Combining Financial/Income categories question

[amykath15]

My FLRM is up for renewal on Oct 1, 2022 this year. I am only using my income and not my husbands. I have been employed by the same company as a full time salaried employee for 6+ year, therefore my first application and renewal were straighforward. I work in IT and have been offered a contract day rate position, therefore I would need to set up my own limited liability company with me as a director/employee in order to be paid. Meeting the £18,600 is not a concern for me, however I can't figure out if I can do this as I would not have a full year/12 months of tax/financial records for the limited liabiltiy company (with me as a director/employee) by the time I need to renew in 7+/- months.

thank you for any advice !

[TODMATT]

My FLRM is up for renewal on Oct 1, 2022 this year. I am only using my income and not my husbands. I have been employed by the same company as a full time salaried employee for 6+ year, therefore my first application and renewal were straighforward. I work in IT and have been offered a contract day rate position, therefore I would need to set up my own limited liability company with me as a director/employee in order to be paid. Meeting the £18,600 is not a concern for me, however I can't figure out if I can do this as I would not have a full year/12 months of tax/financial records for the limited liabiltiy company (with me as a director/employee) by the time I need to renew in 7+/- months.

thank you for any advice !

Read Financial requirement

Where the applicant’s partner (and/or the applicant if they are in the UK with
permission to work) is in self-employment or is either the director or employee (or
both) of a specified limited company in the UK, at the date of application, they can
use income from the last full financial year to meet the financial requirement.

It sounds like you won't have had your ltd company for the full financial year.

[amykath15]

Just to clarify.....So I cannot combine the first half of the year as a full time employee and the 2nd half of the year as a contract employee (set up through a limited liablity company) even if I meet the income threshold as I cannot provide a full 12 months worth of financials for the limied liability company? Thank you.

[amykath15]

A bit more information:

If it is a contract Inside 1R35 Umbrella Day Rate will that be considered as self employed income where I would need to provide a full 12 months of financials in my tax return as self employed?

I know that Outside IR35 I would need to set up my own LLC and would be considered self employed and would need to provide a full 12 month tax return (which I would not be able to do as I am applying for the renewal in 7 months)

Basically, I have already earned in this tax year in excess of the minium income requirement as a full time employee however I really want to work contract as I earn more on a day rate. But I can't jeapordize my visa renewal.

Thanks!

[TODMATT]

Just to clarify.....So I cannot combine the first half of the year as a full time employee and the 2nd half of the year as a contract employee (set up through a limited liablity company) even if I meet the income threshold as I cannot provide a full 12 months worth of financials for the limied liability company? Thank you.

The guidance says no read here https://assets.publishing.service.gov.u ... rement.pdf