Tier 1 General Extension -- Experts Advise Required

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Hi Friends,

First of All, Great Job Guys, This forum works better than DISPRIN ,

Am a Free Lance IT and Telecoms Consultant or IT contractor.

and am self employed, sole trader... am not a limited company am Just self employed sole trader.

I registered for self employment in April 2010, ever since am self employed.

I switched over from PSW to Tier 1 General (Applied in Dec 2010 for Tier 1 received Passport in Feb 2011, and received Tier 1 leave to remain for two years, my current Visa expires in Jan 2013)

I paid all my taxes for all my earnings, in mid 2011 it was a slump I didn't get any clients and I didn't work, but still paid my NI - 2 contributions, as and when demanded. So, I hardly earned any money in that calendar year, but in late 2011 till early 2012, I worked for couple of companies as an employee, so my earnings were tax deducted.

My accountant said there is nothing to pay as tax, as I didn't earn enough to pay tax and what all I earned through employment is already tax deducted.

Again by gods grace I started getting clients, with my newly learnt IT skills so from April this year till date I worked for 6 Clients and my gross income is £40k change only on self employment.

I will be applying for my extension in Dec 12.

so,

1)I will be filling Teir 1 Application form + 1 dependant
2)Invoices and amounts clearly stating my earnings and job description
3)Accountants letter stating my net profit (35k+)and expenses.
4)My personal Bank Statements showing my earnings from each invoice
5)My NI-2 Paid stamped slips
6)Passports, photos.

Do I need ANY OTHER DOC's to be submitted.

Please let me know..

sorry for the long post, but I just want to be clear.

Many Thanks & Best Regards

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Do I need any other documents to submit.

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Please guys, any one help me.

And I also want to say that, I don t have the original UTR document. I just have the UTR number.
Is that sufficient.

It would be more helpful, if someone can post a accountants self employment earnings document template.

Thanks again.

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Why No One replies to my question.......Moderators you are the most experienced...Please help me guys.

[scorpio_besal]

Profit and Loss A/C is missing from your list, keep it with other documents, It can be asked by the CW.

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My accountant gives me a letter stating am self employed - sole trader trading from so and so date and my gross earnings are xxxx amount and my net profit is yyy amount.

which clearly explains my net profit.

what else you need.

if am wrong can you guide me on this please

[scorpio_besal]

Profit and Loss A/C

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How should a letter look like, when a person working as self employed sole trader only.

Just working for several companies, raised invoices and got paid.

gross earning - expenses = net profit

how the template should look like
and what covering letter is needed.

Please help

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what is profit loss statement?

and I do not have losses because am not investing anything apart from my skills, I may get a loss of time thats it.

I made money on my IT work and I had travelling expenses thats all.

Can you please clarify further

[scorpio_besal]

Income statement (also referred to as profit and loss statement (P&L), revenue statement, statement of financial performance, earnings statement, operating statement or statement of operations) is a financial statement that indicates how the revenue (money received from the sale of products and services before expenses are taken out, also known as the "top line") is transformed into the net income (the result after all revenues and expenses have been accounted for, also known as Net Profit or the "bottom line").

It displays the revenues recognized for a specific period, and the cost and expenses charged against these revenues, including write-offs (e.g., depreciation and amortization of various assets) and taxes.

The purpose of the income statement is to show whether the company made or lost money during the period being reported.

[scorpio_besal]

If you ask your accountant, he will make it for you.

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Have you got a template brother, if yes please post it here. Many thanks

[scorpio_besal]

You have to ask your accountant for this, but if you need an example, then go to the following link

http://office.microsoft.com/en-gb/templ ... 15484.aspx

[rpsarangi]

See PDF guidance and other members post in this forum for a complete list of documents .