Tier 1 Extension 50k

I went through pretty much most of the posts to find an answer to my questions and I couldn't find one, so I decided to start a new thread

I am currently in the process of preparing my documents for the T1 50k extension. I have one main question:

1. I created company A (import / export) before applying to enter the route, my application was refused - went to first tier tribunal won my case - got my visa - this took 1.5 years. Visa granted Dec 2013

2. During this time, the company did not trade (based on the advice of my solicitor) until I got my visa. By then, my overseas contacts got tired of waiting and I lost the contracts I had.

3. I decided to switch businesses, which is allowed under the rules. It took me 1yr and 2 months to find an alternate business and I set up company B in February 2015. that is when the investment was made and it has been trading since then.

My questions is, does the 1 year and 2 months where I was researching the market and looking for a potentially new business look bad for the HO? When I apply I will only have been trading for 1 yr and 10 months - so only one annual return and one corporation tax to show.

Is that a problem?

hello

no this will not look bad but you have to submit accounts and tax returns for those time period. Although the figures will be nil but you have to for the purpose of record.

As long as you meet the remaining criteria you will be okay which includes 24 months of employment and 50k investment.

all the best

As long as you were/are running a genuine business, HO cannot complain. It is up to you to provide evidence to support your claims though

VWS wrote:hello

no this will not look bad but you have to submit accounts and tax returns for those time period. Although the figures will be nil but you have to for the purpose of record.

As long as you meet the remaining criteria you will be okay which includes 24 months of employment and 50k investment.

all the best

Thank you - I was hoping that was the case. I will have to get my accountant to prepare a statement of account or something similar. The rest of the criteria is fine, employment, investment etc. It was just the "gap" in business activity that i was worried about.

zimba88 wrote:As long as you were/are running a genuine business, HO cannot complain. It is up to you to provide evidence to support your claims though

Thanks for the feedback. The accounts were filed with companies house, but there was zero trading during that period. and also the fact that the funds weren't invested will over a year of entering the route.