No Dividends paid to 2nd share holder-company dissolved now

ISingh2008 · Post by **ISingh2008** » Sun Mar 17, 2013 8:22 pm

Hello,

I am really worried and need help on my visa issue. Please help.

I have been in the UK under HSMP (Obtained in January 2008) and then got extensions under Tier 1 General. I actually have to take another Tier 1 general EXTENSION as I went out of UK for a couple of months and I dont meet the 180 days outside UK criteria to be elligible for ILR now.

My issue:

During the last Tier 1 Extension I showed Income proof (Dividends) from my Limited company (1st 3 months when I was working in a contract job through my own ltd Co. as Director) Plus Salary Slips from a Permanent Job for the next 9 Months. (Left contracting and took a permanent job)
Totalling earnings earned in 12 months prior to my extn application. I successfully got the extension under Tier 1 General.

The issue is: My Limited company had 1200 shares. 1000 allocated to ME and 200 allocated to another share holder.
During the last Tier 1 Extension, I took all the 100 Percent Dividend and didnt pay any dividend to the share holder. I showed all dividend paid to me in application to UKBA
Actually I had discussed it with my accountant and we had decided to transfer all shares on my name at the end of the year when we had to actually file all returns to HMRC and close the company as I had gone into a permanent job and didnt need the Ltd company anymore.

So, I got the Extension that time and asked my accountant to close the company. He started the company dissolving process but somehow we missed transferring all shares to me and as earlier had all dividends paid only to me. Even I was bit careless and didnt really bothered about 200 shares on another persons name in my company. I paid HMRC the Corporation tax and VAT whatever was calculated and closed the company. Now the company is dissolved and struck off and I need to apply for my Second Tier 1 General Extension as I need to spend some more time in the UK to be elligible for ILR.

My concern is that since we have missed transferring all shares to my name but I had taken all the Dividends that time (i.e. 2 years ago), would it create any issue for me in my next Tier 1 Extension?? I am in a permanent job now and will just be using income earned in the last 12 months from this job and this time there is nothing to do with my Ltd Company which operated for just 3 months and now closed.

I am really worried that if Home Office checks these records will they find out and will they question me that why the second share holder was not paid any dividends and will it create issues in my extension this time? Does Home Office bother goin into so much depth of previous applications?

As I said my Ltd company just operated for 3 months and is dissolved now. I have paid all the Taxes and VAT that was calculated to HMRC. Just worried about the dividends not being paid to the second shareholder. Is it really a serious issue?

Please help me on this and I would really appreciate if you could give me some advise.
Awaiting your responses.
Many Thanks
I Singh

karg_g · Post by **karg_g** » Sun Mar 17, 2013 11:31 pm

Hi

U shud be ok in UKBA perspective. However with HRMC you need to sort this out ASAP. Have you got time before u do postal/PEO?

ISingh2008 · Post by **ISingh2008** » Sun Mar 17, 2013 11:40 pm

Hi karg_g,
Thanks for your response.
Actually its all ok with HMRC. I had paid all the Taxes etc. and they have successfully dissolved the company as I mentioned in my post.
I'm just concerned about UKBA creating some issue out of it for me when I apply for next extension. Yes I still have few months time before I can apply for this extension. I am planning to apply after July.

ISingh2008 · Post by **ISingh2008** » Mon Mar 18, 2013 11:41 am

Hi Guys,
Anyone else has any other response or advise on this please?
Thanks

bubin123 · Post by **bubin123** » Mon Mar 18, 2013 1:25 pm

UKBA will not be bothered about earnings you showed 2 years back.

ISingh2008 · Post by **ISingh2008** » Mon Mar 18, 2013 1:32 pm

Many thanks for your response.
Actually last time I applied for extension, UKBA didnt return me the Dividend Vouchers and Accountant letters etc I had attached with the application. They returned all the Permanent job pay slips, bank statements and all other documents.
I have heard that they dont return letters addressed to UKBA.I just checked actually the letter written by accountant is addressed to UKBA. So I believe thats why they retained it. Thats alright. Not sure why they kept the dividend vouchers.
Anyhow, the dividend vouchers say that I am the Sole shareholder and entitled to 100 % of the profit.
But actually as per the situation I held 1000 shares and 200 were on another share holders name. We just carelessly missed out on transferring the 200 shares on my name before dissolving the company.
Just worried about that why they just kept those docs with them and hope they dont enquire about it next time I go for visa.
Already spent so many years of my life here, dont want to mess it all up for some stupid careless mistake.
Do you guys think I can give any explanation for this to UKBA just in case they enquire about this discrepency in my next application? Or is there a way to correct it now?
Can UKBA actually check what percentage of shares was allocated to whome in any Ltd company and what profit he received??
Please advise.

kiranchinnu · Post by **kiranchinnu** » Mon Mar 18, 2013 1:44 pm

ISingh2008 wrote:Many thanks for your response.
Actually last time I applied for extension, UKBA didnt return me the Dividend Vouchers and Accountant letters etc I had attached with the application. They returned all the Permanent job pay slips, bank statements and all other documents.
I have heard that they dont return letters addressed to UKBA.I just checked actually the letter written by accountant is addressed to UKBA. So I believe thats why they retained it. Thats alright. Not sure why they kept the dividend vouchers.
Anyhow, the dividend vouchers say that I am the Sole shareholder and entitled to 100 % of the profit.
But actually as per the situation I held 1000 shares and 200 were on another share holders name. We just carelessly missed out on transferring the 200 shares on my name before dissolving the company.
Just worried about that why they just kept those docs with them and hope they dont enquire about it next time I go for visa.
Already spent so many years of my life here, dont want to mess it all up for some stupid careless mistake.
Do you guys think I can give any explanation for this to UKBA just in case they enquire about this discrepency in my next application? Or is there a way to correct it now?
Can UKBA actually check what percentage of shares was allocated to whome in any Ltd company and what profit he received??
Please advise.

Personally I think there will no problem with that. By reposting your query will not give the answer your looking for . Can understand your situation but I dont think no one can assure you 100% on this forum. If you take my case , where I got ILR recently as director they kept the accountant letter and profit & loss statement of the company. Profit and loss statement was not addressed to them, So not to worry too much.

ISingh2008 · Post by **ISingh2008** » Mon Mar 18, 2013 1:47 pm

Ohk. Thanks a lot for your advise.
Cheers

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No Dividends paid to 2nd share holder-company dissolved now

No Dividends paid to 2nd share holder-company dissolved now