Page 1 of 1
Tier 1 (Exceptional Talent) to ILR Financial Requirements
Posted: Wed Apr 22, 2020 11:04 am
by dilemma88
Hi all,
I'm wondering if anyone who has been successful transitioning from Tier 1 (Exceptional Talent) to ILR could advise me about the requirements around proof of financial earnings. Specifically, if you are a self-employed person, do you absolutely need an accountant or can you submit your own sole trader accounts for the years being considered?
Thanks so much for your advice.
Re: Tier 1 (Exceptional Talent) to ILR Financial Requirements
Posted: Wed Apr 22, 2020 3:46 pm
by zimba
dilemma88 wrote: ↑Wed Apr 22, 2020 11:04 am
Hi all,
I'm wondering if anyone who has been successful transitioning from Tier 1 (Exceptional Talent) to ILR could advise me about the requirements around proof of financial earnings. Specifically, if you are a self-employed person, do you absolutely need an accountant or can you submit your own sole trader accounts for the years being considered?
Thanks so much for your advice.
The official guide is clear on what you must submit
https://assets.publishing.service.gov.u ... idance.pdf
Re: Tier 1 (Exceptional Talent) to ILR Financial Requirements
Posted: Wed Apr 22, 2020 4:13 pm
by dilemma88
Hi Zimba,
I've already read the guidance in full and didn't find it entirely clear in my case which is why I've asked the question.
For self-employed sole traders, it's not entirely clear as to whether a sole trader can submit their own business accounts, which they've prepared themselves, or whether an accountant has to be involved in preparing those accounts. Not all sole traders have accountants (I do not as of yet), thus I wanted to clarify.
Re: Tier 1 (Exceptional Talent) to ILR Financial Requirements
Posted: Wed Apr 22, 2020 4:27 pm
by zimba
Business accounts do NOT need to be prepared by an accountant as long as they meet the statutory requirement. People often choose accountants to avoid mistakes. The guide is clear this is the case. Alternatively you can choose to submit an accountant letter
If you have worked in a self-employed capacity, you can provide one of the following documents:
• A letter from your accountant (confirming the amount you have earned): This letter should be
on headed paper and confirm the gross and net pay for the period to be assessed. The letter
should give a breakdown of salary, dividends, profits, tax credits and dates of net payments
earned. If your earnings are a share of the net profit of the company, the letter should also
explain this. All accountants must be either fully qualified chartered accountants or certified
accountants who are members of a registered body in the UK.
• Company or business financial accounts: These must clearly show the net profit of the
company or business. Accounts must show both a profit and loss account (or income and
expenditure account if the organisation is not trading for profit) and the balance sheet should
be signed by a director. Accounts should meet statutory requirement