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urgent query

Posted: Tue Feb 18, 2014 8:10 pm
by yaar001
I am applying for ILR in two weeks time. I am working as a contractor for a bank in London. As a contractor we received our pay in my company business account. Now my query is that I need to show 23000 as my earning and I have already received 23500. However I have transferred all this money to my personal account from my business account. And nothing left in my business account. So is it ok or I have to leave some money in business account as well.

Re: urgent query

Posted: Thu Feb 20, 2014 7:49 pm
by yaar001
anyone!

Re: urgent query

Posted: Thu Feb 20, 2014 9:45 pm
by vagabond4life
As a contractor I assume you are working through a Limited company in the capacity as a Director. To claim points for income on this basis you have to show:

1.Salary from business and / or
2. Dividend

You will need salary slips and dividend vouchers signed by an accountant along with management accounts for period claimed. The payment from your company should match with your personal bank statement.

If you have not taken dividend and salary, I believe you can still claim points for NET profits.
Net profit = Gross income from bank - Expenses(like travel etc and corporation tax)

If you have not claimed expenses to increase Taxable income you will still have to deduct corporation tax.

However, my understanding of your post is that you have transferred ALL amount that you received as a contractor to your personal account. If this is the case, you will have to take help of an registered Accountant to get the documentation correct. Home Office is particularly strict with documentation of people working as contractors.

If you still have visa remaining on your current visa, I suggest you apply later with appropriate documentation.

Re: urgent query

Posted: Fri Feb 21, 2014 8:08 pm
by yaar001
Thanks vagabond4life