50K investment query

Atif786 · Post by **Atif786** » Thu Sep 29, 2016 12:28 am

HI Zimba, I hope you are well and keeping all the members updated with your knowledge .
if you can help me with my queries in regards with my name on the financial statement of the company next to creditors.
i desperately need your help with finincial statement and compilation report as my accountant is letting me down, since he's not sure about compilation report, however he's trying is best to prepare my accounts in accordance with the requirement off UKBA .
he's prepared my accounts and in the creditors i can see the amount is more than £50k but my name is not there, he says you can't put the name next to creditors as it's software generated however he mentioned in the Notes to the Financial Statements - continued
for the Year Ended 30 April 2016
DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES:
Other creditors include amount payable to director Mr XYZ of £76,577 (2015: £10,923).
During the year company director Mr XYZ made investment of £50,000 by giving interest free loan to the company. The loan is repayable on or after Jun 2020.

i just want you to confirm if the format is correct and it's acceptable by the UKBA.

zimba · Post by **zimba** » Thu Sep 29, 2016 1:03 am

UKBA was abolished in 2013, it is now home office

Having your name in accounts notes is enough and acceptable. Compilation report is created as a part of the accounts. Software will do that as part of the accounts if required

zimba · Post by **zimba** » Thu Sep 29, 2016 9:22 am

See a sample of compilation report here: http://www.immigrationboards.com/uk-tie ... l#p1291119

sonirulz · Post by **sonirulz** » Wed Oct 19, 2016 3:08 pm

Hi Zimba,

I am applying in a month time. Please can you advice me the following:

1. Do I require monthly copy of EPS/p32? or should I submit yearly?

2. Do my monthly FPS report include all employees name and details? (including the one I am not claiming point?

3. Do I prove start date of employee via FPS report?

4. I did submit CT41G during my initial application. Do I resubmit? Can CT41G be recently dated or it has to be the old copy (I have ordered a new one from HMRC)

Appreciate your response.

Thanks
Soni

zimba · Post by **zimba** » Wed Oct 19, 2016 3:27 pm

1. Do I require monthly copy of EPS/p32? or should I submit yearly?

If you paid monthly, you need to submit monthly FPS reports

2. Do my monthly FPS report include all employees name and details? (including the one I am not claiming point?

Yes

3. Do I prove start date of employee via FPS report?

Yes, the FPS report for the month they were hired should show their starting date.

4. I did submit CT41G during my initial application. Do I resubmit? Can CT41G be recently dated or it has to be the old copy (I have ordered a new one from HMRC)

CT41G is sent to you only once when you incorporated your company. Funny enough it is does NOT show you are registered for CT. I suggest you send the latest CT600 instead which has UTR code showing you are registered for CT

sonirulz · Post by **sonirulz** » Wed Oct 19, 2016 3:35 pm

@Thnaks Zimba for all your advice. I really appreciate this. Please can you advice me on EPS as well.

Do I need to submit Employees Summary Report (EPS/p32)?

And will it be monthly EPS OR Yearly?

Regards,
Soni

zimba · Post by **zimba** » Wed Oct 19, 2016 4:12 pm

No there is no need to submit EPS

sonirulz · Post by **sonirulz** » Sun Oct 23, 2016 2:36 pm

Hi Gurus,

I have confusion regarding few fields in Immigration History section of Tier 1 (G) dependent.

My dependent came to UK as my PSW Dpendant initially and later switched to Tier 1 (G) dependent with me during Tier 1 (G) application in Dec 2013.

Now there is a field under immigration history section of PBS dependent form for which I am confused.

1. In which Country did you obtain your visa or entry clearance?
doubt - I think this question is for initial visit and so mentioned "India" as initial PBS Dependent visa was issued in India the 2nd PBS Tier 1 Dependent was issued here in the UK. Which date to mention?

2. What is the reference number of the visa or entry clearance?
Should it be the initial PSW Dependent reference or the current Tier 1 dependant visa reference number?

3. What date was your visa or entry clearance valid from??
Doubt - Do I need to put valid from details of initial entry or current visa as Tier 1 dependent??

4. What date was your visa or entry clearance valid to??
Doubt - Do I need to put valid to details of initial entry or current visa as Tier 1 dependent??.

I would appreciate resolution of above queries.

Thanks in advance !

Soni

zimba · Post by **zimba** » Wed Oct 26, 2016 1:25 pm

saeed123 wrote:Hi all,
please send me a sample of Register of company members. to prove the investment as share capital .
and please help me to understand what is HMRC filing log?
many thanks in advance

Stick to your own thread

rana1984 · Post by **rana1984** » Wed Oct 26, 2016 3:00 pm

sonirulz wrote:Hi Gurus,

I have confusion regarding few fields in Immigration History section of Tier 1 (G) dependent.

My dependent came to UK as my PSW Dpendant initially and later switched to Tier 1 (G) dependent with me during Tier 1 (G) application in Dec 2013.

Now there is a field under immigration history section of PBS dependent form for which I am confused.

