Extension Queries

Dear Gurus,

I have extension due in three months and have following questions to ask. Can I request senior members to please help me with these queries.

1. Do I need to sign and stamp on payslips, RTI's, P46 and employee's passport?

2. Director of the company is on payroll but not drawing monthly salary and taking dividend only.While submitting monthly RTI report to HMRC, it shows clearly Director name who has not been paid. Is it right to keep Director on payroll despite of the fact that he is not drawing salary or should he be removed himself from the payroll and enrolled again when he decides to pay himself?

3.Business is using virtual address as Registered address. Would it cause problem in Extension?

4.My Solicitor is saying there is no need to send personal bank statements in order to show readily identifiable transactions for investment. As long as Business statement is showing Applicant name on each transaction, its fine. Shall I send personal statement along with business statement or not?

5.Third party declaration was used at the time of initial application. However, later on applicant has arranged its own funds for investment and not used third party funds. Is there any issue with Extension?

6.Do I need to send Business contracts/invoices/lease agreement to pass Entrepreneur genuineness test?

7. Do I need to prepare management accounts for 3 months if investment 50k has been completed in Ist three years unaudited accounts?

Looking forward to hear from Gurus.

Please accept my apology if I have asked too much. Thanks

nasir_skp wrote:Dear Gurus,

I have extension due in three months and have following questions to ask. Can I request senior members to please help me with these queries.

1. Do I need to sign and stamp on payslips, RTI's, P46 and employee's passport?

Not needed. No harm if you do, either.

nasir_skp wrote:2. Director of the company is on payroll but not drawing monthly salary and taking dividend only.While submitting monthly RTI report to HMRC, it shows clearly Director name who has not been paid. Is it right to keep Director on payroll despite of the fact that he is not drawing salary or should he be removed himself from the payroll and enrolled again when he decides to pay himself?

No issues

nasir_skp wrote:3.Business is using virtual address as Registered address. Would it cause problem in Extension?

No

nasir_skp wrote:4.My Solicitor is saying there is no need to send personal bank statements in order to show readily identifiable transactions for investment. As long as Business statement is showing Applicant name on each transaction, its fine. Shall I send personal statement along with business statement or not?

Your solicitor is correct.

nasir_skp wrote:5.Third party declaration was used at the time of initial application. However, later on applicant has arranged its own funds for investment and not used third party funds. Is there any issue with Extension?

No

nasir_skp wrote:6.Do I need to send Business contracts/invoices/lease agreement to pass Entrepreneur genuineness test?

There are no definite list of things for the genuine entrepreneur test. So, it depends on what your business is and what else is there. I personally never sent any of those.

nasir_skp wrote:7. Do I need to prepare management accounts for 3 months if investment 50k has been completed in Ist three years unaudited accounts?

No, as long as the accounts you submit has the 50K indicated clearly.

Thanks marcnath;)

You are very helpful. GOD bless you.