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Hi Suhsil,sushilk wrote:Hi Raiees,
I got some solution from my CA for this scenario. However, i may not require all this as i'm among those who got the approval before 7th Nov ... but 'd like to let u know my findings.
There are a few things to check first.
If you are drawing all the profit to your personal account from your business account, then you cannot show as self employed. This is because you do not RETAIN your profits within the company and the source of your income is your pay (which is £1000) and the £ 25000, which you transfer to your personal account (on regular or irregular intervals) and can only be regarded as Dividends.
As it says under (Page 14 of the guidance note for Tier 1)
Self-Employed Earnings within a Business/Company
Structure:
If an applicant has worked in a self-employed capacity
through their own business/company structure and has
chosen to retain their earnings within the business/company,
they could provide: ....
The way i was told to show my pay was 1000*12 = £12000 + the dividends.
The challenge here could be if you transfer money on irregular intervals and different amounts.
Solution for this is ...
Get the amount of your PAYE pay of every month .... (which must be 1000 minus the tax). ....say £890.40.
For every month, see how much amount have you transfered to your personal account. Say if you transfered around £1400 on any date in 1 calendar month, then you need to calculate 1400-890.40=509.60 as dividend.
So basically you need a dividend voucher for 509.60 for that plus dividend vouchers for any other input to your personal account from you business account for the same calendar month.
I hope i have not confused you...
If you need any other assistance ... let me know.
cheers!!!
Sushil