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Business in Loss - Extension

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

Moderators: Casa, push, JAJ, ca.funke, Amber, zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, meself2, geriatrix, John, ChetanOjha, archigabe

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hulkboy1379
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Posts: 32
Joined: Fri Jun 17, 2016 5:10 pm

Business in Loss - Extension

Post by hulkboy1379 » Fri Jun 17, 2016 5:18 pm

Hello All

I have my extension in October, my question is does our business need to be in profit while applying for extension.

My company accounts as below:

2013 - Loss
2014 - Profit
2015 - Loss(no income)
2016 - I have income.

While extension including manageent accounts my loss will be around 20K. My accountant is saying as per the rule there is no requirement for profit but he said HO has rejected due to loss for one of his client.

Please help me whether this will be a issue.

Legal83
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Posts: 200
Joined: Sun May 26, 2013 5:32 pm

Re: Business in Loss - Extension

Post by Legal83 » Fri Jun 17, 2016 6:11 pm

Loss or profit has nothing to do with home office. There is no where profit is a requirement for visa or in decision making.

hulkboy1379
Newbie
Posts: 32
Joined: Fri Jun 17, 2016 5:10 pm

Re: Business in Loss - Extension

Post by hulkboy1379 » Fri Jun 17, 2016 6:20 pm

thanks Legal 83

I have gone through complete guideines yesterday and no where it it mentioned regarding profit or loss but my accountant is saying so. Thanks a lot

Has anyone got the visa, who has applied with loss in their company??

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zimba
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Re: Business in Loss - Extension

Post by zimba » Sun Jun 19, 2016 1:31 am

Yes, I did
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

business genius
Member
Posts: 163
Joined: Wed Mar 06, 2013 11:13 pm

Re: Business in Loss - Extension

Post by business genius » Sun Jun 19, 2016 2:59 am

Hi Zimba
Did you get the salary as Director while your company is in loss.
Normally it's not a problem but from home office perspective,it is.

hulkboy1379
Newbie
Posts: 32
Joined: Fri Jun 17, 2016 5:10 pm

Re: Business in Loss - Extension

Post by hulkboy1379 » Sun Jun 19, 2016 9:16 am

zimba88 wrote:Yes, I did
Thanks a lot Zimba for your help, you made me stress. All my documents are looking good and my business is doing well this year. If possible can you please share your documents checklist so that I can cross check before dropping visa.

10020132
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Joined: Thu Aug 16, 2012 1:20 pm
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Re: Business in Loss - Extension

Post by 10020132 » Sun Jun 19, 2016 3:10 pm

My friend made loss for all three years and still he got his extension. So profit has definitely nothing to do with extension

hulkboy1379
Newbie
Posts: 32
Joined: Fri Jun 17, 2016 5:10 pm

Re: Business in Loss - Extension

Post by hulkboy1379 » Sun Jun 19, 2016 3:20 pm

10020132 wrote:My friend made loss for all three years and still he got his extension. So profit has definitely nothing to do with extension
Thanks a lot 10020132. Is there any way I can get your frient checklist and did he used any solicitor? Is there any way I can speak to your friend once which will help me a lot in knowing that I am doing 100% correct.

10020132
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Joined: Thu Aug 16, 2012 1:20 pm
Contact:

Re: Business in Loss - Extension

Post by 10020132 » Sun Jun 19, 2016 7:01 pm

I prepared his case file
Pm me whatever you wanna ask

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CR001
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South Africa

Re: Business in Loss - Extension

Post by CR001 » Sun Jun 19, 2016 7:06 pm

10020132 wrote:I prepared his case file
Pm me whatever you wanna ask
Members are reminded to rather post on the public forum so that others can also benefit.

Also, members only have access to the PM function once they have reached 30 posts and any 'padding' or 'nonsense' posts will be deleted.
Char (CR001 not Casa)
In life you cannot press the Backspace button!!
Please DO NOT send me a PM for immigration advice. I reserve the right to ignore the PM and not respond.

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9elizabeth
- thin ice -
Posts: 148
Joined: Fri Jun 10, 2016 3:32 pm
Location: Planet Earth

Re: Business in Loss - Extension

Post by 9elizabeth » Sat Jun 25, 2016 7:01 pm

Hello 10020132,
Can I send you a PM? I have couple of questions to ask you on documentation?

noajthan
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Re: Business in Loss - Extension

Post by noajthan » Sat Jun 25, 2016 7:04 pm

CR001 wrote:Members are reminded to rather post on the public forum so that others can also benefit.

Also, members only have access to the PM function once they have reached 30 posts and any 'padding' or 'nonsense' posts will be deleted.
All that is gold does not glitter; Not all those who wander are lost. E&OE.

10020132
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Posts: 302
Joined: Thu Aug 16, 2012 1:20 pm
Contact:

Re: Business in Loss - Extension

Post by 10020132 » Sat Jun 25, 2016 8:30 pm

9elizabeth wrote:Hello 10020132,
Can I send you a PM? I have couple of questions to ask you on documentation?
Sure

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