TIER 1 EXTENSION APPLICANTS PLEASE JOIN HERE

kunleoyewo wrote:Hi Guys,

Can someone please confirm if it's necessary to include Business Plan document in my extension application as an artefact of investment made? I paid a consultant to write it, hence why I'm asking. Is it worth it or not please?

By the way, my extension is due in March 2016. Anyone planning to apply for extension around this period can hit me up for ideas on what to tidy up and put in place.

I look forward to your favourable suggestions.

Kind regards,
Kunle

Ameten wrote:Hi All,
I need some urgent advise please:

1. If I did not transfer the 50k to my business account, but invested the 50k to the business from my personal account where the money was kept during my initial application. Now I am due for extension application, please what should I do?
Is it stated anywhere in the guidance note that the 50k must be transferred to the business account or it is just to be invested in the business? (Please reference)

2. Do one need a lawyer to sign a director loan agreement? or it can be drafted out and signed by the director and any witness?

I must Commend the gesture of KKL147 for sharing some vital information and the list of doc he submitted. You are a star ***

If you have made the investment in the form of a director’s loan, it must be shown in both the relevant set of financial accounts provided and through readily identifiable transactions in the applicant’s business bank statement(s). The statement(s) must clearly show the transfer of this money from you to your business

aby00156 wrote:A Quick Question.

I have transferred the money in 3 transactions with different references.
For Example:
1st Transaction : 20K with no reference in Year 1
2nd Transaction : 15K with reference as "Investment" in Year 2
3rd Transaction : 15K with reference as "Directors Loan" In Year 3

Although the Financial accounts for Year 1, 2, 3 show all of them as Directors loan. Will it be a problem if I show the bank statements of the transactions with three different references.

zimba88 wrote:

aby00156 wrote:A Quick Question.

I have transferred the money in 3 transactions with different references.
For Example:
1st Transaction : 20K with no reference in Year 1
2nd Transaction : 15K with reference as "Investment" in Year 2
3rd Transaction : 15K with reference as "Directors Loan" In Year 3

Although the Financial accounts for Year 1, 2, 3 show all of them as Directors loan. Will it be a problem if I show the bank statements of the transactions with three different references.

No, they simply need to identify that min 50k was transferred to your business account and your company accounts reflect that.

aby00156 wrote:A Quick Question.

I have transferred the money in 3 transactions with different references.
For Example:
1st Transaction : 20K with no reference in Year 1
2nd Transaction : 15K with reference as "Investment" in Year 2
3rd Transaction : 15K with reference as "Directors Loan" In Year 3

Although the Financial accounts for Year 1, 2, 3 show all of them as Directors loan. Will it be a problem if I show the bank statements of the transactions with three different references.

zimba88 wrote:Hi Zimba88,
Thanks for your response, so what do you advise i do now since i have missed that step out, and I am due to apply for extension now. please others advise are welcome.

zimba88 wrote:

Ameten wrote:Hi All,
I need some urgent advise please:

1. If I did not transfer the 50k to my business account, but invested the 50k to the business from my personal account where the money was kept during my initial application. Now I am due for extension application, please what should I do?
Is it stated anywhere in the guidance note that the 50k must be transferred to the business account or it is just to be invested in the business? (Please reference)

2. Do one need a lawyer to sign a director loan agreement? or it can be drafted out and signed by the director and any witness?

I must Commend the gesture of KKL147 for sharing some vital information and the list of doc he submitted. You are a star ***

1. HO needs to see the cash has been transferred to your business bank account. The latest guide requires you to show the bank statements to confirm this. From the guide:

If you have made the investment in the form of a director’s loan, it must be shown in both the relevant set of financial accounts provided and through readily identifiable transactions in the applicant’s business bank statement(s). The statement(s) must clearly show the transfer of this money from you to your business

2. Not necessarily but I recommend to seek professional help to prepare such important agreements.

suvalike wrote:

kunleoyewo wrote:Hi Guys,

Can someone please confirm if it's necessary to include Business Plan document in my extension application as an artefact of investment made? I paid a consultant to write it, hence why I'm asking. Is it worth it or not please?

