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SET(M) financial category question

Posted: Wed Aug 22, 2018 10:35 pm
by Aroon123
Good Evening

I wanted to find out the follwing information and what category for the financial requirement we need to apply.
Myself (british citizen) and my wife (spouse non eu) are both employed for over 6 months with combined salary which amounts to £19.5k per year. The company is owned by my father.
This this mean we cannot apply for Income from salaried employment: category A?

Because the limited company is owned by father who has the entire share capital 100% does that mean we fall into category F or G?

9. In respect of income from employment and/or shares in a limited company based in the UK of a type specified in paragraph 9(a), the requirements of paragraph 9(b)-(e) shall apply in place of the requirements of paragraphs 2 and 10(b).

(a) The specified type of limited company is one in which:
(i) the person is either a director or employee of the company, or both, or of another company within the same group; and
(ii) shares are held (directly or indirectly) by the person, their partner or the following family members of the person or their partner: parent, grandparent, child, stepchild, grandchild, brother, sister, uncle, aunt, nephew, niece or first cousin; and
(iii) any remaining shares are held (directly or indirectly) by fewer than five other persons.

Thank you very much to shed light on this information.

Re: SET(M) financial category question

Posted: Thu Aug 23, 2018 3:00 am
by Aroon123
I also would like to add that both me and my wife are employed at my fathers limited company.
Thanks

Re: SET(M) financial category question

Posted: Thu Aug 23, 2018 3:26 am
by vinny
What did you previously put down for FLR(M)?

Re: SET(M) financial category question

Posted: Thu Aug 23, 2018 10:34 am
by Aroon123
Hi Vinny
I hope you are well?
In the previous application FLR(M) - I applied the same way as I am doing now.
my and my wife, combined our salary, both employed as employess for my dads limited company where he is the director.
Everything was fine in the previous application.
Thanks.

Re: SET(M) financial category question

Posted: Thu Aug 23, 2018 5:35 pm
by Aroon123
Hello Vinny

Did you manage to receive my previous reply. Thanks again.

Re: SET(M) financial category question

Posted: Fri Aug 24, 2018 7:14 pm
by Aroon123
Hello Vinny
Just been waiting for your reply and expertise on this matter. Sorry to rush you in your answer. I have been trying to understand the rules but im still confused to which financial category to apply in because the company is owned by my parents.
However, if the company is of the type specified in paragraph
9(a) of
Appendix FM-SE,the person’s income must instead be considered under Category F or Category G.
This is because in a company in sole or limited family ownership there is scope for doubt as to the effective control of the company, as the person is either a director or employee (or both) and a shareholder or the other shareholders are family members of that person. In that case
instead of the employment evidence in Category A or Category B or the dividend evidence in Category C, we need the evidence about the operation of the company required under Category For Category G.

Any updates and clarifications would be greatly appreciated.

Thanks.

Re: SET(M) financial category question

Posted: Fri Sep 28, 2018 3:51 pm
by Aroon123
any ideas to which category i should appy? thanks again.