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Urgent Help needed About Director Loan on Accounts

Only for UK Tier 1 (Entrepreneur) points system

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mdomarfaruk
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Urgent Help needed About Director Loan on Accounts

Post by mdomarfaruk » Sat Dec 31, 2016 5:36 pm

Dear all respected seniors,

I am applying in 4-5 days time for my tire1 entrepreneur extension application on 50,000 route. Its last minutes documents check to satisfy HO requirements without any error.

I have confusion after seeing the total 3 years account. I have invested through director loan via bank transfer in total 8 transactions in three years time.
First year £10,000
Second year £14,000
Third year £37,500
-----------------------------
Total : £61,500

My Accounts showing the total director loan amount is £62,900 (£1400 is cash not Identifiable transaction )

Question 1: Do I need to make director loan agreements according to accounts figure £62,900 or Only £61,500 which I have identifiable transfer proof?

Question 2: My first and second year accounts are not showing the director loan amounts on the Accounts Note. Do I need to amend the accounts to add the director loan on the note? If I amend note section of the account for first and second year, do I need to resubmit the accounts again to HMRC?

Question 3: If only third year accounts show the total director loan amount will be okay to meet the HO requirements?

Question 4: My business bank statements can identify all the director loan transfer Under My Name as a director loan. Do I still need to send the personal Bank statement? or only Business Bank Statements will be okay? As its getting difficult to collect all three years personal Bank Statements original copy from Bank.

Please advice ASAP. I really appreciate yours inputs.

Thanks in advance

Omar

mdm
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Re: Urgent Help needed About Director Loan on Accounts

Post by mdm » Sat Dec 31, 2016 7:15 pm

Hello,
You need to show transfer from personal to business .
I have doubt that HO will accept that cash transfer.

If third year shows the amount as director loan in total and mention in notes of the account and its must you add that director invested this much money in the company as director loan and it should be shown as director loan in creditors section.
My visa is refused just because i forget to mention my name in creditors section.


Last you have to send proof that from which personal bank account money transfer to business all those statements of personal and business which shows the transfers.


Hope it helps

Thanks

Jazz2007
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Posts: 254
Joined: Mon Apr 29, 2013 3:59 am

Re: Urgent Help needed About Director Loan on Accounts

Post by Jazz2007 » Sat Dec 31, 2016 7:50 pm

mdomarfaruk wrote:Dear all respected seniors,

I am applying in 4-5 days time for my tire1 entrepreneur extension application on 50,000 route. Its last minutes documents check to satisfy HO requirements without any error.

I have confusion after seeing the total 3 years account. I have invested through director loan via bank transfer in total 8 transactions in three years time.
First year £10,000
Second year £14,000
Third year £37,500
-----------------------------
Total : £61,500

My Accounts showing the total director loan amount is £62,900 (£1400 is cash not Identifiable transaction )

Question 1: Do I need to make director loan agreements according to accounts figure £62,900 or Only £61,500 which I have identifiable transfer proof?

50k is requirement, its upto you for more than that.Make sure DLA date must before first investment.

Question 2: My first and second year accounts are not showing the director loan amounts on the Accounts Note. Do I need to amend the accounts to add the director loan on the note? If I amend note section of the account for first and second year, do I need to resubmit the accounts again to HMRC?

Need Amendments because loan will be carried forward.


Question 3: If only third year accounts show the total director loan amount will be okay to meet the HO requirements?

Director loan amount must be clearly mentioned in accounts in Notes section with creditor name which is you.

Question 4: My business bank statements can identify all the director loan transfer Under My Name as a director loan. Do I still need to send the personal Bank statement? or only Business Bank Statements will be okay? As its getting difficult to collect all three years personal Bank Statements original copy from Bank.

Business Bank Statement is requirement but its not clear about personal account.
To be on safe side you can provide.

Please advice ASAP. I really appreciate yours inputs.

Thanks in advance

Omar

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CR001
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Re: Urgent Help needed About Director Loan on Accounts

Post by CR001 » Sat Dec 31, 2016 8:14 pm

@syed0083 - It is very difficult to distinguish what your answers are as you have quoted the OPs text and just typed in there without highlighting what you have typed (bold, different colour etc).
Char (CR001 not Casa)
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Please DO NOT send me a PM for immigration advice. I reserve the right to ignore the PM and not respond.

Jazz2007
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Posts: 254
Joined: Mon Apr 29, 2013 3:59 am

Re: Urgent Help needed About Director Loan on Accounts

Post by Jazz2007 » Sat Dec 31, 2016 8:22 pm

My Bad...Happy New year In Advance...



Question 1: Do I need to make director loan agreements according to accounts figure £62,900 or Only £61,500 which I have identifiable transfer proof?

50k is requirement, its upto you for more than that.Make sure DLA date must before first investment.


Question 2: My first and second year accounts are not showing the director loan amounts on the Accounts Note. Do I need to amend the accounts to add the director loan on the note? If I amend note section of the account for first and second year, do I need to resubmit the accounts again to HMRC?

Need Amendments because loan will be carried forward through proper channel


Question 3: If only third year accounts show the total director loan amount will be okay to meet the HO requirements?

Director loan amount must be clearly mentioned in accounts in Notes section with creditor name which is you.

Question 4: My business bank statements can identify all the director loan transfer Under My Name as a director loan. Do I still need to send the personal Bank statement? or only Business Bank Statements will be okay? As its getting difficult to collect all three years personal Bank Statements original copy from Bank.

Business Bank Statement is requirement but its not clear about personal account.
To be on safe side you can provide.

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CR001
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Joined: Thu Mar 08, 2012 10:55 pm
Location: London
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Re: Urgent Help needed About Director Loan on Accounts

Post by CR001 » Sat Dec 31, 2016 8:24 pm

Thanks syed0083. Happy new year to you too.
Char (CR001 not Casa)
In life you cannot press the Backspace button!!
Please DO NOT send me a PM for immigration advice. I reserve the right to ignore the PM and not respond.

mdomarfaruk
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Re: Urgent Help needed About Director Loan on Accounts

Post by mdomarfaruk » Sun Jan 01, 2017 11:33 pm

Thank You for all of your suggestion. It will surely help me.

I have decided to amend the first and second year accounts according to HO requirements and resubmit to HMRC.

Secondly, making Director Loan for amount £61,500 which I can proof by Business Account Transaction under my name.

I have one more question, If anyone can help me on this.

I am only providing the CT600 for all 3 years to prove the company is register for corporation TAX and has a TAX reference Number. is that okay? or I need more documents to prove that?

Thanks again and Happy New Year to all of you.

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Zimba
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Re: Urgent Help needed About Director Loan on Accounts

Post by Zimba » Mon Jan 02, 2017 12:57 am

CT600 is enough
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

Jazz2007
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Posts: 254
Joined: Mon Apr 29, 2013 3:59 am

Re: Urgent Help needed About Director Loan on Accounts

Post by Jazz2007 » Mon Jan 02, 2017 1:10 am

+1

Make sure CT600 of all years are signed though.

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