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income threshold

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mcr2013
Member
Posts: 191
Joined: Fri Apr 12, 2013 10:51 am

income threshold

Post by mcr2013 » Thu Jul 02, 2020 3:03 pm

hello guys

i m asking this question on behalf of my friend, he just recently got ILR from TI ENTREPRENEUR, now he wants to married back home he is employee in his own company 2000 pounds a month, 2ndly he invested 75000 pounds in his business in the form of director loan. basically i want to ask 2 questions here

(1) will HO consider his salary of 2000 pounds/month in his own company ?
(2) or if he take his director loan back from business to personal account will it be any problem coz i have heard if we have saving of 64000 pounds for 6 months then no need to show 18600 pounds income a year. his DL contract was 5 years. now 5 years have passed and business is running. will HO consider this money as a saving ? does he need to show any other document if he take his DL back from his business..
(3) he also wants to apply furlough, will it effect his spouse visa ?
(4) which one u think is more secure to apply 64000 pounds or the 2000 pounds/month in his own company ?

mcr2013
Member
Posts: 191
Joined: Fri Apr 12, 2013 10:51 am

Re: income threshold

Post by mcr2013 » Thu Jul 02, 2020 11:04 pm

can anybody answer ?

geoeng
Senior Member
Posts: 953
Joined: Fri Aug 30, 2019 11:54 am
Canada

Re: income threshold

Post by geoeng » Fri Jul 03, 2020 7:33 am

mcr2013 wrote:
Thu Jul 02, 2020 3:03 pm
hello guys

i m asking this question on behalf of my friend, he just recently got ILR from TI ENTREPRENEUR, now he wants to married back home he is employee in his own company 2000 pounds a month, 2ndly he invested 75000 pounds in his business in the form of director loan. basically i want to ask 2 questions here

(1) will HO consider his salary of 2000 pounds/month in his own company ?
(2) or if he take his director loan back from business to personal account will it be any problem coz i have heard if we have saving of 64000 pounds for 6 months then no need to show 18600 pounds income a year. his DL contract was 5 years. now 5 years have passed and business is running. will HO consider this money as a saving ? does he need to show any other document if he take his DL back from his business..
(3) he also wants to apply furlough, will it effect his spouse visa ?
(4) which one u think is more secure to apply 64000 pounds or the 2000 pounds/month in his own company ?
1. Yes. See Section 9 from page 60 of the guidance document linked below for details:
https://assets.publishing.service.gov.u ... -ext_1.pdf

2. Assuming no children need to be covered by the financial requirement, the requirement in its entirety can be met by using cash savings of £62,500 held for at least 6 months. See Section 7 from page 48 of the guidance document above for details. from this document:
- Savings must be held in cash in a personal bank/savings account in the name of the
applicant, their partner or the couple jointly.
- The applicant and/or their partner must confirm that the
money, which cannot be borrowed, is under their control and evidence that it has been
held in their bank account for at least the 6 months prior to the date of application.
- The savings can be immediately withdrawn (with or without penalty)
If these requirements and the others described in the guidance document (including those for investments, stocks, shares, bonds or trust funds that may have been liquidated or transferred into cash by the same owner), then the funds would not be able to be used towards meeting the financial requirement. So the answer likely ultimately depends on how those funds are held.

3. See the link below for details:
https://www.gov.uk/guidance/coronavirus ... -residents
Changes to the minimum income and adequate maintenance requirement -
If you’ve experienced a loss of income due to coronavirus, we will consider employment income for the period immediately before the loss of income due to coronavirus, provided the requirement was met for at least 6 months up to March 2020.

If your salary has reduced because you’re furloughed, we will take account of your income as though you’re earning 100% of your salary.

If you’re self-employed, a loss of annual income due to coronavirus between 1 March 2020 and 31 July 2020 will generally be disregarded, along with the impact on employment income from the same period for future applications.
4. Either or a combination of both are equally viable means of meeting the requirement provided the criteria for the applicable category can be met and the necessary supporting evidence provided.
I'm just a guy on the Internet who immigrated to the UK. My opinions are based on my experience and interpretation of the immigration rules and should not be considered legal or immigration advice; your mileage may vary.

mcr2013
Member
Posts: 191
Joined: Fri Apr 12, 2013 10:51 am

Re: income threshold

Post by mcr2013 » Mon Sep 14, 2020 6:12 pm

can just anyone simplify the answer for better understanding. As I was on entrepreneur Visa So i invest money in the form of DL around 72OOO POUNDS. Now i have ILR i m planning to marry, in my personnel account( Saving account) i have around 24000 pounds, As i have given loan to my business.

SENARIO 1 = if i simply transfer 40000 pounds from my business to personnel account that will make sum of 64000 pounds with the REFRENCE (LOAN RETURN) and keep this money for 6 months (64000 pounds) in my saving accounts. will it meet the requirement for suppose visa.
SENARIO 2 = As i have already 24000 pounds in my personnel account if rest i transfer about 40K to make 64k with the reference (DIVDEND) and pay tax on that and keep for 6 months in my personnel to meet criteria. In this scenario i have to pay tax on 40K DIVIDEND

As i have mentioned 2 situation which one you recommend? 2ndly do i have to prove where the money come from etc as money is already in business account at the moment.

mcr2013
Member
Posts: 191
Joined: Fri Apr 12, 2013 10:51 am

Re: income threshold

Post by mcr2013 » Tue Sep 15, 2020 2:08 pm

any reply ?

geoeng
Senior Member
Posts: 953
Joined: Fri Aug 30, 2019 11:54 am
Canada

Re: income threshold

Post by geoeng » Wed Sep 16, 2020 12:39 pm

mcr2013 wrote:
Mon Sep 14, 2020 6:12 pm
As i have mentioned 2 situation which one you recommend? 2ndly do i have to prove where the money come from etc as money is already in business account at the moment.
The requirements for using cash savings are detailed in the guidance document previously provided. If the requirements are met, either scenario would be equally acceptable. You have to declare the source of the savings.
I'm just a guy on the Internet who immigrated to the UK. My opinions are based on my experience and interpretation of the immigration rules and should not be considered legal or immigration advice; your mileage may vary.

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