Annual Accounts amendments for Tier1 extension

[Sha09]

Hi All,

Background:

I was on Tier1GE from 2015 to 2016.
The i switched to Tier1 Entrepreneur in 2017.

I have Tier1 ent extension coming up in January 2020.

Issue:
Annual accounts amendments due to accounting mistakes.

2015 annual accounts:
These accounts were amended due to name error.

2016 annual accounts:
These are not revised yet however, need following adjustments:
Trade creditors which were paid through business bank account but accountant did not took them off in these accounts.

2017 annual accounts:
These accounts were already amended to put director loan under long term liability however,
-Trade creditor of Nov 2016 accounts are carried forward in these accounts that needs to be taken off.
- Recorded almost £4k less sales which are even on the bank statement coming through business paypal account to business bank account.
- Accountant misunderstood some business transactions and deducted them from director loan which need to amend otherwise director loan will go low.

Company was in loss till this year but every year the sales are increasing and reducing the overall deficit.

These are the genuine mistakes and need amendments in 2016 and 2017 accounts.

These amendments may change the accounting figures but I have the justification as described above.

However 2018 and 2019 accounts are correct and the company is in profit for both years. 2017, 2018 and 2019 accounts will be submitted with extension application as 50k investment is done in these three years.

My question is will such amendments can cause any issue in my extension application? as I am rectifying these due to genuine mistakes.

Is there any case rejected due to having several amendments in annual accounts?

Many thanks

[marcnath]

Simple answer is No.

How would HO have all the old accounts and why would they look through all of those.

You just need to submit one set of accounts.

[Sha09]

Hi marchnath, thanks for your response. So in your opinion there would be no issue ameneding 2016 and 2017 accounts.
Secondly, Do we need to send only one set of accounts, which is for last year? in my case that will be 2019 accounts?
I have heard that home office needs accounts for all those years in which you have invested the money?

Sorry, i am bit confused.

[marcnath]

Hi marchnath, thanks for your response. So in your opinion there would be no issue ameneding 2016 and 2017 accounts.
Secondly, Do we need to send only one set of accounts, which is for last year? in my case that will be 2019 accounts?
I have heard that home office needs accounts for all those years in which you have invested the money?

Sorry, i am bit confused.

You heard wrong. And depend on things you hear. Read the guidance documents where it clearly specifies the documents you need to submit.

The rules only require one set of accounts - it does not state which year. Only that the accounts need to show the entire investment.

[Sha09]

marchnath, thanks for your prompt reply. I will read the guidance now.
Since you are a member of this immigration board, Have you heard people got any refusal due to amending accounts figures? or called interview?

thanks

[marcnath]

marchnath, thanks for your prompt reply. I will read the guidance now.
Since you are a member of this immigration board, Have you heard people got any refusal due to amending accounts figures? or called interview?

thanks

No, I haven't.

[Sha09]

Ok, thanks for your replies. I will speak to my accountant and amend the accounts.

[10020132]

I did amend my accounts for two years and my extension went smoothly
So hopefully you won't have an issue

[Sha09]

thanks for your response 10020132 I have revised my accounts and made required amendments.