Is Salary Slip, Dividend Voucher and Accountat letter is enough for them?

Regards
ContactRizwan79

Yes, the CW asked me the company bank statements and I offered to give my invoices as well but she said thats ok she doesn't need them.

She also asked me whts my job profile and where I work. And also the contract letter if I have, which I didn't.

And yeah, Salary Slips, Dividend Vouchers(stamped) and an Accountant letter will be enough. Dnt forget ur incorporation certificate as well.

srpdata · Post by **srpdata** » Tue Jun 26, 2012 4:27 pm

Congrats chase53,
Quick questions to you :

a) Did you got the result on same day, as most of the contractors were told that result will informed to you later based on verification?
b) What time was your appointment?
c) DId you experience the slow biometric reader issue which most of the posts have mentioned?

And lastly you seems to be working for a banking firm, am i right?

Regards
Srp

contactrizwan79 · Post by **contactrizwan79** » Tue Jun 26, 2012 4:32 pm

Hi Chase53,

Thanks for your quick reply, I do have every thing like salary slip (600*12) ,Dividend Voucher (around 25000) with Stamp and Accountant Letter.

I have a doubt that, are they looking Business in your Business Account in the claiming period like how much money came in you Business Account in those period.

As a Dividend you can have all your Year's Dividend at any point of time and you can claim those money in your claiming point.

From accounting point of view its correct you can have at any time but how the UKBA is looking on those Dividend Vouchers ?

If you have any idea about it then please let me know or someone who is reading it....Appericiate you opinion.

Regards
ContactRizwan79

Chase53 · Post by **Chase53** » Tue Jun 26, 2012 4:36 pm

srpdata wrote:Congrats chase53,
Quick questions to you :

a) Did you got the result on same day, as most of the contractors were told that result will informed to you later based on verification?
b) What time was your appointment?
c) DId you experience the slow biometric reader issue which most of the posts have mentioned?

And lastly you seems to be working for a banking firm, am i right?

Regards
Srp

Thanks srpdata.

a) Yes, I have got the result on the same day, 2 hrs to be precise and if the CW wouldn't have gone for a meeting, I think it could have been even quicker. I went to work straight after the appointment.

b) The appointment was at 8:00am and got the result by 11.20am. And the CW only started calling people after 9:00am. so had to wait 30minutes after the biometric.

c) No, luckily there were no problems with biometric and mine took only 5 minutes.

And finally No, I work for a Media giant.

Good luck with your application.

tier1extension222 · Post by **tier1extension222** » Mon Aug 06, 2012 1:01 pm

Hi Chase53,
Thanks for info you have provided in this forum.It is very helpful.

Will be great if you or anyone in this forum and confirm this.

1) I am targeting for a 40K and to show July2011 to June 2012 and applying on Aug 13.
For the month of march there was no salary paid and it was paid on April combained.
Will there be any issue?

july - 3750
Aug - 3750
Sep - 3750
Oct - 3750
November- 3750
december- 3750
jan - 3750
feb - 1900
march -
april - 7000
may - 3500
june - 3500
----------------------
Total - 42150

2) What should be my answer for below as I am contractor and have own limited company 100% shareholder and receive my sal+dividend each month.

[As per form ] B26: The applicant should indicate whether they consider themseleves to be employed or self-employed. (Check with auditor.)

3) I am working as UI Lead Developer is it the right one to write or need mention as Director as owning limited company?

[As per form ] B28: Please give the applicant's current job title.

4) Apart from this I have got some 3500 as redundancy money from the previous company which I have worked for. Will this be treated as income?

A quick answer will be help full as there is only 1 week left for the appointment.

tier1extension222 · Post by **tier1extension222** » Tue Aug 07, 2012 1:00 pm

Please help.....

rams12 · Post by **rams12** » Wed Aug 08, 2012 10:08 am

Hi O_Relly,

My Tier1 general extension is in the next few months.
Me and my wife are directors and shareholders of the limited company and take dividends in the ratio of 60:40. Source of income to the limited company is through my earnings( IT contracts)

Can my wife be as a director and shareholder with out working ? Will it cause any impact when i go for tier1 extension?

Thanks,
rams

priyakute · Post by **priyakute** » Thu Aug 09, 2012 4:53 pm

Hi,

Could you please clarify, if they consider net diidend or Gross dividend.
My accountant argues it is Gross dividend (with dividend credit)

Pls clarify.

I have appointment next week.

Thanks
Priya

b.srinivas231 · Post by **b.srinivas231** » Tue Aug 14, 2012 9:37 am

priyakute wrote:Hi,

Could you please clarify, if they consider net diidend or Gross dividend.
My accountant argues it is Gross dividend (with dividend credit)

Pls clarify.

I have appointment next week.

Thanks
Priya

Hi Priya,

Did you manage to find the answer? I also need this information, what should we consider in previous earnings, Gross Dividend or Net Dividend ?

kannit · Post by **kannit** » Wed Aug 15, 2012 3:19 pm

b.srinivas231 wrote:
priyakute wrote:Hi,

Could you please clarify, if they consider net diidend or Gross dividend.
My accountant argues it is Gross dividend (with dividend credit)

Pls clarify.

I have appointment next week.

Thanks
Priya
Hi Priya,

Did you manage to find the answer? I also need this information, what should we consider in previous earnings, Gross Dividend or Net Dividend ?

Net Dividend but Gross Salary

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Tier1 Extension - Contractor with Limited Company- PEO Croyd

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