Director's Loan agreement and Fund transfer

[bizman]

Application by post has been discontinued, you have to apply online and scan your docs.

[CR001]

Application by post has been discontinued, you have to apply online and scan your docs.

Standard service is still available and one of the options to choose from in the online process.

[bizman]

What does standard service entail please

[bizman]

I thought it simply means you can not use priority service. But you still have to submit your docs via scan

[Nana51113]

The application is only online now , but the way of submitting the documents could be by post or scanning online so my question which option is better to scan or send the documents by post?

Another question will we get any refund of the health surcharge which is 400 /year now ??

[bizman]

You can either choose the standard system and scan your docs on line or choose existing system and send your docs to HO.

Of course if you are applying for fewer period, the excess will be refunded

[marcnath]

Thank you Merchant for your clarification ,

Please can you advice is it better to send the documents by post or to use the new service where they will ask for scanning the documents ? Which is better for CW to read from paper or from the online?

Did anyone use the new service please advice ?

Paper or online is still very much a personal preference. I doubt if anyone here can tell you which one the CW who is handling your case would prefer but I am quite confident of their ability to convert paper into scans or to print online documents, depending on their individual preference.

[Nana51113]

Thank you for responding ,

When I have applied online it shows three options free appointment or 100 pound appointment or 250 appointment the free appointment there is always no avalability but the 100 pound appointment there is avalability for the whole month ,

My question is can I choose the appointment end of month or there is restriction of when to choose the appointment I mean within a week or two or it is OK I can choose any date ?

Please advice

[bizman]

You can choose any date that soothes you

[Nana51113]

Urgent help please

In the online application there is a question asking how much money you have invested ???

My business accounts from chartered accountant shows 59K which includes director loan introduced into the company from my personal account plus accrued director salary

How should I answer this question now ? Show I type the same amount which is the 59K as in the business accounts and director loan ? Or it should only be the money trnfered from my personal account to the business account which is 57K ????

Another question about bank statements for maintainace fund should I stamp them from the bank ? What about if I didn't receive the latest statement which will be available after my submission how to cover this period ?

Please advice

Many thanks

[bizman]

Yes just indicate the 57k which can be seen transferred from your account.

Also yes you need to stamp the statement and ensure it’s on the banks letter head. Why do you want to send the statement after your submission. It’s not necessary.

[Nana51113]

Dear Bizman ,

Thank you very much for confirmation I have just noticed that my accountant shows the director loan introduced to the company by me which is 59443 pound is splited into the following:

1- money transfered from my personal account into company account which is 56K

2- Cash money introduced to the company for Expenses about 1K

3- Accrued director salary which is again about 2K

You have kindly adviced that I don't need to include the accrued director salary , what about the cash money which has been introduced into the company for expenses and signed off by the accountant ? Should I include it in the question asking how much you have invested into the company? ?

Please advice if I can attach the director account sheet which shows these so you can kindly advice which one to include into the question ????

The other question about bank stetements :

1- the business bank statements showing the money has transfered to the company goes back to June 2018 I have printend them out so can I stamp them today from the branch or the stamp date need to match with the statment? ? Please advice

2- for my manitainace fund I have to cover 90 days I have got the stements covering 60 days the last statement will be issued later where my visa is expired so I don't know how to print the rest 30 days and not to wait for the bank to issue the statement? Is there any way please ???

Another question in the application saying when did you first invest and next question is how much?

My first transfer to the company was 100 pound and then 500 , then 6K is it OK to type 100 as first investment or i have to choose the big amount ?

Hope to hea soon from you

[bizman]

When answering your first question, I assumed you were applying for your ILR, however from the questions you just posted above I have been left confused as to what level of application you are trying to make. Can you confirm this and your visa dates etc to be able to give you more accurate response

[bizman]

If it is the extension application you are submitting You can actually use the entire £59k as money invested if the accountant has indicated this in your business final account. You can also explain this in your cover letter that you invested the other money in cash. The safe point here is that the amount invested is more than the required investment of £50k so you are covered. This is just so that your investment amount stated in the online form will not contradict the amount in your final account which can raise suspicion.

Another approach would have been to advice your accountant to include just the amount shown transferred from your personally account to your business account that can be easily verifiable by the CW just to simplify the whole process and ignore the accrued salary and minor expenses.

