Tier1Extension.. short of required points due to salary

I am on a Tier-1 general visa. It will be valid till over a year from now. I am in a big dilemma regarding visa extension.. To be able to claim minimum required points for extension, I will need to earn atleast 50,000 GBP in the final 12 months. So, the job that I will choose to do in these 12 months will be decisive on whether I will get extension or not. The problem is that in my domain of expertise most of the permanent jobs pay 40,000 to 45,000 only. Contract jobs pay more than 50,000 but in contract job we use expenses to reduce taxable income, which means my effective taxable income might reduce to below 50,000. So, in either case, I’ll be short of 50,000 by around five to ten thousand. How do I fill this gap? If my friends or parents gift me some money (in UK, or in my home country), would that be counted as my income for claiming visa extension points? Any other advice?

Thanks

acc wrote:If my friends or parents gift me some money (in UK, or in my home country), would that be counted as my income for claiming visa extension points?

Definitely not. Working in a second job (employment) or self-employment that is registered with HMRC will be an option.

Or don't claim expenses and pay the tax.

Lucapooka wrote: Working in a second job (employment) or self-employment that is registered with HMRC will be an option.

Hi, Thanks for replying. Regarding the self employment option that you suggested, if you meant to say that I should start up a business, then won't that be a risky option given the uncertainity of success associated with small new businesses? Or, could you suggest me more on this, like, how would self employment increase my earning?

I don't think it's for people on here to decide what you should be doing. That is up to you to decide whether or not any additional venture would be profitable or feasible. Obviously there's risk in doing that, but it's for you to assess that.

What do you describe as risk? I'm merely talking about registering as self-employed in a certain type of activity rather than registering a company or making an investment of seed capital in a new venture. There does not appear to be anything risky in being self-employed and giving piano lessons, or teaching Portuguese, or doing whatever it is that you do, in your free time outside your usual working hours. In fact I can't see any financial risk or outlay in that.

Risk that you don't teach any piano students and don't make the £50k threshold. It's not a financial risk, but there is a risk to the OP's visa extension.

acc wrote:I am on a Tier-1 general visa. It will be valid till over a year from now. I am in a big dilemma regarding visa extension.. To be able to claim minimum required points for extension, I will need to earn atleast 50,000 GBP in the final 12 months. So, the job that I will choose to do in these 12 months will be decisive on whether I will get extension or not. The problem is that in my domain of expertise most of the permanent jobs pay 40,000 to 45,000 only. Contract jobs pay more than 50,000 but in contract job we use expenses to reduce taxable income, which means my effective taxable income might reduce to below 50,000. So, in either case, I’ll be short of 50,000 by around five to ten thousand. How do I fill this gap? If my friends or parents gift me some money (in UK, or in my home country), would that be counted as my income for claiming visa extension points? Any other advice?

Thanks

Why do you need 50000, with £ 40 to 45 k cant
You obtain adequate points ????

Wasim,

If you read the OP's first post once again you will see that he clearly needs 50k or more and not anything less than that to qualify.

OP, I agree with Mulderpf and Lucapooka, you either need to be self employed and find extra work to do to make up the balance required or just get a second job.

Depends on what you feel is best.

Good luck and kind regards