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account error

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

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Kath11
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Joined: Fri Feb 12, 2016 12:12 pm

account error

Post by Kath11 » Tue Sep 27, 2016 7:38 pm

hi friends
actually im planning to apply tier 1 extention (50k) rote
but my problem is
1.1st year account:accountantant made big mistake he has not shown any transactions on profit loss report. and my CT600 has just under £1000 turnover .. but on my business account it is more than 20k . when i realised it . account was already submitted to HMRC. immideatly i changed the accountant . and hire another accountant. he suggested me not to review the account as this was my first year so i left it as this was before.
moreover i employed 2 part time job and he was running payroll account but he has not mention this also in the report as well. if i didnt count the 1st year hours i will b short by 300 hrs so i must have to claim that period hours even it is not shown on my P/L account .. plz suggest me im in stress..

2. i have made my investment by directors loan from 2nd year
which can b seen on financial report. to maintain the investment ihave shown just 15000 and 17000 turnover each rest 2 years.and my balancesheet shows loss of £53000 in total in two years .. plz suggest me .. have just one month time .

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zimba
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Re: account error

Post by zimba » Wed Sep 28, 2016 10:06 am

Your are almost impossible to understand. I am worried you will not be able to satisfy the English requirement :?
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

Kath11
Newly Registered
Posts: 10
Joined: Fri Feb 12, 2016 12:12 pm

Re: account error

Post by Kath11 » Wed Sep 28, 2016 12:30 pm

zimba88 wrote:Your are almost impossible to understand. I am worried you will not be able to satisfy the English requirement :?
Thanks zimba for your reply.. sorry for my message which is not understandable..
i m trying to write again
actually i m runinnig my business since august 2013 . my finincial period for first year was august 2014. during this first year i have 2 part time employee. they were working 30 hours in a week. i was paying all the tax of employee to theHMRC
and i have payslips as well.
the problem is when accountant submitted the first year report to HMRC he didnot submitted any transactions which i paid to my employee. which is nearly 300 of hours These 300 hours i must have to claim to satisfy for full time employment.

problem 2:
i have shown my investment through Directors loan from 2 nd year. 2nd year i have injected £25000 from personel account and £32000 in 3rd year. everyting is fine business is running fine but my business is loss by £54000 altogether.. if this case
effect my application or not??
appriciate your suggestionss..

awan905
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Re: account error

Post by awan905 » Wed Sep 28, 2016 12:40 pm

What is your turnover and in annual accounts what is the DL? is it still above 50K?

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zimba
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Re: account error

Post by zimba » Wed Sep 28, 2016 1:41 pm

they were working 30 hours in a week. i was paying all the tax of employee to theHMRC
and i have payslips as well.
the problem is when accountant submitted the first year report to HMRC he didnot submitted any transactions which i paid to my employee. which is nearly 300 of hours These 300 hours i must have to claim to satisfy for full time employment.
That is meaningless again !!
What do you means first year report ?? Report of what ?? Payroll PAYE must be reported via RTI, usually monthly. Have you had any payroll submissions ??
i have shown my investment through Directors loan from 2 nd year. 2nd year i have injected £25000 from personel account and £32000 in 3rd year. everyting is fine business is running fine but my business is loss by £54000 altogether.
If you have not taken any salary, what is the problem ?
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

sheraz78
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Re: account error

Post by sheraz78 » Wed Sep 28, 2016 2:47 pm

I would suggest you should amend first years accounts
Too Much loss is not a concern for home office but may raise credibility and genuine entrepreneur issues
It seems your accountant dont want to change your accounts but the situation that you are in, accounts amendment is suggested since the first year accounts contains material errors

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