For your question on statement, can you state your visa grant date etc to be able to help properly

[Nana51113]

Thank you bizman for responding and apologise if things are not clear

I am currently on Tier1 Graduate enterprenure visa and I am switching to Tier1 visa so this is my initial application

In regards to the investment it will be so difficult for the accountant now to change the final accounts which has been submitted to companies house and the HMRC

I totally do agree with you that I have to answer the question of how much you have invested with my final account produced by chartered accountant However the whole amount which is 59K include the cash expenses along with accrued director salary

What should I do now should I say 59K and they can see the bank statements along with the accounts where the breakdown of cash expenses and accrued salary is explained ?

My visa expiry next week so I do not know how to print the rest of statatment to cover the 90 days period before the official statement being sent ????

What about the stamp on the business statment showing the money transfered from my personal account to the company does the stamp date needs to be the same as the statement date ? The statment goes back to June and I will stamp it today? ?

Please advice

[bizman]

If I may ask why are you switching? Is there any problem with T1G.

Yes once the whole £59k can be seen in your statement and it’s been submitted to HMRC it’s better you state all.

You can practically walk into any branch of your bank and request a whole new statement that will be stamped while you wait. I have done that several times in the past.

It doesn’t have to be same date, I will however advise you walk into a branch of your bank and do it same day as well if you are able.

[CR001]

If I may ask why are you switching? Is there any problem with T1G.

To avoid confusion, please note that T1G acronym on the forum refers to Tier 1 GENERAL visa route. Probably best to use T1Grad if you are going to shorten it.

[Nana51113]

Thank you again for your help and advice
I am switching from Tier1 graduate enterprenure route because it is only valid for 2 years I have no other option now other than switching to Tier1 enterprenure

In regards to the 59K my statements only shows 57K However the final accounts from chartered accountant shows the total amount invested was 59K because of the cash introduced to the company along with the accrued director salary the account did break this down so please advice should I match with the final accounts I am afraid if not it will be problem as they do rely on the accountant

Please advice ????

[marcnath]

Urgent help please

In the online application there is a question asking how much money you have invested ???

My business accounts from chartered accountant shows 59K which includes director loan introduced into the company from my personal account plus accrued director salary

How should I answer this question now ? Show I type the same amount which is the 59K as in the business accounts and director loan ? Or it should only be the money trnfered from my personal account to the business account which is 57K ????

Another question about bank statements for maintainace fund should I stamp them from the bank ? What about if I didn't receive the latest statement which will be available after my submission how to cover this period ?

Please advice

Many thanks

Whether you enter 57K or 59K is immaterial. Choose either one but given the complexities, make sure you explain the breakdown clearly in your cover letter.

But note that the 2K accrued as your salary will not be counted towards the 50K requirement. Since you have transferred more than 50K from your personal account to the business account, that is all that matters to qualify. Obviously, you should be ready to explain the various figures if you are interviewed, but you seem to have those explanations.

You do need to submit maintenance funds for 90 days, so as bizman explained go to your bank, get a 90 day statement printed and stamped.

[Nana51113]

Thank you all for your help and advice

I can see in the guidance in regards to the maintainance fund the following:

Personal bank or building society statements covering a consecutive 90-day period:
The most recent statement must be dated no more than 31 days before the date of application

I have got bank statements covering the period from 3rd November 2018 to 19th February 2019 and I will apply on 24th February so does these statements cover the required conditions or I have to print one up to 23rd February? ???

Please advice

Thank you

[bizman]

It has to be printed and dated within 31 days of your application

[Nana51113]

Thank you Bizman

But sorry the answer wasn't clear for me can you please confirm if the statements from 3 November to 19th February 2019 is OK if submitting on 24th February 2019 ? Or I have to get one printed on 23rd February

I am sorry but I am so stressed please advice if yes please say yes it is OK

Thank you

[bizman]

What date is on the statement. It has to be dated within 31 days of the application

[Nana51113]

Thank you Bizman I got it now

[Nana51113]

Could you please help how to answer this question in the application ??

Does the value of any accommodation form part of any investment in premises that are also used for business ??? i should answer YES OR NO ?

I am paying rent for my home which i also use for business so should i say yes and type the value of rent here ??

Please advice