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You can apply as early as you want. 28 days early is just a recommendationn8net wrote:from the policy guidance, I understand you can extend your Tier 1 Ent application however early you want ?
No. You need to invest the money you claimed you have during your initial visa application.also, what is the view of re-investing the profits from a company ? for it it be considered part of the investment what doc needs to be submitted ?
There is no limit. You can pay yourself salary/dividends as long as it does not come from the money you invested. Directors usually choose to pay themselves min salary and take the rest as dividends/bonus to minimize employer's NI tax payments. Talk to your accountantalso, how director of a company reasonably take money out from the company if it makes profits? I understand the there is a limit to directors salary ?
So you get a 2 year extension and then aren't you short for 5 years for ILR?zimba88 wrote:
You can apply as early as you want. 28 days early is just a recommendation
?
Yes, that is why it is recommended that extensions are applied for within 28 days of visa expiry to avoid exactly this and therefore requiring an additional extension to cover what is often just a couple of months or days.seasky wrote:So you get a 2 year extension and then aren't you short for 5 years for ILR?zimba88 wrote:
You can apply as early as you want. 28 days early is just a recommendation
?
You can be short of up to 28 days when you apply for ILR as long as you never over stayed.seasky wrote: So you get a 2 year extension and then aren't you short for 5 years for ILR?
For the 5 year route, the starting date is the day you have been granted initial Tier 1E visa.n8net wrote:thanks guys.
only need one more year as 10 yr route is possibility for ILR.
but out of curiosity to keep the 5yr route open as well, from then it is calculated, from the day the initial visa is given or applied ?
ta
n8net wrote:I have 200k extension coming up in a months time and I have been preparing the docs now and understand the accountant has an integral role to play. But the accountant might be not aware of the req. of the extension or the rules and hence I have been doing research on what needs to be done and got following questions.
1) accountant is expected to prepare three year annual accounts, showing the investment, among other things
anything specific this should include / exclude for HO ?
2) pardon my knowledge with accounting side of the business, but would be useful, if someone could some shed light on, the type of accounts available and the ones that should be submitted to HO. This is will help me communicate clearly with my account as to what exactly required of him ?
3) I have not made the full investment yet, still 50k left in the 200k and expect to transfer this to my business account in two weeks time. Will this be problem for accountant or for HO ? I understand from this forum that interim management accounts are acceptable. Is management acocunts another name for ad-hoc accounts ?
4) he also should give me the full FPS for three years to satisfy job creation ?
5) he also should a letter confirming investment and 2-job creation which along with above are mandatory for HO extension ?
6) also for the accountant himself, he needs to have a licence and ACCA certified. anything else he must satisfy ?
thanks for reading and kindly please reply with some info which will help me understand the accounting jargon s related to Tier 1 200k extension from accounting point of view
Accounts must show the investment made under your name. Accounts compilation report is also required.1) accountant is expected to prepare three year annual accounts, showing the investment, among other things anything specific this should include / exclude for HO ?
Your accountant usually prepares a full accounts and then submit a summary of this (abbreviated accounts) to companies house. You need to have the full accounts to send with your application.2) pardon my knowledge with accounting side of the business, but would be useful, if someone could some shed light on, the type of accounts available and the ones that should be submitted to HO. This is will help me communicate clearly with my account as to what exactly required of him ?
You need to have to make the investment as soon as possible and prepare all the evidence by the time you apply. Management/interim accounts are created for you only (a form of ad-hoc accounts) and are not submitted to HMRC/companies house3) I have not made the full investment yet, still 50k left in the 200k and expect to transfer this to my business account in two weeks time. Will this be problem for accountant or for HO ? I understand from this forum that interim management accounts are acceptable. Is management acocunts another name for ad-hoc accounts ?
FPS reports covering the period of employment you are claiming points for.4) he also should give me the full FPS for three years to satisfy job creation ?
Only mandatory if you joined or taken over an existing company5) he also should a letter confirming investment and 2-job creation which along with above are mandatory for HO extension ?
Must be member of a recognised body like ACCA and having a license to practice.6) also for the accountant himself, he needs to have a licence and ACCA certified. anything else he must satisfy ?
management accounts are accepted. These are no submitted to anybodyJust for clarity, HO accepts the ad-hoc accounts with majority of the investment ? and I am not expected to submit to any organisations such as HMRC or Company House ?
Talk to your accountantand how long does it take for an accountant to prepare this ? The reason is, given the tight deadlines want to understand the risks involved in the late investment ?
A management account and a normal account should have no differences. It must have the same info and data. Your accountant should be able to prepare these in few hours, it is up to him/her really.n8net wrote:Thanks again Zimba,
does the management account also have a "notes" section where my total investment of 200k via DL will be listed under my name" similar to annual accounts ?
The reason I am asking all these questions is before talking to my accountant, i would like to be clear on what is exactly needed by HO, so that I can instruct my accountant to do so.
also Zimba, from you experience, how long does preparing a Management account take ? also do you see any issues with late investment leading upto the time of extension ?
Thanks
