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You need to have access to 200K until it is invested or spent for the business. Does not matter whether it was overseas or in UK, but if asked you should be able to show that you maintained access to 200K (excluding the amount for goodwill, etc)johnsonlll wrote: ↑Mon Jun 11, 2018 5:01 pmHi Marcnath,
Thanks for your reply, as in the beginning, i was thinking of leasing a empty premise, but now suddenly found a premise in a better location but comes with premium(goodwill/fittings), so have to have extra £50K.
So say in year 2, it does not matter whether the extra £50K top up comes from overseas in the time of year 2, or this extra 50K has to be in uk from the beginning & I have access of all the time during 3 years.
Approciate any common
If your business is only buying the lease, not another business, I can't see why that needs to be excluded from tbe investment, even if it includes goodwilljohnsonlll wrote: ↑Tue Jun 12, 2018 2:37 amThank you Marcnath,
It is a relief as premium fee was never planned in the beginning.
So my understanding of timing on investment is that:
Year 1: spend 50K from £200K on goodwills etc. which left me £150 in UK business account, and I do not have to have all £250K in the uk at the beginning.
So Year 2: the £50 can be transferred from my family overseas to my UK personal —-> business account in order to cover the £50K goodwills spent in year 1
Thank you very much
Tier 1 isn’t complicated when read through the guidance, but after reading lots questions asked in the forum makes me release I have missed many details from the guide & some issues I may/will have...this forum is great