£18,600 : Salaried or Non-Salaried ? Formula/Calculation ?

Mpatel wrote:I have read and re-read the "AnnexFM 1.7 Financial Requirements", but in my case, I cannot find the CALCULATION to use to come up with a gross figure (that the form requires) :

My situation is below :
(1) Same job for more than 6 months.
(2) Hourly paid, flexible working, permanent job
(3) DIFFERENT pay every WEEK

My questions are :
(1) Do I need to use the 6 months worth of pay or 12 months worth of pay ?
You can use 6 months worth if you have earned enough...
(2) What formula shall I use in my case ?
Good news is non salaried employment is slightly more flexible (I used it to sponsor my husband...) the calculation is (gross earnings for 6 months divided by 6) x 12 so you can afford to have variable pay as long as it adds up to 18,600+ in the final sum
(3) Will they take the lowest week's payslip into account ? (I hope not!)
No, but it may help to have a page of your earnings for 26 weeks showing gross pay and calculation at the end. I did this to evidence that it was indeed nonsalaried and still exceeding the requirement.
(4) I cannot find any section in the form, which has a tickbox to select 'Salaried or Non-Salaried'. How do I inform them that mine is a non-salaried case ??
As above

Kind Regards

Kind Regards
MPat

mustang390 wrote:Sorry to jump in

What about the Dividends ?
If someone takes Just dividends from the company and in the last 12 Months total dividends comes to £18650. Would that be sufficient ?

Mpatel wrote:SoHopeful,
As your name suggests, you have certainly brought hopes to me ! Infact, I was just about to PM you (saw one of your previous posts) and pop comes your reply here

Thanks for the clarification. I was under the same impression, but needed a second opinion. Glad to have some backing up. Two further queries :

Yes, I have now earned Gross £12000 in last six months (non salaried, flexible hours, same employer). And hence, based on the calculation that makes it equivalent of £24,000 per year. So I am clear, I believe. Infact, I am ready to apply !!

Just to re-confirm again : The first two months (or first 8 weeks) have partly - less pay and partly no pay, as compared to the remaining four months (18 weeks).
*** Will this impact the calculation ?
I believe you would still be ok to apply under Cat A purely because of the way non salaried income is calculated - however hopefully one of the mods can confirm that.

Thanks for the 'extra calculation page' suggestion. Its already drafted out !
*** Did you attach this as a separate A4 sheet ? What was the title of the page ? Where shall I logically fit this page in to the whole application ? i.e. which section does this page apply to ?

mustang390 wrote:Sorry to jump in

What about the Dividends ?
If someone takes Just dividends from the company and in the last 12 Months total dividends comes to £18650. Would that be sufficient ?

sully_06 wrote:THANKS AMBER!!

How will they calculate it? so I know to be sure its , salaried income.

Also to add on that pay slip I took the unpaid time off for my marriage I have got a bonus from work that will bring my gross wage for that month near enough back up to my standard monthly salary ,

I have read that bonus and overtime - they class this as a income and can be used towards the requirement figure? is this correct

Lastly , I have a part time job 1 day a week , I am on the books and pay tax , I get wage slips to confirm this and will have a P60 form them at the end of the tax year, they pay me by cash every month rather than in the bank - will this affect anything?

THANKS AGAIN VERY MUCH APPRICIATED!

Amber_ wrote:No, non-salaried income would be total gross income from employment held throughout the 6 month period, divided by 6 multiplied by 12. If the 4 weeks off was for example, unpaid sickness, it would not break the 6 months period. In turn the applicant’s partner can show that they meet the annualised average income required over a period of 6 months and 4 weeks prior to the date of application.

sully_06 wrote:THANKS AMBER!!

How will they calculate it? so I know to be sure its , salaried income.

Also to add on that pay slip I took the unpaid time off for my marriage I have got a bonus from work that will bring my gross wage for that month near enough back up to my standard monthly salary ,

I have read that bonus and overtime - they class this as a income and can be used towards the requirement figure? is this correct

Lastly , I have a part time job 1 day a week , I am on the books and pay tax , I get wage slips to confirm this and will have a P60 form them at the end of the tax year, they pay me by cash every month rather than in the bank - will this affect anything?

THANKS AGAIN VERY MUCH APPRICIATED!