irana2015 wrote:Hello Everyone,
Can any Gurus PLEASE advise related to the Tier 1 Entrepreneur extension application form. When you go to the form its says in the extension attributes section 3c to fill in the table to provide the details related to the Evidence of Investment funds in the business e.g Company name and reg, date of investment, audited nd unaudited account details.
My question is that, Are we going to give them all the details related to the transactions in the table e.g 7k to furniture to the furniture company , 8k to computer pcs for office use and 2k on marketing stuff like that.
Please advise as I may be getting confused by this table in the application form.
Manu Thanks
IR
Your accounts statement from a chartered accountant should detail and summarise the spending your business has made. A good accountant can also add to the accounts statement, or provide evidence in another statement, of how much the company owes you in the director's loan (ie, how much you have personally invested), together with the amount the company has spent on establishing and running the business excluding director's remuneration.
The unaudited accounts ( I am presuming your business is not big enough to require audited accounts) will probably include the categories of spending as standard, but this not what the table in the form is asking you for.
The table is actually asking for the amounts you have invested into the business, rather than the spending of these funds by the business. If you put all the investment funds into the business account in one transaction, this is simple, you can just enter the date and amount of that transaction. If you put the funds into the business in a series of multiple transactions over a long period of time, you could always compile a list of all transactions and dates and add as a separate page. Previous clients of mine have simply entered the total for each accounting year, with the date as the end date of the accounting year, and that has been fine.
Does that help?