1. In which Country did you obtain your visa or entry clearance?
doubt - I think this question is for initial visit and so mentioned "India" as initial PBS Dependent visa was issued in India the 2nd PBS Tier 1 Dependent was issued here in the UK. Which date to mention?

2. What is the reference number of the visa or entry clearance?
Should it be the initial PSW Dependent reference or the current Tier 1 dependant visa reference number?

3. What date was your visa or entry clearance valid from??
Doubt - Do I need to put valid from details of initial entry or current visa as Tier 1 dependent??

4. What date was your visa or entry clearance valid to??
Doubt - Do I need to put valid to details of initial entry or current visa as Tier 1 dependent??.

I would appreciate resolution of above queries.

Thanks in advance !

Soni

I think they are asking you for current leave ( ENT Tier 1) but wait for other senior member answer.

sonirulz · Post by **sonirulz** » Thu Oct 27, 2016 7:38 pm

@Zimba. I have posted in my own thread. I have just made modification in subject when I was making the post. If you notice, my post is still under 50k investment query.

I would really appreciate if some of the senior members can resolve my question about dependant visa.

Additionally, I would really appreciate if someone can suggest if the fps format is ok for home office submission. It is from 12 pay software.

Please find my 12pay sample below

http://prntscr.com/czrkau

Thanks
Soni

zimba · Post by **zimba** » Thu Oct 27, 2016 10:08 pm

sonirulz wrote:I would really appreciate if some of the senior members can resolve my question about dependant visa.

You need to read the form properly, all those question CLEARLY asks about the initial visa your dependant !!!

Additionally, I would really appreciate if someone can suggest if the fps format is ok for home office submission. It is from 12 pay software.

I discussed this before and provided sample: http://www.immigrationboards.com/uk-tie ... 09974.html

sonirulz · Post by **sonirulz** » Sat Oct 29, 2016 1:20 pm

Thanks Zimba for confirming the details.

Please can you advise if I require to add number of hours and hourly rate in employee payslip?

Thanks
Soni

zimba · Post by **zimba** » Sat Oct 29, 2016 3:06 pm

sonirulz · Post by **sonirulz** » Tue Nov 15, 2016 7:13 pm

Hi Zimba,

Please can you advice me if I have to submit my Accountant's Accountancy Practice Certificate?

Regards,
Soni

zimba · Post by **zimba** » Tue Nov 15, 2016 7:24 pm

sonirulz wrote:Hi Zimba,

Please can you advice me if I have to submit my Accountant's Accountancy Practice Certificate?

Regards,
Soni

No

sonirulz · Post by **sonirulz** » Wed Nov 16, 2016 11:43 pm

My Accountant made some mistakes in Annual Account for 2015 and forgot to mention my name in the notes for Investment. I had to amend the accounts and send it to Companies House. Please can someone advice if I have to send both the original and the amended accounts to Home Office or I send them the annual accounts with my names in the notes only?

Additionally, If I am claiming points for 1 employee for 24 months and I have few other employees as well. Do I submit their documents along with my application (even if they will not count towards my application)

Appreciate your help and response.

Regards,
Soni

zimba · Post by **zimba** » Thu Nov 17, 2016 12:01 am

sonirulz wrote:My Accountant made some mistakes in Annual Account for 2015 and forgot to mention my name in the notes for Investment. I had to amend the accounts and send it to Companies House. Please can someone advice if I have to send both the original and the amended accounts to Home Office or I send them the annual accounts with my names in the notes only?

The concept of account amendment is misunderstood on this forum ! You do NOT amend your accounts because your accountant did not included your name in the notes which is legally not required. Accounts amendment with HMRC is necessary when a serious accounting error has occurred.
In your case, just send the latest corrected accounts given to you by your accountant.

Additionally, If I am claiming points for 1 employee for 24 months and I have few other employees as well. Do I submit their documents along with my application (even if they will not count towards my application)

No, send only documents relevant to the job you are claiming points for.

sgdxb · Post by **sgdxb** » Thu Nov 17, 2016 10:14 am

Hi All,

I am preparing for extension application in first week of Dec 16. However, I found myself in bit problem on DL investment due to some minor errors.

First, I have transferred 50,200/- from my personal account through 3 transactions in a week time in 2014. My DL agreement and accounts for all three year shows long term DL account 50,000. The extra £200 was adjusted in short term DL account. I have ST DL account above 5k, in addition to 50K, in all three years accounts.

From accounting view point it is completely correct, but can't say about HO. My questions,
Is it OK if I have invested 50K but transferred £200 more?
Anyone has done like that (transferred more) and got visas?
Do I need to mention this in DLA?

Second, while transferring money I did not put any reference in transfer and Bank statement do not show my Personal bank account name on the Business Bank account, however it shows SC and A/c No.

Is it OK if I submit my personal account statement along with Business account statement?
Shall I submit a letter from Bank confirming "those transactions were from the personal account of director Mr. XYZ to ABC Limited" ?

Appreciate any help!
Thanks in advance.
SG

zimba · Post by **zimba** » Thu Nov 17, 2016 2:27 pm

Is it OK if I have invested 50K but transferred £200 more?
Anyone has done like that (transferred more) and got visas?
Do I need to mention this in DLA?

