Hi educators,educators wrote:I really need help from you guys.
After getting ilr on 10 years basis I have question regarding financial requirement section of FLR(M) application form for my wife(within Uk).
I am a Director (employee) and shareholder in my Ltd company, so I am not self-employed in the view of HMRC. The company is the trading entity and I simply draw a salary and profit share by way of dividend.
From Annex_FM_1_7_Financial_Requirement document I can see I am falling under category F (but not self-employed since I am employed by my company). I can only use category F to show £18600 for last full financial year as with other categories my salary will not meet the requirement.
Now while filling form I am confused which section I need to fill ? Section 7.3 B say that you can write information about Category F but all questions are asked about self-employment.
Any suggestions on this?
i have read through the form and i can see how confusing it is as per the appropriate option to chose from. However i will advise you to is that if you draw salary from your own company it means you are an employee of your company in other words, you are salary earner from your own company. So you are classed as an employee. so you will need to show how much you have earned from your own company by wage slips and personal account where this salary has been paid.
Secondly, if you are still taking dividends from your companys profit as a shareholder, then you need to proof this to HO by submitting your companys HMRC documents and evidence from The Companies House that you are shareholder in your own company.
If i were you i will just use my payslips from your own company and your own personal bank statement to proof £18,600 for your wife's earnings to avoid complication and to avoid stress. or better still if your wife is working you might as well combine both of your income to make up for the £18,600.
Bear in mind if you decide to use DIVIDENDS from your company you might want to use an accountant to do all the paper work for you before you submit your wife's FLR(M) application form.
Other members of forum your views and opinion are very highly welcome. This is my own view and advise. Hope it helps.
