FLR(M] Financial Requirements (cash savings)

Hello,

Been a long time posting here, couldn't find the answers entirely, would like to know, if one is doing through the FLR(M) route 5 year to settlement, can one use:

1. Cash + plus earnings(self employed) to meet the financial requirements?

If so, how much savings would be required to do so?

2. Can an accountants financial statement/projection (to indicate that they will project(estimate) to earn over the £18,600) be used, as it may be the application will be given in the new financial year.

Much appreciated and If you require further info please ask, I will post all my questions here.

1. No


2. No

seagul wrote: ↑

Thu Aug 22, 2019 7:24 pm

1. No


2. No

Thanks for the quick response, the situation is (on behalf of my brother) is he is a taxi driver (self employed) that earns just below the financial requirement on the net amount (after tax), will that be taken into account or the gross amount (before tax)?

Much appreciated and apologies if I'm asking in the wrong format.

Self employed income is the income after business expenses.

Please read Appendix 1.7 which explains the different categories.

CR001 wrote: ↑

Thu Aug 22, 2019 7:50 pm

Self employed income is the income after business expenses.

Please read Appendix 1.7 which explains the different categories.

Thank you will have a thorough read of that, just worried now as his income from self employed isn't enough to meet the financial requirement after expenses.

CMOSUK wrote: ↑

Thu Aug 22, 2019 7:53 pm

CR001 wrote: ↑

Thu Aug 22, 2019 7:50 pm

Self employed income is the income after business expenses.

Please read Appendix 1.7 which explains the different categories.

Thank you will have a thorough read of that, just worried now as his income from self employed isn't enough to meet the financial requirement after expenses.

Then he will have to wait until start earning sufficiently. In my opinion self employed taxi driver will require very extensive range of documents and if he wishes then instead can find a paye job to apply after 6 months with comparatively less paper work.

seagul wrote: ↑

Thu Aug 22, 2019 8:04 pm

CMOSUK wrote: ↑

Thu Aug 22, 2019 7:53 pm

CR001 wrote: ↑

Thu Aug 22, 2019 7:50 pm

Self employed income is the income after business expenses.

Please read Appendix 1.7 which explains the different categories.

Thank you will have a thorough read of that, just worried now as his income from self employed isn't enough to meet the financial requirement after expenses.

Then he will have to wait until start earning sufficiently. In my opinion self employed taxi driver will require very extensive range of documents and if he wishes then instead can find a paye job to apply after 6 months with comparatively less paper work.

If you don't mind, what kind of extensive paper work would be required if he were to show the self employed route?

And I agree paye job would be far simpler in paper work terms. Again sorry for all these questions and I truly do appreciate your response in all this.

Appendix 1.7 explains all of this.

CR001 wrote: ↑

Thu Aug 22, 2019 8:18 pm

Appendix 1.7 explains all of this.

Much appreciated thank you.