FLR(M) extension: partner self emplyed recently

[skum]

Hello,
I have FLR(M) and my partner has ILR. He is going to British citizen soon - his oath is on 6th Sep.

My FLR(M) is expiring at the end of this month. Could anyone suggest list of documents I need for FLR (M) extension.
My husband was employee till mid May 16. His salary was more than 18K (which is required for application).
Since May, he is self employed (through his own company). He is the director and I am share holder. What documents do I need give? He is taking our very little income from company's account but has taken a sum as dividend.

Because of self employment- is my application going to "not straight forward"? should I consider premium application?

[Casa]

Premium appointments are for applications that aren't complex. The PSC Case Workers don't have the level of authority to make a decision on an application that requires further verification.

Your husband has complicated your application as far as meeting the income requirement. I assume as you mention that you are a shareholder in the business that your husband is a director in his Limited company. Do you have any income? Savings over £16,000?

I'll stand back and let others better placed to advise on the qualifying income categories for FLR(M).

[skum]

Thanks for prompt reply. I do have savings more than 16K in my name. My husband's company also has saving of more than 16K.

[Casa]

In which case you may be able to use your joint savings to make up any possible shortfall in earned income. Wait for others to comment. In order for anyone to advise you however, you will need to give a detailed breakdown of income from employment prior to May 2016 and your husband's income/dividends from his Limited company. The minimum income level is £18,600 p.a , not £18,000

[Mkd]

Hi
i recently applied for FLr m on 31st aug. and my visa expires on 05th sep. I forgot to signed back of the passport size photos....is that major issue or ????

[Casa]

Hi
i recently applied for FLr m on 31st aug. and my visa expires on 05th sep. I forgot to signed back of the passport size photos....is that major issue or ????

This post bears no relevance to this thread and it's unfair to the OP to high jack it, apart from causing confusion. Please post your question in your own thread.

[skum]

Thanks for prompt reply!

But I am still confused regarding financial requirements.

I have quite a lot saving than the required 16K. I am wondering - shall just show the saving? It has been there in my account from more than 6 month.

I also receive rental income 1350 per month in my account. But my husband pays the mortgage.

[Casa]

As I said in my previous post, unless you give a breakdown of your joint income and how much you have in joint savings it will be impossible for anyone to advise you. Unless you want to work it out for yourself. https://www.gov.uk/government/uploads/s ... rement.pdf

If you are applying without showing any income you would need £62,500 in savings held in an accessible account for 6 months.

[skum]

Thanks. yes, I have more than 62K saving in my savings account. It is from a remortgage of a property. But I cant see anywhere remortgage option in the link you provided.
I have all the paperwork for it.

If I cant use it then - my husband's annual salary from previous job (which was till Mid may) was more than 30K.
But since mid may, he has been self employed through his own company and taking about variable salary (less than 1000 pound).
But if we do calculation for past 12 months - he has been earning quite more than required.

[Mojohnson]

It seems quite complicated in that the documents for a limited company cannot be used as your tax return isn't due till next year and on the other hand you will not have wage slips from the previous employment which are within 28 days of the application. So in both cases you would be lacking vital documentation.

I'm not sure if there is any combined option but I will post here if I find any information. Hopefully someone here has been in a similar situation can give some advice.

[Casa]

If the £62.500 savings have been held in an accessible account (under your control) for a minimum of 6 months, they will qualify.

[skum]

what I am worried about is - the savings is from "remortgage" of a property. I haven't sold the property - so essentially we have taken our equity from the property and we have borrowed more from bank.


And it is mentioned in case of saving - the money should not be borrow and somewhere else I read - it should be equity of property...


Can anyone suggest how mix salaries income (till mid may) and self employed income (from Mid may) in the form?

[Wanderer]

Thanks for prompt reply. I do have savings more than 16K in my name. My husband's company also has saving of more than 16K.

Reserves in a Limited Company cannot be counted as personal savings until they have been transferred, CT paid and held personally for six months.

[skum]

Hello everyone,
Thanks for all the replies.
We are not sure 100% that we can show our savings (which was taken from our property's equity).

We are going to show salary. Now, I am confused whether my husband will come in self employed or employed?

He is director of a limited company and takes salary as a payee of the company. In his account's opinion- he is considered as employed!

He is a software engineer and works as a contractor for a firm through his company.
There must be so many people with his situation. Please help!

Many thanks in advance

[Obie]

Equity from a property is not a loan. It is your money.

Provided you are able to show that this equity was avaluable in the 6 months leading to the application being lodged, you should be ok.

If you however invest it in another mortgage, then you will not qualify.

[physicskate]

Self employment is a notoriously difficult category as the documentation is very specific. Category F requires a FULL financial year. Category G requires 2 FULL financial years. So you won't qualify under those categories.

Savings (category D) cannot be combined with either Categories F or G (the self-employment categories).
From the guidance: "Category D: Cash savings can be combined with income from Category A: salaried and non-salaried employment, part (1) of Category B: salaried and non-salaried employment, Category C: non-employment income and Category E: pension in order to meet the financial requirement."

You just need to have had the savings(£62,500 or more) in a bank account for 6 months. It really is the easiest Category as you just require 6 months of bank statements -
"The savings can be from any legal source, including a gift from a family member or other third party, provided the source of the cash savings is declared."

Worst case scenario, did no not mention that you also have income from a rental property?? That can be combined as non-employment income...

[skum]

many thanks for replies.

Yes, I do agree that saving is the easiest category. The money is in my savings account and is easily accessible (which is required in financial requirement).

My only worry is - I cant find remortgage or any similar scenario mentioned in Appendix FM 1.7 Financial requirement.

My husband's employment salary till mid May (for financial year) was more than 18,600K. Can he just show salary till mid may ( in section A or B) and not mention salary as director of company (in section F).

[physicskate]

many thanks for replies.

Yes, I do agree that saving is the easiest category. The money is in my savings account and is easily accessible (which is required in financial requirement).

My only worry is - I cant find remortgage or any similar scenario mentioned in Appendix FM 1.7 Financial requirement.

My husband's employment salary till mid May (for financial year) was more than 18,600K. Can he just show salary till mid may ( in section A or B) and not mention salary as director of company (in section F).

To use his employment salary (Cat A or B), his employment would have needed to be continuing... so no you cannot use it 4/5 months later...

[skum]

thanks everyone for replies.

Is it possible to combine self employment (Category F) and employment ?

[skum]

Thanks everyone for help!

I got my FLR(M) based on my savings! Forum rightly suggested that they will accept my savings from remortgage of property.

in 6 months time - I will be eligible for ILR based on 10 year stay in UK. will have to start preparing that application now!!