Thank you Zimba
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There is no way I can give any concrete answer or any advice. I can only do my best to interpret HO's guidelines with my own understanding.Aaina wrote: ↑Mon Aug 03, 2020 3:52 pmHi Marcnath,
Thanks for your reply. For job 2 which will be made up of the ones below:
Employee 3 was employed from May 2019 to July 2019 (3 months) after which he went on sick pay and was on SSP.
Employee 4 was employed from June 2019 to August 2019 (3 months)
Employee 5 has been employed from Sep 2019 to Feb 2019 (6 months) after which have been furloughed
I know you cited that there is an overlap and HO will question, but the aim was to have Employee 3 and Employee 5 (in ideal circumstance) but because employee 5 was furloughed due to Coronavirus, we are seeking employee 4's tenure to be added to make up the period. This does indicate that the job of employee 5 has been disrupted and hence we would like to use employee 4's data to meet the requirements to get an extension. If things had been all nice and normal we would have used Employee 3 + employee 5 as by May he would have completed 9 months..but he had to be furloughed after completing 6 months thereby giving us a shortage of 3 months. Disrpution does come into play? isnt it?
The current approach is ok.Aaina wrote: ↑Sat Sep 26, 2020 7:57 amOkay, Thanks Marcnath.
I have a few queries as I am getting conflicting advise from some people.
Background - The investment has been made in two companies, 150k in Company A which the father became director of within 3 months of getting his entrepreneur visa and the second one Company B is 55K but that has been started only in March this year.
- The two jobs have been created in Company A and none in Company B. Is that okay? Someone told me that we should have a job in company B as well.
- Company B will only have partial accounts when we submit for extension as it started in March this year and hoping to apply for extension in November time. Is submitting partial accounts an issue? or do they expect an annual compilation.
- Director loan - our accountant was saying that usually its mentioned in the letter by the accountant but I said to him that they need to indicate in the accounts as well, and he was a bit perplexed. Can someone guide me please where in accounts should I tell him to mention it.
thank you for sharing your information.. really apprecaited. Can you mention the business/industry you established and had a good sales volume with little expense?CULLINAN wrote: ↑Sat Jul 20, 2019 12:43 amWanted to share first hand experience:
I invested 200k in my company. Once the money hits your business account from your personal account the investment is done.
Having said that, the money should not be sitting there idle. As Zimba said, you will be scrutinised for genuineness and business activity as you have to pass the genuine entrepreneur test. As long as you have genuine activity, less or more, NOT necessarily you have to spend all the money.
I applied for my extension when I had only spent around 80k, applied for ILR when I had spent around 120k.. rest was still in the business bank account.
Also, I did withdraw minimum director salary through all 5 years and I did NOT top up. My investment was 200k and I took salary from the same amount. As long as the salary is justified e.g. someone withdrawing a salary of 100k a year will raise a red flag otherwise I dont see a problem with a director withdrawing salary.
Director and company are two different entities and the company has to pay for director’s salary to run the business. There seems to be an opinion that director cannot withdraw salary if the company is in loss and can only withdraw from the profit. My company was in loss all 5 years and I withdrew salary all 5 years and did NOT top up the 200k initial investment.
I was granted extension and ILR eventually.