HO requires min 50K investment but it does not restrict you to invest more than that !!
E.g You can invest 70K where 50K of it will be mentioned in the DL as unsecured and subordinated in favour of 3rd party creditors

Second, while transferring money I did not put any reference in transfer and Bank statement do not show my Personal bank account name on the Business Bank account, however it shows SC and A/c No.
Is it OK if I submit my personal account statement along with Business account statement?
Shall I submit a letter from Bank confirming "those transactions were from the personal account of director Mr. XYZ to ABC Limited" ?

Money must be traceable to you personally. Banks usually do no issue such letters, sending both personal and business account should suffice

amit8910 · Post by **amit8910** » Thu Nov 17, 2016 9:39 pm

Hi,

Who needs to sign the DL?

Director(My self) and who els?

FOCUS wrote:@Soni

LOAN AGREEMENT SAMPLE
THIS AGREEMENT is made on the xx day of May, 2015
BETWEEN:
xxxxxx , residing at Address of Director ("the Lender")
AND
The Director, Company name("the Borrower")
WHEREBY IT IS AGREED as follows:
1 – Term
This agreement commences from the start of xx.xx. 2015 ARD (accounting reference date) of company. xxxx and The Director of xxxxx Limited may terminate the loan agreement at any time with mutual consent of both the parties for payment due to third party/parties creditors prior to date of such terminations.

2 – Interest Rate

There is consensus between both the parties that xxxxx Loan is “1.5%”.

3 – Tenure
The tenure of Loan Agreement will be for the five years and renewable with the consensus of both the parties depending upon the profitability index of an enterprise.

4 – Loan Security
xxxxx loan is unsecured and subordinated in favour of third party short term and /or long term creditors.

5 – Loan Amount
The outstanding balance of loan is amounting to £50,000.00 as on xx May 2015.

6 – Confidentiality and Ownership
The loan agreement recognizes and acknowledges the confidentiality of all financial and other information of the company obtained by xxxx during the performance of her duties and obligations.

Executed this xx May 2015

Authorized Signature
(Company Officials)

______________________ _____________________
(XXXXX) (Witness)
(Borrower)
Director, M/s Company name

Authorized Signature
(Individual)

______________________ ______________________
(Ms. xxxx) (Witness)
(Lender)

sgdxb · Post by **sgdxb** » Thu Nov 17, 2016 11:25 pm

zimba88 wrote:
HO requires min 50K investment but it does not restrict you to invest more than that !!
E.g You can invest 70K where 50K of it will be mentioned in the DL as unsecured and subordinated in favour of 3rd party creditors

Money must be traceable to you personally. Banks usually do no issue such letters, sending both personal and business account should suffice

Thank you very much Zimba88.

Firstly, It is true that we can invest more and 50K as LT unsecured DLA and rest can be LT/ST secured or unsecured. My worry is that amount I transfer in three transactions 20K+ 15K+ 15200 totalling 50200.

Guidance says, "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.

If those £200 were transferred (invested) separately than there was no Issue. This 200 is mixed up with those 50K. Do I need to clarify this in covering letter?

Secondly I got letter from my bank confirming those transactions are from Mr XYZ to ABC Limited but letter is in the name of Mr XYZ Director of ABC Ltd, bank won't issue such letter in third party name. Is it advisable to send such letter?

Kind regards,
SG

sonirulz · Post by **sonirulz** » Fri Nov 18, 2016 10:47 am

Dear Members,

I am applying for extension in 2 weeks time and would like to be sure that I am doing the right things:

1. My accountant has included my name (as a part of investment) in the notes of the company accounts. He did show the 50k investment in the balance sheet (but the balance sheet does not have my name). Instead it is in the notes. Will that be ok? Or should he mention it in the creditors section of the balance sheet as well?

2. Do I need to submit cashflow statement along with companies accounts?

Thanks
Soni

zimba · Post by **zimba** » Fri Nov 18, 2016 11:06 am

Firstly, It is true that we can invest more and 50K as LT unsecured DLA and rest can be LT/ST secured or unsecured. My worry is that amount I transfer in three transactions 20K+ 15K+ 15200 totalling 50200......

There is no worry or issue here to be honest, include the £200 in the total amount the DL amount

You are not the first person who invested in multiple instalments. Get on with the application

Secondly I got letter from my bank confirming those transactions are from Mr XYZ to ABC Limited but letter is in the name of Mr XYZ Director of ABC Ltd, bank won't issue such letter in third party name. Is it advisable to send such letter?

As I suggested send your personal bank statements, they will be enough to show the transfer of this money from you to your business.

zimba · Post by **zimba** » Fri Nov 18, 2016 11:09 am

1. My accountant has included my name (as a part of investment) in the notes of the company accounts. He did show the 50k investment in the balance sheet (but the balance sheet does not have my name). Instead it is in the notes. Will that be ok? Or should he mention it in the creditors section of the balance sheet as well?

It is fine in the notes, it cannot go on balance sheet

2. Do I need to submit cashflow statement along with companies accounts?

No

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