How does a T1E to ILR applicant answer the SETO wages question?
Posted: Sun Jan 21, 2018 9:41 pm
Applying for ILR soon and just saw question "5.3 Are you working in the UK?"
I assume we check "yes" since we are self-employed and/or the director of a company (and sending in self-assessment tax returns each year).
But then it says "If so, what is your pay each month after income tax and other deductions?" and they want an amount.
As a self-employed person my monthly income is not fixed and can vary due to a number of reasons, including sales, workload, and when clients decide to pay (the last one being the biggest variable). So should I just average my income for an entire tax year (the figure I report on my tax return) and then just deduct the taxes HMRC says I must pay from that figure and then divide that figure by 12 and use that as the answer?
Another way to explain this issue:
As a self-employed person one month I may make £6000, the next month £2500, the month after that £4300. Let's say over an entire tax year I make £60,000. After taxes lets say my take-home pay is £37,000. £37k divided by 12 months would be an average of £3083 a month. Is that the figure I should report in the box for question 5.3?
I assume we check "yes" since we are self-employed and/or the director of a company (and sending in self-assessment tax returns each year).
But then it says "If so, what is your pay each month after income tax and other deductions?" and they want an amount.
As a self-employed person my monthly income is not fixed and can vary due to a number of reasons, including sales, workload, and when clients decide to pay (the last one being the biggest variable). So should I just average my income for an entire tax year (the figure I report on my tax return) and then just deduct the taxes HMRC says I must pay from that figure and then divide that figure by 12 and use that as the answer?
Another way to explain this issue:
As a self-employed person one month I may make £6000, the next month £2500, the month after that £4300. Let's say over an entire tax year I make £60,000. After taxes lets say my take-home pay is £37,000. £37k divided by 12 months would be an average of £3083 a month. Is that the figure I should report in the box for question 5.3?