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Spouse Visa Financial Requirement - Bonuses

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giorawr
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Spouse Visa Financial Requirement - Bonuses

Post by giorawr » Wed Feb 03, 2016 10:26 pm

Hello!

I'd apreciate it if someone could help me out.
So, my husband's current job pays 17k base salary + around 3k in bonuses. The thing is the bonuses are paid quarterly, so out of 6 payslips provided by us, only 2 of them would actually contain bonuses. I just wanna make sure that it's alright. From what I've read, I'm guessing they'll add up both bonuses (corresponding to 2 quarters), divide the total by 6 then multiply it by 12 and add it to the 17k base. That'd come to a total of 20k gross annual income. Is that it? Or does this rule only apply to monthly bonuses? Do you think it'll be alright?

Thanks in advance!

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CR001
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Re: Spouse Visa Financial Requirement - Bonuses

Post by CR001 » Wed Feb 03, 2016 10:32 pm

No, HO take the lowest figure on a payslip and use that to calculate.

Does his letter of employment/contract mention the bonus?

Perhaps you can submit a full years payslips and bank statements?
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genericmember
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Re: Spouse Visa Financial Requirement - Bonuses

Post by genericmember » Thu Feb 04, 2016 8:17 am

As well as the payslips and bank statements covering 12 months, I would see if his employer would be willing to write out a statement just confirming that the overall income when combined with bonuses is 21k. Are the bonuses conditional or does he get them regardless?

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Re: Spouse Visa Financial Requirement - Bonuses

Post by Casa » Thu Feb 04, 2016 9:03 am

You should be the best person to say whether the bonuses are conditional or he gets them regardless? :? We aren't privy to the terms of his employment.
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giorawr
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Re: Spouse Visa Financial Requirement - Bonuses

Post by giorawr » Thu Feb 04, 2016 10:04 am

Hi all!

The bonuses are on target, so very likely. We won't be able to provide 12 months payslips unless we wait for a year, as he's recently started this job. As for a letter, his employer can easily provide one. I thought it wouldn't be a problem at all, because the the appendix FM 1.7 financial requirement says:
"Overtime, commission-based pay and bonuses (which can include tips and gratuities
paid via a tronc scheme registered with HMRC) will be counted as income from
employment where they have been received in the 6 or 12 months prior to the date of
application as applicable. Sometimes the person will receive the same amount of
income from overtime each month; sometimes overtime payments will vary, with
different amounts (if any) each month. All overtime in salaried employment will be
calculated based on the approach to income from non-salaried employment. This will be
an annualised 6-month average for the overtime which will be added to the level of the
gross annual salary."
(https://www.gov.uk/government/uploads/s ... t_2015.pdf)

I know that they take the lowest payslip, but from the appendix I got that that appplies for the base salary,for example, if you get a promotion and have been in the new position earning a higher ammount only 3 months prior to the date of application - in that case, they'll use your salary before the promotion for the calculation of your income. As for bonuses, it looks like they're consireded seperately and the total ammount that can be used towards the annual income is calculated "based on the approach to income from non-salaried employment", which means "an annualised 6-month average... which will be added to the level of the gross annual salary."

Also, this documment is from August last year, so maybe there have been changes?

What do you think?

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