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Financial requirement - director of limited company

Posted: Fri Jul 26, 2024 11:28 am
by jrmaciel
Hi there,

First of all, thank you for this forum. I've been using it since I did my first visa and now I'm doing my wife's ILR and again is proving the best resource online!
I've got a couple of questions that are troubling me and I feel people here will have the answers. Apologies if this have been asked before. I've tried my best to find this topic anywhere but couldn't.
I've read the guidance, but also doesn't answer my question.

So...
I'm sole director of my own limited company (specified limited company). I take dividends and salary and it fulfils the requirement. I understand I have to provide a CT600, letter from accountant, etc.
So in the form they ask: Please provide the end date of the last financial year, or if a director of a specified limited company, then provide the end date of the company's last financial year.
Which I provided the date 30/11/2023.

Then the next question is What was the income (in GBP) from self-employment in the last financial year?
I'm confused if it is
(a) the profit of my company;
(b) the amount I've received myself (dividends + PAYE) on the same financial year; or
(c) the amount I've received myself (dividends + PAYE) on my last self assessment.

I understand the chances are low of being option C, as per guidance the financial year has to be the same to be a fair comparison. If it is the company profit, is confusing as they mention in the guidance that figure should come from SA302 (that is from self-assessment).
I also realised I didn't say anywhere in the form how much I earned from this company, so in my understanding It would be B.

Also: on my wife's (applicant) income, should I include her income for the same financial year as me? So 01/12/2022 to 30/11/2023?

(I understand I need to provide evidence this income and employment is still ongoing, which is not a problem).

Any comment and help is more than welcomed.
THANK YOU!

(I'll be posting my timeline in the forum as soon as I apply)

Re: Financial requirement - director of limited company

Posted: Sat Jul 27, 2024 12:15 am
by zimba
The company profits are irrelevant. They want to know YOUR income, so you provide the total pre-tax income earned which will be salary + any other income payouts (e.g. dividends).

You only need to provide the income of your spouse, if your salary is not enough to meet the requirement. Also, their income must match the accounting period of your company (the periods must match) and the source of their income must still be ongoing.

Re: Financial requirement - director of limited company

Posted: Sat Jul 27, 2024 2:40 pm
by jrmaciel
Many many thanks.
I've included my salary + dividends (twice the required amount) and just to be on the safe side I'm also submitting my wife's payslips which also fulfils the requirement.
Thank you once again!