By the way, my extension is due in March 2016. Anyone planning to apply for extension around this period can hit me up for ideas on what to tidy up and put in place.

I look forward to your favourable suggestions.

Kind regards,
Kunle

You do not need it at all....Do not waste your money......Just put the docs which required as in policy guidance....When are you planning to send your file and when is your visa going to expire

1 - Application Forms
2 - Passports
3 - Previous BRP
4 - Funds Maintenance Bank Statement (Did you provide the Printout of electronic statements or normal..If Electronic then did you get the stamp from the bank on each and every page ?)
5 - Companies House Certificate (This is the one which we get once the company get registered ?)
6 - VAT registration certificate
7 - EL/PL/PL Insurance certificate (Did you submit the EL insurance certificate just for the latest year or from the last three years ?)
8 - Payslips of all the employees (Did you submit just the latest 12 Salary slips or more than that ?)
9 - FPS for each submission (Signed by myself) (is there any specific place to sign or just sign on the page anywhere....Does it required signed by director..i did not find the place in my FPS for Employees)
10 - Business Bank Account statements (I invested 50K in 12 instalments with various different amounts, therefore only statements attached where it shows Investment amounts)
11 - Personal Bank Account statements which shows investment transferred to Business Account
12 - Director's Loan Agreement (Can you please share the DL agreement after replacing the personal information with Dummy if you do not mind. )
13 - CA cover letter
14 - CA letter which confirms each and every employee number of hours, hourly rate etc (Can you please share the Sample letter)
15 - Business visiting cards, Letter heads and little more stationaries.
16 - Three years Annual Accounts (Make sure to sign these annual returns)
17 - Self assessments reports
18 - VAT final summary or till date summary
19 - Corporation Tax final summary report (What is this...How to get it)
20 - PAYE final summary report (What is this...How to get it)
21 - Payslips of all the employees
22 - Passport copies of all the employees
23 - Address proof for all the employees
24 - NI Proof for all the employees
25 - P46/P60/P45 for all the employees

I personally made sets of all the employees individually with a cover letter for each of them explaining the number of hours each month they worked, hourly rate paid, their start date or leaving date FPS copies in their particular sets.

31 - Address proof for business ( what proof did you submit)

Ameten wrote:Hi Zimba88,
Thanks for your response, so what do you advise i do now since i have missed that step out, and I am due to apply for extension now. please others advise are welcome.

rajrea wrote:

1 - Application Forms
2 - Passports
3 - Previous BRP
4 - Funds Maintenance Bank Statement (Did you provide the Printout of electronic statements or normal..If Electronic then did you get the stamp from the bank on each and every page ?)
5 - Companies House Certificate (This is the one which we get once the company get registered ?)
6 - VAT registration certificate
7 - EL/PL/PL Insurance certificate (Did you submit the EL insurance certificate just for the latest year or from the last three years ?)
8 - Payslips of all the employees (Did you submit just the latest 12 Salary slips or more than that ?)
9 - FPS for each submission (Signed by myself) (is there any specific place to sign or just sign on the page anywhere....Does it required signed by director..i did not find the place in my FPS for Employees)
10 - Business Bank Account statements (I invested 50K in 12 instalments with various different amounts, therefore only statements attached where it shows Investment amounts)
11 - Personal Bank Account statements which shows investment transferred to Business Account
12 - Director's Loan Agreement (Can you please share the DL agreement after replacing the personal information with Dummy if you do not mind. )
13 - CA cover letter
14 - CA letter which confirms each and every employee number of hours, hourly rate etc (Can you please share the Sample letter)
15 - Business visiting cards, Letter heads and little more stationaries.
16 - Three years Annual Accounts (Make sure to sign these annual returns)
17 - Self assessments reports
18 - VAT final summary or till date summary
19 - Corporation Tax final summary report (What is this...How to get it)
20 - PAYE final summary report (What is this...How to get it)
21 - Payslips of all the employees
22 - Passport copies of all the employees
23 - Address proof for all the employees
24 - NI Proof for all the employees
25 - P46/P60/P45 for all the employees

I personally made sets of all the employees individually with a cover letter for each of them explaining the number of hours each month they worked, hourly rate paid, their start date or leaving date FPS copies in their particular sets.

