Business Losses and Extension impact

helpingperson · Post by **helpingperson** » Sat Mar 26, 2016 9:39 am

Hello

If business has losses in first and 2nd year so far, will this have any effect on Extension application?

Losses were in region of £20k first year, £100k 2nd year. Main reasons for losses was employees salaries.

3rd year, business is doing well as business strategy has been changed and it is making positive difference.

HO guidance does not say anything about losses.

Thank you.

helpingperson · Post by **helpingperson** » Sat Mar 26, 2016 9:50 am

Hello

We have transferred over £200k from personal to business account but our accounts for 2 years don't have any entry for these transactions in balance sheet.

This £200k has been spent on business expenses, salaried, rent, marketing, etc and accounts show these expenses.

If we create Director Loan agreement confirming £200k investment and back date it when company was formed, will this meet Home Office Requirement?

We have businesss bank statement confirming £200k money transferred into business from personal account.

Any advice on this situation and our options please?

Thank you.

jafersadeq · Post by **jafersadeq** » Sat Mar 26, 2016 10:22 am

http://www.immigrationboards.com/uk-tie ... 61294.html

helpingperson · Post by **helpingperson** » Sat Mar 26, 2016 10:28 am

Thank you Jafar. I can't believe time 2 years gone since I asked this question, I forgot about it.

Hopefully HO rules are still same in terms of losses.

helpingperson · Post by **helpingperson** » Mon Mar 28, 2016 6:44 pm

Hello,

We need to have director loan agreement when we form the company so confirming £200k will be invested in company as director loan.

I am getting confused with different opinions, experiences here, do we need director loan for each transaction we made to transfer money from personal to business?

Or

Director loan is formed at the start of business when you form company? So in this case you can not mention dates/amounts of transactions as don't know.

Thank you.

zimba · Post by **zimba** » Tue Mar 29, 2016 12:37 am

helpingperson wrote:Hello,

We need to have director loan agreement when we form the company so confirming £200k will be invested in company as director loan.

I am getting confused with different opinions, experiences here, do we need director loan for each transaction we made to transfer money from personal to business?

Or

Director loan is formed at the start of business when you form company? So in this case you can not mention dates/amounts of transactions as don't know.

Thank you.

Directors loan agreement is simply an agreement drafted before you transfer any money to your business. This is like any loan agreement and has absolutely nothing to do with the business formation date at all.
Your agreement terms can cover how money will be loaned and in how many instalments it will be transferred to the company. You do not need a loan agreement for each transaction, that would be stupid.

helpingperson · Post by **helpingperson** » Tue Mar 29, 2016 7:05 am

Thank you Zimba.

What if you don't know how many transactions you would transfer your money into business account?

Even if you know, still it can change as how many transactions you actually do to transfer money into business.

zimba · Post by **zimba** » Tue Mar 29, 2016 2:02 pm

helpingperson wrote:Thank you Zimba.

What if you don't know how many transactions you would transfer your money into business account?

Even if you know, still it can change as how many transactions you actually do to transfer money into business.

You do Not need to specify transactions. You can provide a period for example in which you transfer the full amount.

helpingperson · Post by **helpingperson** » Tue Apr 19, 2016 2:15 pm

Hello

If there are two main applicants for extension application, do they need two sets of documents for each applicant or how will it work?

As an example, as we will submit 3 years annual accounts, do we need to send 2 sets of annual accounts, one for each applicant?

Thank you.

zimba · Post by **zimba** » Tue Apr 19, 2016 3:37 pm

helpingperson wrote:Hello

If there are two main applicants for extension application, do they need two sets of documents for each applicant or how will it work?

As an example, as we will submit 3 years annual accounts, do we need to send 2 sets of annual accounts, one for each applicant?

Thank you.

If you are applying separately, you need to send two copies of all the documents to support your application. Most of the things you require like accounts, agreement, payslips, ... etc are mostly digital and can be reproduced for each applicant separately.

helpingperson · Post by **helpingperson** » Tue Apr 19, 2016 4:12 pm

zimba88 wrote:
helpingperson wrote:Hello

If there are two main applicants for extension application, do they need two sets of documents for each applicant or how will it work?

As an example, as we will submit 3 years annual accounts, do we need to send 2 sets of annual accounts, one for each applicant?

Thank you.
If you are applying separately, you need to send two copies of all the documents to support your application. Most of the things you require like accounts, agreement, payslips, ... etc are mostly digital and can be reproduced for each applicant separately.

