Short on earnings - Tier 1 Extension

[mensacorp]

Hello guys,

Basically, to get my first extension at the end of 2012, I will need to show £35k gross income, however if I go with my current permanent job or dont get any new job, I probably will be short on earnings for about £5k.
I have heard some ways of using umbrella companies to compensate your income, so that you would have enough income to show while you are having your extension.

Is this really possible? As far as I searched, working with umbrella companies are only for contractors and self-employed people not for people like myself with full time permanent role. Is this true?

Is there any way you could suggest using to show enough income for a Tier 1 Entension?

Thanks in advance

[geriatrix]

The "only way" to make up for the shortfall in earnings (that you need at minimum to qualify for extension) is to work more than one job.

Whether you do it as a self-employed or through employment with an umbrella company or in any other "legal"manner is your own choice.

[sparsh]

Apart for salary have you considered bonus?? Even then if you are falling short then I would suggest you to find a new job (Permanent/Contract) job which will fetch you enough income to qualify for Tier 1 extension.

[sam52]

The "only way" to make up for the shortfall in earnings (that you need at minimum to qualify for extension) is to work more than one job.

Whether you do it as a self-employed or through employment with an umbrella company or in any other "legal"manner is your own choice.

Hi Sushdmehta, for self employment earnings, would it be ok to provide consultancy service to a company where the consultancy is in regards to a new business they are planning to open? Can I in that case invoice the existing company for my services (will do Non-VAT invoice). Appreciate your views on this.Many thanks. Views of other experts are also welcomed

[tier1Reading]

The "only way" to make up for the shortfall in earnings (that you need at minimum to qualify for extension) is to work more than one job.

Whether you do it as a self-employed or through employment with an umbrella company or in any other "legal"manner is your own choice.

Hi Sushdmehta, for self employment earnings, would it be ok to provide consultancy service to a company where the consultancy is in regards to a new business they are planning to open? Can I in that case invoice the existing company for my services (will do Non-VAT invoice). Appreciate your views on this.Many thanks. Views of other experts are also welcomed

Yes.

[sam52]

The "only way" to make up for the shortfall in earnings (that you need at minimum to qualify for extension) is to work more than one job.

Whether you do it as a self-employed or through employment with an umbrella company or in any other "legal"manner is your own choice.

Hi Sushdmehta, for self employment earnings, would it be ok to provide consultancy service to a company where the consultancy is in regards to a new business they are planning to open? Can I in that case invoice the existing company for my services (will do Non-VAT invoice). Appreciate your views on this.Many thanks. Views of other experts are also welcomed

Yes.

Thanks for the reply buddy.

Can anyone please help me with one more query...tried to look for it on some other threads as well

For a tier 1 extension with self employed ( sole trader), the accountant has mentioned the gross sales and the net profit in the letter and I have another supporting document as the bank statement along with invoices raised for each month. Now, would home office be ok to relate the,lets say, 6 different amounts highlighted in bank statement with the gross/net amount mentioned in the accountants letter ? JUst to add to this, the letter from accountant does mentions the earning period .Appreciate your quick reply. Many thanks for the help.

[sam52]

The "only way" to make up for the shortfall in earnings (that you need at minimum to qualify for extension) is to work more than one job.

Whether you do it as a self-employed or through employment with an umbrella company or in any other "legal"manner is your own choice.

Hi Sushdmehta, for self employment earnings, would it be ok to provide consultancy service to a company where the consultancy is in regards to a new business they are planning to open? Can I in that case invoice the existing company for my services (will do Non-VAT invoice). Appreciate your views on this.Many thanks. Views of other experts are also welcomed

Yes.

Thanks for the reply buddy.

Can anyone please help me with one more query...tried to look for it on some other threads as well

For a tier 1 extension with self employed ( sole trader), the accountant has mentioned the gross sales and the net profit in the letter and I have another supporting document as the bank statement along with invoices raised for each month. Now, would home office be ok to relate the,lets say, 6 different amounts highlighted in bank statement with the gross/net amount mentioned in the accountants letter ? JUst to add to this, the letter from accountant does mentions the earning period .Appreciate your quick reply. Many thanks for the help.

Gurus/experts, can you please reply on above.thanks.

[sam52]

The "only way" to make up for the shortfall in earnings (that you need at minimum to qualify for extension) is to work more than one job.

Whether you do it as a self-employed or through employment with an umbrella company or in any other "legal"manner is your own choice.

Hi Sushdmehta, for self employment earnings, would it be ok to provide consultancy service to a company where the consultancy is in regards to a new business they are planning to open? Can I in that case invoice the existing company for my services (will do Non-VAT invoice). Appreciate your views on this.Many thanks. Views of other experts are also welcomed

Yes.

Thanks for the reply buddy.

Can anyone please help me with one more query...tried to look for it on some other threads as well

For a tier 1 extension with self employed ( sole trader), the accountant has mentioned the gross sales and the net profit in the letter and I have another supporting document as the bank statement along with invoices raised for each month. Now, would home office be ok to relate the,lets say, 6 different amounts highlighted in bank statement with the gross/net amount mentioned in the accountants letter ? JUst to add to this, the letter from accountant does mentions the earning period .Appreciate your quick reply. Many thanks for the help.

Gurus/experts, can you please reply on above.thanks.