TIER 1 (ENT ) Extension- Help needed

Hi All

Can someone plz help us with Following we are not far away from applying for extension..


what is account compilation Report? Is there any particular format for it.

Also we are Enterprenuer Team and want to know whic docs need to be signed by both directors ??

e.g, management accounts etc, do both directors have to sign before sending to companies house or only one can sign as well as my accountant say one is fine but sometimes Home office requirements are different from legal requirements.

Plz help me with those docs as well that need to be signed by both directors before sending to home office for extension.

Appreciate ur help in advance

Hello Guys

I applied for Entrepreneur Visa Extension 50K route applied and approved

Posted Application on - 17 December 2015
Delivered on - 18 December 2015
Acknowledgment letter and Biometrics letters were issued on - 23 December 2015
Received on - 30 December 2015 (Due to Xmas week it was late)
Biometrics done on - 31 December 2015
Approval letter and BRP card received on - 27 January 2015 (Was issued on 23 January 2016)

Approved for two years.

I am not expert but I can try to answer any questions

Thanks

Hi KKL147

Congrats!

What documents did you submit and what is the nature of your business?

Many thanks

Same situation
My accountant replied the same about one sign is fine.
Mate to submitte company accounts is not easy job accountant will ask you both directors to read and accept when you both agree one can sign and also give agreement via email or fax.

Hi KKL147
Cogratulations and you are the first one i heard to get extended with £50,000 route. i know its not easy to write down all the documents you submitted but it would be really helpful if you do so please. and could you please let us know your nature of business.. i have seeen in this form people submitted unnecessary documents but got extension.. what about what did you sudmit.. thanks in advance/..

FKS21177 wrote:Hi All

what is account compilation Report? Is there any particular format for it.

Also we are Enterprenuer Team and want to know whic docs need to be signed by both directors ??

e.g, management accounts etc, do both directors have to sign before sending to companies house or only one can sign as well as my accountant say one is fine but sometimes Home office requirements are different from legal requirements.

Plz help me with those docs as well that need to be signed by both directors before sending to home office for extension.

Appreciate ur help in advance

Compilation report is simply a report that accountants often include in your accounts that declares they prepared the accounts according to the statuary laws on behalf of company directors. They also usually mention that they simply prepared the accounts based on what the directors reported and confirm if an audit was conducted or not. Sample:

Report of the Accountant to the director of {insert the company name} limited (the company)

These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the {year/period} ended {xx/xx/xxxx}.
We have prepared these finance statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting {year/period}. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.

{signature of the accountant}

Legally only one director has to sign the accounts off but I suggest both of you sign it as HO caseworkers have no clue about the business laws and mindlessly follow the guides they have. Also management accounts are abit different than company accounts that you submit to companies house. Management accounts are provisional reports compiled for the consideration of the directors or shareholders only (to give them info on how the company is doing)

legendfar wrote:Hi KKL147
Cogratulations and you are the first one i heard to get extended with £50,000 route. i know its not easy to write down all the documents you submitted but it would be really helpful if you do so please. and could you please let us know your nature of business.. i have seeen in this form people submitted unnecessary documents but got extension.. what about what did you sudmit.. thanks in advance/..

Thank you very much Legendfar

As you said, it is a big list of documents. However I will try to cover all.

1 - Application Forms
2 - Passports
3 - Previous BRP
4 - Funds Maintenance Bank Statement
5 - Companies House Certificate
6 - VAT registration certificate
7 - EL/PL/PL Insurance certificate
8 - Payslips of all the employees
9 - FPS for each submission (Signed by myself)
10 - Business Bank Account statements (I invested 50K in 12 instalments with various different amounts, therefore only statements attached where it shows Investment amounts)
11 - Personal Bank Account statements which shows investment transferred to Business Account
12 - Director's Loan Agreement
13 - CA cover letter
14 - CA letter which confirms each and every employee number of hours, hourly rate etc
15 - Business visiting cards, Letter heads and little more stationaries.
16 - Three years Annual Accounts (Make sure to sign these annual returns)
17 - Self assessments reports
18 - VAT final summary or till date summary
19 - Corporation Tax final summary report
20 - PAYE final summary report
21 - Payslips of all the employees
22 - Passport copies of all the employees
23 - Address proof for all the employees
24 - NI Proof for all the employees
25 - P46/P60/P45 for all the employees

I personally made sets of all the employees individually with a cover letter for each of them explaining the number of hours each month they worked, hourly rate paid, their start date or leaving date FPS copies in their particular sets.

I hope this helps.

Hi KKL147,

Can you please paste a copy of the director loans agreement which you used for your submission. It would be helpful to many.

Hi KKL147
what is self assessment reports?

aby00156 wrote:Hi KKL147,

Can you please paste a copy of the director loans agreement which you used for your submission. It would be helpful to many.

Hi

There are loads of templates available online. Please go through google as I have not saved this agreement on my laptop.

Hope this helps

legendfar wrote:Hi KKL147
what is self assessment reports?

As a director of your own limited company, you are employed as a director by your own company. Therefore, by doing self assessment, you give one piece of evidence that you have no other income from anywhere else accept your own limited company.

This self assessment can be completed by your accountant and filed by your accountant. Then again, this was not required as far as I know but I did submitted as I believe this makes Case Handlers life easy.

Hope this helps

KKL147 wrote:

legendfar wrote:Hi KKL147
Cogratulations and you are the first one i heard to get extended with £50,000 route. i know its not easy to write down all the documents you submitted but it would be really helpful if you do so please. and could you please let us know your nature of business.. i have seeen in this form people submitted unnecessary documents but got extension.. what about what did you sudmit.. thanks in advance/..

Thank you very much Legendfar

As you said, it is a big list of documents. However I will try to cover all.

1 - Application Forms
2 - Passports
3 - Previous BRP
4 - Funds Maintenance Bank Statement
5 - Companies House Certificate
6 - VAT registration certificate
7 - EL/PL/PL Insurance certificate
8 - Payslips of all the employees
9 - FPS for each submission (Signed by myself)
10 - Business Bank Account statements (I invested 50K in 12 instalments with various different amounts, therefore only statements attached where it shows Investment amounts)
11 - Personal Bank Account statements which shows investment transferred to Business Account
12 - Director's Loan Agreement
13 - CA cover letter
14 - CA letter which confirms each and every employee number of hours, hourly rate etc
15 - Business visiting cards, Letter heads and little more stationaries.
16 - Three years Annual Accounts (Make sure to sign these annual returns)
17 - Self assessments reports
18 - VAT final summary or till date summary
19 - Corporation Tax final summary report
20 - PAYE final summary report
21 - Payslips of all the employees
22 - Passport copies of all the employees
23 - Address proof for all the employees
24 - NI Proof for all the employees
25 - P46/P60/P45 for all the employees

I personally made sets of all the employees individually with a cover letter for each of them explaining the number of hours each month they worked, hourly rate paid, their start date or leaving date FPS copies in their particular sets.

I hope this helps.

Addition to the above list

26 - Three years CT600
27 - Original letter showing PAYE reference number
28 - Original letter showing Corporation Tax reference number
29 - Academic documents
30 - Confirmation of NHS surcharge paid
31 - Address proof for business
32 - Address proof for personal