Age restriction for job creation

Hi all
I have a conversation with my accountant , He Suggest me to show my investment (transfer money from my personal account to my business account) as loan to my sole trade ( self-employ) business, I want to check is it okay as this is self-employ business and there is no director loan agreement available?

mohsensari wrote:Hi all
I have a conversation with my accountant , He Suggest me to show my investment (transfer money from my personal account to my business account) as loan to my sole trade ( self-employ) business, I want to check is it okay as this is self-employ business and there is no director loan agreement available?

Up to you, you are not a director anyway

many thanks Zimba88,
What other option is available to show investment except give loan to business

mohsensari wrote:many thanks Zimba88,
What other option is available to show investment except give loan to business

Money being in your bank account and showing in your accounts will suffice

Many many thanks.

Dear zimbz88,
As understood there is 3 ways to show the investment
1. Direct cash investment (for self-employed)
2. share capital (for company)
3. director's loan ( for company)
As I am self-employed I can just use Direct cash investment. (please correct me )
Please tell me which words should be in un-audited account to show direct cash investment?

in case If my accountant wants to show as loan from myself to business. Do I need Loan agreement?
If answer is yes, shall we mention that the loan is unsecured and subordinated in favour of third-party creditors.
I need your suggestion please, which way is easier to show investment?

in case If my accountant wants to show as loan from myself to business. Do I need Loan agreement?

No, loan agreement is for directors
The investment needs to be shown under your name in your accounts (e.g Investment from Mr Mohsen)

highly appreciate Dear Zimba

Dear Zimba88,
My accountant prepared the Self-employed Unaudited account He just put one paragraph at the end of balance sheet as below:
The capital account represents the total amount of cash that has been invested into the business by the sole
proprietor, Mr.(my full name).
The total amounted invested in the business during the period amounted to £226,663. Of this total, £156,923 was used to acquire the leasehold shop premises from which the business trades. The balance of the capital introduced amounting to £69,740 was used as working capital in order to assist the business to commence trading. Further amounts of capital were introduced in the subsequent period as cash to increase the amount of working capital in the business.
Any advise please?

That is fine as long as HO does not question you on the lease. That is really up to them

Dear zimba,
My accountant changed place of that paragraph from balance sheet page to note page.as he said isn't standard to put in balance sheet. is it okay?

mohsensari wrote:Dear zimba,
My accountant changed place of that paragraph from balance sheet page to note page.as he said isn't standard to put in balance sheet. is it okay?

Yes as balance sheet will not have this kind of information anyway

Dear Zimba,
Does he need to sign every pages?
Does he need to print on his company letterhead ?

No

Hi,

I would advise that you should change your accountant as in sole trader accountant there is no option of loan from the proprietor. The loan option is for company only. The sole trader account only has an account for owner called Capital introduced so any money you invest in goes to this account. Also make sure to tell your accountant to put your name next to Capital accounts for example "Capital account - Mr xyz"

If you have any issues with your accountant then try xxxxx. They are brilliant.

Thanks

Advisor wrote:Hi,

I would advise that you should change your accountant as in sole trader accountant there is no option of loan from the proprietor. The loan option is for company only. The sole trader account only has an account for owner called Capital introduced so any money you invest in goes to this account. Also make sure to tell your accountant to put your name next to Capital accounts for example "Capital account - Mr xyz"

If you have any issues with your accountant then try xxxxx. They are brilliant.

Thanks

Kindly refrain from posting company/solicitor/accountants names. This is not permitted on the forum. Suggest re-read the forum T&Cs, as you were required to do upon registering on the forum. See READ ME

Dear Zimba,
my accountant Write the company name by hand writing as signature (xyz accountant LLP).
In my view a bit strange .
Is this kind of signature is acceptable by HO?

mohsensari wrote:Dear Zimba,
my accountant Write the company name by hand writing as signature (xyz accountant LLP).
In my view a bit strange .
Is this kind of signature is acceptable by HO?

Accounts are prepared digitally. Also there is usually no need for them to sign it

Dear Zimba,
My accountant didn't put my name in front of capital introduced
He just put as a paragraph under it as bellow:

The capital account represents the total amount of cash that has been invested into the business by the sole
proprietor, Mr. XYZ adjusted for any trading results and drawings.
The total amounted invested in the business up to the end of this interim account's period amounted to
£XXX,XXX. Of this total, £XXX,XXX was used to acquire the leasehold shop premises from which the business
trades. The balance of the capital introduced amounting to £XXX,XXX has been and continues to be used as
working capital in the business.

Any suggestion Please.

As long as your name appears in the accounts you should be fine.

Dear zimba,
Is there any age restriction for job creation under this visa? as we the minimum wages is 16 to 18 years old is 3.87 per hour, is this minimum wage acceptable by HO?

Dear zimba,
My accountant put a paragraph in the second page of account as below:
"We have not verified the accuracy or completeness of the accounting records or information and explanations you have given us and we do not therefore express any opinion on the financial statement"
Is it okay to have this paragraph?

mohsensari wrote:Dear zimba,
Is there any age restriction for job creation under this visa? as we the minimum wages is 16 to 18 years old is 3.87 per hour, is this minimum wage acceptable by HO?

No, just follow the law

mohsensari wrote:Dear zimba,
My accountant put a paragraph in the second page of account as below:
"We have not verified the accuracy or completeness of the accounting records or information and explanations you have given us and we do not therefore express any opinion on the financial statement"
Is it okay to have this paragraph?

It simply means your accountant has done no auditing (your accounts are unaudited). Most small businesses are exempt from audit.
https://www.gov.uk/audit-exemptions-for ... -companies