documents for Limited Company Director

[banerjees]

Hi,
Shortly applying for Tier 1 General extension. Have a regular job and operate a small business. Earning is a combination of these two. I require some assistance regarding documents that can be submitted as evidence of earning from my limited company for which I am the sole director.
- my understanding is company accounts can be one evidence, do they have to be audited or un-audited?
-Can they be just on the letter head and not actually signed by the Chartered Accountant?
-Would Company Accounts and letter from CA be considered two different proofs?
-Salary wise,how does the NI and PAYE work? Can NI and PAYE be paid all in one go? Can gross salary be paid and then Tax is paid via self assessment?

All help is greatly appreciated.

[AccountantMatthew]

- my understanding is company accounts can be one evidence, do they have to be audited or un-audited?

Your accounts won't be required to undergo a statutory audit. You'll also be well under the thresholds I'd suspect to require one under the Companies Act. However the letter from your accountant would include commentary on income being claimed through business profits.

-Can they be just on the letter head and not actually signed by the Chartered Accountant?

Chartered Accountant prepared accounts will have an accountant's report contained in the financial statements. This is a different report than the one required by UKBA however.

-Would Company Accounts and letter from CA be considered two different proofs?

http://www.ukba.homeoffice.gov.uk/visas ... documents/

-Salary wise,how does the NI and PAYE work? Can NI and PAYE be paid all in one go? Can gross salary be paid and then Tax is paid via self assessment?

Fairly long answer required on this so it's best to consult your accountant - and probably get one if you don't have one yet. More details are on PAYE are here in the meantime:

http://www.hmrc.gov.uk/paye/index.htm

No you don't pay gross salary and then the tax via self assessment, a PAYE system must be set up (unless the pay is very low). Self employed (sole traders, partners) will pay income tax on their self employment profits through self assessment but directors/employees pay through the PAYE system.

As a director you will usually be sent a notice to fill in a tax return by HMRC but you won't be filling in the self employment section (unless you have a separate sole trader/partnership business).