31 - Address proof for business ( what proof did you submit)

Hi Suvalike,

Did you able to get any information about the questions you've raised in the above comment ?
I'm also having similar kind of doubts if you find answers can you please update.

suvalike wrote:

aby00156 wrote:A Quick Question.

I have transferred the money in 3 transactions with different references.
For Example:
1st Transaction : 20K with no reference in Year 1
2nd Transaction : 15K with reference as "Investment" in Year 2
3rd Transaction : 15K with reference as "Directors Loan" In Year 3

Although the Financial accounts for Year 1, 2, 3 show all of them as Directors loan. Will it be a problem if I show the bank statements of the transactions with three different references.

Hi Aby,

Will you mention all these transactions in the director's loan agreement or you will just put the total amount of £50,000..and write as below

I mean we should just write like "Mr.xyz has provided the a sum of 50,000 as loan to the company"

please can someone advise...Thx

suvalike wrote:Any one please ?

suvalike wrote:

aby00156 wrote:A Quick Question.

I have transferred the money in 3 transactions with different references.
For Example:
1st Transaction : 20K with no reference in Year 1
2nd Transaction : 15K with reference as "Investment" in Year 2
3rd Transaction : 15K with reference as "Directors Loan" In Year 3

Although the Financial accounts for Year 1, 2, 3 show all of them as Directors loan. Will it be a problem if I show the bank statements of the transactions with three different references.

Hi Aby,

Will you mention all these transactions in the director's loan agreement or you will just put the total amount of £50,000..and write as below

I mean we should just write like "Mr.xyz has provided the a sum of 50,000 as loan to the company"

please can someone advise...Thx

zimba88 wrote:

Ameten wrote:Hi Zimba88,
Thanks for your response, so what do you advise i do now since i have missed that step out, and I am due to apply for extension now. please others advise are welcome.

I do not think you can miss a step and get an extension. If you cannot produce the evidence they require then you have no chance of getting an extension. Try to prepare share certificates instead if you can, for a total of 50K.

suvalike wrote:Hi KKL,

Please can you clarify couple of questions regarding the docs you submitted as in the Bold Text.

Thx in anticipation !

It is a big list of documents. However I will try to cover it all.

1 - Application Forms
2 - Passports
3 - Previous BRP
4 - Funds Maintenance Bank Statement (Did you provide the Printout of electronic statements or normal..If Electronic then did you get the stamp from the bank on each and every page ?)
6 - VAT registration certificate
7 - EL/PL/PL Insurance certificate (Did you submit the EL insurance certificate just for the latest year or from the last three years ?)
8 - Payslips of all the employees (Did you submit just the latest 12 Salary slips or more than that ?)
9 - FPS for each submission (Signed by myself) (is there any specific place to sign or just sign on the page anywhere....Does it required signed by director..i did not find the place in my FPS for Employees)
10 - Business Bank Account statements (I invested 50K in 12 instalments with various different amounts, therefore only statements attached where it shows Investment amounts)
11 - Personal Bank Account statements which shows investment transferred to Business Account
12 - Director's Loan Agreement (Can you please share the DL agreement after replacing the personal information with Dummy if you do not mind. )
13 - CA cover letter
14 - CA letter which confirms each and every employee number of hours, hourly rate etc (Can you please share the Sample letter)
15 - Business visiting cards, Letter heads and little more stationaries.
16 - Three years Annual Accounts (Make sure to sign these annual returns)
17 - Self assessments reports
18 - VAT final summary or till date summary
19 - Corporation Tax final summary report (What is this...How to get it)
20 - PAYE final summary report (What is this...How to get it)
21 - Payslips of all the employees
22 - Passport copies of all the employees
23 - Address proof for all the employees
24 - NI Proof for all the employees
25 - P46/P60/P45 for all the employees

I personally made sets of all the employees individually with a cover letter for each of them explaining the number of hours each month they worked, hourly rate paid, their start date or leaving date FPS copies in their particular sets.

