Tier 1 Ent Queries/Help

Hello

We have accountant who prepares our annual accounts, he says he is ACCA qualified, but he does not have website, business card.

How can I check an accountant is ACCA registered?

How will I know if he is genuine accountant?


Please kindly advise.

It is not compulsory to have a website or business cards.

https://www.acca-business.org/pls/ecomm ... ter_search

Hello

We have been transferring funds into business as and when we needed so say £10k, £5k, every month or so.

We are on £200k category.

We have spent every year about £70k or more, we are in 3rd year of business. We transfer funds from personal to company account and then spend on business activities.

We don't have director loan agreement yet..

How we got about director loan as we don't have one specific amount for each year?

As an example, if we prepare director loan for 5 years for £200k from the the date we were given visa, does actual funds transfer have to be £200k? Can it be more or less?

As we are transferring funds in bit and pieces, I am not sure what we need to do for director loan.

Your help and time will be greatly appreciated.

Thank you.

Firstly the rule is to invest 200K in your business over a period of 3 years and not 5 years.

Looking that you have used a lot of we i am assuming that you have applied as a team. You will need to prepare a director loan agreement between your team and the company dated before you started investing in the company, mentioning that your team will invest £200K into the company over a period of 3 years.

Even if you do not spend this 200K it is necessary for you to invest the full 200K into the company from your personal account

Good Luck

helpingperson wrote:Hello

We have been transferring funds into business as and when we needed so say £10k, £5k, every month or so.

We are on £200k category.

We have spent every year about £70k or more, we are in 3rd year of business. We transfer funds from personal to company account and then spend on business activities.

We don't have director loan agreement yet..

How we got about director loan as we don't have one specific amount for each year?

As an example, if we prepare director loan for 5 years for £200k from the the date we were given visa, does actual funds transfer have to be £200k? Can it be more or less?

As we are transferring funds in bit and pieces, I am not sure what we need to do for director loan.

Your help and time will be greatly appreciated.

Thank you.