Thank you but it will be at same time for both applicants.

helpingperson · Post by **helpingperson** » Thu Apr 21, 2016 12:14 pm

Hello

We have to amend our 2 years annual accounts due to errors in showing investment in original accounts.

Does anyone know how long Company House takes to update their records once they receive revised accounts in post?

Thank you.

Casa · Post by **Casa** » Thu Apr 21, 2016 2:12 pm

Most reports in the numerous threads where there have been amendments to tax 'discrepancies' appear to show an average of 4 months.

helpingperson · Post by **helpingperson** » Fri Apr 22, 2016 7:31 pm

Hello

Only two full time employees are required for extension, but if someone has employed about 15 or more employees as were looking to apply for ILR on basis of 10 jobs but due to new guidance it is not possible.

For extension application, do we need to show paper work such as P11, FPS, etc just for 2 full time employees?

Is it correct we don't need to provide documents and information for all employees that we employed?

Also will we only fill 2 full time employees details on application form as well?

Please advise.

moongesture · Post by **moongesture** » Sat Apr 23, 2016 1:06 pm

helpingperson wrote:Hello

Only two full time employees are required for extension, but if someone has employed about 15 or more employees as were looking to apply for ILR on basis of 10 jobs but due to new guidance it is not possible.

For extension application, do we need to show paper work such as P11, FPS, etc just for 2 full time employees?
Yes, you need to show two full sets of documents for two employees OR combinations of employees If needed and if transitional agreement allow you to do so

Is it correct we don't need to provide documents and information for all employees that we employed?
Yes, As far as extension requirement is concerned if you can fulfill the points criteria for establishing employment then absolutely no need to show extra employees
Also will we only fill 2 full time employees details on application form as well?
Yes , Table at extension application will be used for claimed employees only
......

helpingperson · Post by **helpingperson** » Sat Apr 23, 2016 7:54 pm

abdhriz wrote:
helpingperson wrote:Hello

Only two full time employees are required for extension, but if someone has employed about 15 or more employees as were looking to apply for ILR on basis of 10 jobs but due to new guidance it is not possible.

For extension application, do we need to show paper work such as P11, FPS, etc just for 2 full time employees?
Yes, you need to show two full sets of documents for two employees OR combinations of employees If needed and if transitional agreement allow you to do so

Is it correct we don't need to provide documents and information for all employees that we employed?
Yes, As far as extension requirement is concerned if you can fulfill the points criteria for establishing employment then absolutely no need to show extra employees
Also will we only fill 2 full time employees details on application form as well?
Yes , Table at extension application will be used for claimed employees only
......

Thanks a lot.

Just for clarity, so you are saying that if we have for example 6 full time employees and 3 part time, we only need to provide information and documents for 2 full time employees to Home Office when applying for extension and not for all employees that we employed?

moongesture · Post by **moongesture** » Sat Apr 23, 2016 10:17 pm

Yes, only claimed employement information is required perhaps you can add any additional employee but will only be considered any extra hours/employeement.

Secondly, I seen another question about amended accounts appearance at company house, I sent mine and it took three days only to be updated.

helpingperson · Post by **helpingperson** » Sun Apr 24, 2016 9:40 am

abdhriz wrote:Yes, only claimed employement information is required perhaps you can add any additional employee but will only be considered any extra hours/employeement.

Secondly, I seen another question about amended accounts appearance at company house, I sent mine and it took three days only to be updated.

Thank you for your help.

seasky · Post by **seasky** » Sun Apr 24, 2016 2:10 pm

helpingperson wrote:
abdhriz wrote:
helpingperson wrote:Hello

Only two full time employees are required for extension, but if someone has employed about 15 or more employees as were looking to apply for ILR on basis of 10 jobs but due to new guidance it is not possible.

For extension application, do we need to show paper work such as P11, FPS, etc just for 2 full time employees?
Yes, you need to show two full sets of documents for two employees OR combinations of employees If needed and if transitional agreement allow you to do so

Is it correct we don't need to provide documents and information for all employees that we employed?
Yes, As far as extension requirement is concerned if you can fulfill the points criteria for establishing employment then absolutely no need to show extra employees
Also will we only fill 2 full time employees details on application form as well?
Yes , Table at extension application will be used for claimed employees only
......
Thanks a lot.

Just for clarity, so you are saying that if we have for example 6 full time employees and 3 part time, we only need to provide information and documents for 2 full time employees to Home Office when applying for extension and not for all employees that we employed?

In the era of genuine entrepreneur test you want to 'go beyond the minimum' so in covering letter explain that actually you employed more than the minimum needed (with brief detail) but that you are not supplying evidence as it is not needed to recieve the points.

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