Earnings on self employment

achellap · Post by **achellap** » Tue Mar 22, 2011 3:06 pm

hi there,

i have already made my TIER 1 application last week , but before applying i had Â£6000 in my business account , this amount is includes the earnings i had shown to home office , my accountant says it has to be transferred to personnel account before we had applied the visa , so will this be a problem for me earn points on earnings?

teddy0409 · Post by **teddy0409** » Tue Mar 22, 2011 4:54 pm

Are you showing as a self employed (sole-trader) or Limited Company ?

If you are a sole-trader then you can keep the net profit with in the business account (Do not require to transfer across to your personal bank account)

Ref: Tier 1 (General) Policy Guidance version 12/2010 Updated 23 December 2010 Page 26

Self-employed earnings within a business or company structure:
If an applicant has worked in a self-employed capacity in his/her own business or company structure and has chosen to keep his/her earnings within the business or company, he/she could provide:
business or company accounts that meet â€¢ statutory requirements and show the net profit made for the earnings period claimed; and
personal/business bank statements.â€¢
If the applicant is not the sole shareholder of the company he/she should also provide:
a letter from his/her accountant confirming â€¢ his/her shareholding and the proportion of net profit before tax to which he/she is entitled for the earnings period claimed.

achellap · Post by **achellap** » Tue Mar 22, 2011 5:29 pm

i am working a as a sole trador , so i hope this wont be an issue i beleive

katwmn6 · Post by **katwmn6** » Mon Apr 04, 2011 11:15 am

What does that mean, "business or company accounts that meet statutory requirements" ??

I'm so confused as to whether it's worth opening a separate business account to declare SE earnings (working as an HMRC registered sole-trader), and whether I need to get an accountant...

aliq09 · Post by **aliq09** » Tue Apr 05, 2011 7:43 pm

achellap wrote:hi there,

i have already made my TIER 1 application last week , but before applying i had Â£6000 in my business account , this amount is includes the earnings i had shown to home office , my accountant says it has to be transferred to personnel account before we had applied the visa , so will this be a problem for me earn points on earnings?

Hi ,

IMO, it should go to your personal account to count as earning . Hope for the best ....

aliq09 · Post by **aliq09** » Tue Apr 05, 2011 7:44 pm

katwmn6 wrote:What does that mean, "business or company accounts that meet statutory requirements" ??

I'm so confused as to whether it's worth opening a separate business account to declare SE earnings (working as an HMRC registered sole-trader), and whether I need to get an accountant...

Hi ,

You need both mate! just to be on clear green edge .

Thanks

bango · Post by **bango** » Tue Apr 05, 2011 8:39 pm

@ali.
Please dont confuse the original poster if you are not sure.

@O/P= You dont need 2 accounts. If you are a sole trader then u can either show business account or personal account as you are personally liable for profit/loss of ur trade.
The guidance you have mentioned above is applicable for someone running a limited company. Good luck.

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Earnings on self employment

Earnings on self employment

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