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Buying an existing accounting Practice

Only for UK Tier 1 (Entrepreneur) points system

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opensky
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Joined: Mon Mar 16, 2020 1:09 pm

Buying an existing accounting Practice

Post by opensky » Mon Mar 16, 2020 1:21 pm

Hi Guys

I got entry clearance on Tier 1, entrepreneur category back in 2019. I set up my own company when i landed in UK and now I want to join an existing accounting practice on partnership basis. Goodwill of the firm is £150,000 however paying that money as Goodwill will not categorise as qualified investment. In reality, all practices including solicitors, doctors you are buying a goodwill, when you join existing practices.
What is the best way to meet immigration requirements i.e how those funds should come into business?

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marcnath
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Joined: Tue Jul 03, 2012 2:27 pm
Location: Milton Keynes

Re: Buying an existing accounting Practice

Post by marcnath » Mon Mar 16, 2020 1:38 pm

opensky wrote:
Mon Mar 16, 2020 1:21 pm
Hi Guys

I got entry clearance on Tier 1, entrepreneur category back in 2019. I set up my own company when i landed in UK and now I want to join an existing accounting practice on partnership basis. Goodwill of the firm is £150,000 however paying that money as Goodwill will not categorise as qualified investment. In reality, all practices including solicitors, doctors you are buying a goodwill, when you join existing practices.
What is the best way to meet immigration requirements i.e how those funds should come into business?
The question is whether that money is going into the business or one of the partners.

As long as it is getting invested IN the business, it qualifies.
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.

opensky
Newly Registered
Posts: 2
Joined: Mon Mar 16, 2020 1:09 pm

Re: Buying an existing accounting Practice

Post by opensky » Mon Mar 16, 2020 2:39 pm

Thanks for your answer. Does it mean that If I will bring investment through Director's loan account (unsecured), this is the only option. I can join as a Director in company and then I can bring 200K in the form of loan to company. Loan to the company is not available or paid to existing partner and therefore will full fill HO requirement.

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marcnath
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Joined: Tue Jul 03, 2012 2:27 pm
Location: Milton Keynes

Re: Buying an existing accounting Practice

Post by marcnath » Mon Mar 16, 2020 3:06 pm

opensky wrote:
Mon Mar 16, 2020 2:39 pm
Thanks for your answer. Does it mean that If I will bring investment through Director's loan account (unsecured), this is the only option. I can join as a Director in company and then I can bring 200K in the form of loan to company. Loan to the company is not available or paid to existing partner and therefore will full fill HO requirement.
Correct
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.

Anontier20
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Posts: 57
Joined: Tue Mar 03, 2020 11:06 pm
Afghanistan

Re: Buying an existing accounting Practice

Post by Anontier20 » Tue Mar 31, 2020 9:29 pm

Hi Opensky,

At what stage are you looking to buy the business, is it post extension, pre IRL or are you buying it whilst on your initial application? So does this mean you have 2 companies running at the same time?

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