Payments to HMRC

Hi All,

Just a quick question.
Are the payments that we make to HMRC (i.e. NI, Tax etc) considered as investments ?

No. Everyone has to pay NI and tax.

Hi,
I have employed 2 people since past 12 months.
My question is what are the documents which we can use to show the employee start date.
My accountant said he could not issue me a P11.
Hence other than P11 what other documents would be helpful for the visa extension.

my friend if you have thier contracts in hand you can use them and your accountant if he is handling your payroll as well can give you the reports from the software they use which has employee's details and joining date as well, or you canl also send copies of payslips for your employees which cover the whole period of thier employment

My Friend you can submit Copy or original p46, which show Start date. RTI also shows when employee started company.

Hi All,

- I deposited 30K into my business account as directors loan.
- I then used 2K for my personal use from my business account.

Question
1 - On the management account statement, how much director loan should be shown.
As per my accountant it should show 28K as director loan and not 30K as I used 2K for my own expense. If the management account is showing 28K and the director loan agreement and the bank statement are showing 30K; will it be a problem during extension.

I know it seems like an accountancy question but please do answer this as many on the forum are in the same confusion and similar situation.

Whatever you user for yourself should be mentioned and excluded from the investment claim as Directors loan.
I also want to make sure how directors loan should be addressed as
Long term liabilities(directors loan) ?
Someone please input

Any one any suggestions.
Please it would be helpful for a lot of people.

Hello Aby

Your accountant is correct and there will not be a problem during extension as the home office are never conserned when you claim less that you invest. Just mention about the 2K when you file for your extension and everything if be fine.

aby00156 wrote:Hi All,

- I deposited 30K into my business account as directors loan.
- I then used 2K for my personal use from my business account.

Question
1 - On the management account statement, how much director loan should be shown.
As per my accountant it should show 28K as director loan and not 30K as I used 2K for my own expense. If the management account is showing 28K and the director loan agreement and the bank statement are showing 30K; will it be a problem during extension.

I know it seems like an accountancy question but please do answer this as many on the forum are in the same confusion and similar situation.

ishfaqsangra wrote:Whatever you user for yourself should be mentioned and excluded from the investment claim as Directors loan.
I also want to make sure how directors loan should be addressed as
Long term liabilities(directors loan) ?
Someone please input

Hello Ishfaq

I think the entry should be under unsecured loans as this director loan is only secured against creditors and not a liability which the company is bound to pay back to you by selling any assets etc.

I have gone with share capital investment so am not a 100% sure where this entry would be as share capital is a simple way of getting shares issued in my name and it comes under capital(share capital). No stress of preparing director loan agreement.

Thanks Tier1Newbie

Yes you are absolutely right. In my first year accounts the accountant submitted my accounts but use Directors Loan as "Long term Liabilities" which he should not as it is not liability being unsecured Loan.

We have submitted accounts for 1st year, could this be the problem or can he rectify this while producing management accounts before extension March 2017

I hope we will be able to correct this in year 2 (which is now due) and year3 accounts.

Suggestion will be helpful

ishfaqsangra wrote:Thanks Tier1Newbie

Yes you are absolutely right. In my first year accounts the accountant submitted my accounts but use Directors Loan as "Long term Liabilities" which he should not as it is not liability being unsecured Loan.

We have submitted accounts for 1st year, could this be the problem or can he rectify this while producing management accounts before extension March 2017

I hope we will be able to correct this in year 2 (which is now due) and year3 accounts.

Suggestion will be helpful

I can only tell you to contact your accountant and ask him to rectify this. Just explain to him the situation and im sure he will have a solution for it.

Good Luck

Will there be a problem if I change the accountant after 2 years of my grant of visa. The visa is for 3 years
I am currently having some problems with my accountant. And I want to change him.
He has done the management accounts for 2 years but wants to charge hell lot of money for the letters confirming the jobs and investment made.

Will it be a problem if I show management accounts of 2 years from one accountant and 1 year from another at the time of extension.

Can anyone reply to my question Please.

aby00156 wrote:Will there be a problem if I change the accountant after 2 years of my grant of visa. The visa is for 3 years
I am currently having some problems with my accountant. And I want to change him.
He has done the management accounts for 2 years but wants to charge hell lot of money for the letters confirming the jobs and investment made.

Will it be a problem if I show management accounts of 2 years from one accountant and 1 year from another at the time of extension.

Hi Aby,

I also changed the accountant after 1 and half year of my visa and he only submitted my 1 year accounts.

I can not see any problem changing your accountant for your 3rd year accounts. If your current accountant who submitted your 2 years account is registered ACCA according to home office requirement it should be ok (in case home office query to your them later).


Please wait for other senior members to reply as I just shared my personal experiences to you.

Best Regards,
IR

aby00156 wrote:Can anyone reply to my question Please.

aby00156 wrote:Will there be a problem if I change the accountant after 2 years of my grant of visa. The visa is for 3 years
I am currently having some problems with my accountant. And I want to change him.
He has done the management accounts for 2 years but wants to charge hell lot of money for the letters confirming the jobs and investment made.

Will it be a problem if I show management accounts of 2 years from one accountant and 1 year from another at the time of extension.

Hello Aby

That is allowed you can change as many times as you like but just make sure that all the accountants are ACCA qualified and registered. Also make sure to tell your new accountant to take a proper handover from the old one as it so happens that they miss out documents and start to pester you for it.

Good Luck.