31 - Address proof for business ( what proof did you submit)

Humv wrote:Hi Guys

I have a questions wonder if someone can help me with this;

Do we need to send RT FPS for the director aswel? I am a director of my company and I started RT submission just for myself from June 2013. Later on I employed 2 employees in Jan 2014. Now on my monthly payroll I have myself and two other employees. So do i need to send copies of FPS from Jan 2014 or since June 2013 when it was only myself was on the payroll system.

Thanks for your help guys.

KKL147 wrote:

suvalike wrote:Hi KKL,

Please can you clarify couple of questions regarding the docs you submitted as in the Bold Text.

Thx in anticipation !

It is a big list of documents. However I will try to cover it all.

1 - Application Forms
2 - Passports
3 - Previous BRP
4 - Funds Maintenance Bank Statement (Did you provide the Printout of electronic statements or normal..If Electronic then did you get the stamp from the bank on each and every page ?)
6 - VAT registration certificate
7 - EL/PL/PL Insurance certificate (Did you submit the EL insurance certificate just for the latest year or from the last three years ?)
8 - Payslips of all the employees (Did you submit just the latest 12 Salary slips or more than that ?)
9 - FPS for each submission (Signed by myself) (is there any specific place to sign or just sign on the page anywhere....Does it required signed by director..i did not find the place in my FPS for Employees)
10 - Business Bank Account statements (I invested 50K in 12 instalments with various different amounts, therefore only statements attached where it shows Investment amounts)
11 - Personal Bank Account statements which shows investment transferred to Business Account
12 - Director's Loan Agreement (Can you please share the DL agreement after replacing the personal information with Dummy if you do not mind. )
13 - CA cover letter
14 - CA letter which confirms each and every employee number of hours, hourly rate etc (Can you please share the Sample letter)
15 - Business visiting cards, Letter heads and little more stationaries.
16 - Three years Annual Accounts (Make sure to sign these annual returns)
17 - Self assessments reports
18 - VAT final summary or till date summary
19 - Corporation Tax final summary report (What is this...How to get it)
20 - PAYE final summary report (What is this...How to get it)
21 - Payslips of all the employees
22 - Passport copies of all the employees
23 - Address proof for all the employees
24 - NI Proof for all the employees
25 - P46/P60/P45 for all the employees

I personally made sets of all the employees individually with a cover letter for each of them explaining the number of hours each month they worked, hourly rate paid, their start date or leaving date FPS copies in their particular sets.

31 - Address proof for business ( what proof did you submit)

4 - Funds Maintenance Bank Statement (Did you provide the Printout of electronic statements or normal..If Electronic then did you get the stamp from the bank on each and every page ?)

I submitted Original Statements


5 - Companies House Certificate (This is the one which we get once the company get registered ?)

Yes

7 - EL/PL/PL Insurance certificate (Did you submit the EL insurance certificate just for the latest year or from the last three years ?)

Requirement is to submit latest


8 - Payslips of all the employees (Did you submit just the latest 12 Salary slips or more than that ?)

Submitted last two years as I have 14 employees and all of them still work. So to show the start date of all on FPS, I had to submit all the payslips and FPS

9 - FPS for each submission (Signed by myself) (is there any specific place to sign or just sign on the page anywhere....Does it required signed by director..i did not find the place in my FPS for Employees)

You are required to authorised the FPS document, therefore you can sign anywhere on the printouts. It is required by the Director (Applicant) and not employee. This process is required as it demonstrate that you as a director take responsibility of the information which has been supplied along with the application. There were some cases where applicant use to blame accountant and application were then use to overturned or getting messed. Therefore signing documents are vital element of this application.

12 - Director's Loan Agreement (Can you please share the DL agreement after replacing the personal information with Dummy if you do not mind. )

I have not saved this document as a soft copy. However previously mentioned, you will easily find on Google

19 - Corporation Tax final summary report (What is this...How to get it)

Ask your accountant to log in the Gov.uk and get the latest summaries for CT, VAT and PAYE.

Thanks

AAKhan wrote:Hi there,

Thank your very much guys for sharing your successful stories with us.

I have a question, Is is necessary to have business insurance in place for extension of Tier 1 Entrepreneur visa?

My visa extension is due in Sep'16, is it too late for me to have one now??
I am little worried now