Maintenance Amt went down and then raised within one day

[ahmadjalilqarshi]

Hi,

I am going to apply at the end of this month, may be on 26th. All my documents are complete. For Funds Maintenance I opened a GBP account and deposited GBP2800 in it for just to be on safe side if the value of my local currency decreases against GBP.

My current e-statement for this account is given hereunder:

Statement Period: From Jun 25, 2008 to Sep 23, 2008

Date Description Debit Credit Balance
Jun 25, 2008 ** Opening Balance 2,800.00
Jun 30, 2008 WITHHOLDING TAX 0.18 2,799.82
Jun 30, 2008 PROFIT PAID 1.88 2,801.70


Now you can see that on 30th of June Bank deducting withholding tax i.e 0.18 GBP and also credited GBP 1.88 as a Profit. So on 30th june my balance goes down a little but and then again increased.

What do you think will it effect my case or I should wait till 1st of October. In that case this date i.e 30th of September will be skipped from the statement as I have to provide just 3-Months statement for Funds Maintenance.

Regards,

Ahmad Jalil Qarshi

[hussainkothari]

My gut feeling is wait till 1st of October.

[bani]

If you can wait the 1 week before applying, do so just to avoid any problem. Normally, I wouldn't think it is a problem, but you never know what kind of caseworker you get. If you had to wait more than 2 weeks, I'd say apply now.

Also I'd add £20 to the account if I were you. It is clear to me the tax is for the interest/profit earned. But your bank decided to write the statement with the deduction of tax first before the addition of profit (my bank does a similar thing). That's why you went such a tiny amount under £2800, it might happen again the next time you earn interest. And if you get interest quarterly, that would be 30 September.

[ahmadjalilqarshi]

Thanks Husnain and Bani,

I'll wait for 1 week then. And I will also deposit GBP20 in my account today to be on safe side.


Regards,

Ahmad Jalil Qarshi

[vijaymaghnani]

This is not the issue, All credit transaction always come first then all debit transaction of the day..

i don't believe you have a statement which first deduct WHT and then pay's profit, WHT are 10% of profit so it have to be credited first making your balance UP and deduction of WHT comes....


Read your statement again you may be incorrectly interpreting.....


Vijay Kumar

[bani]

This is not the issue, All credit transaction always come first then all debit transaction of the day..

i don't believe you have a statement which first deduct WHT and then pay's profit, WHT are 10% of profit so it have to be credited first making your balance UP and deduction of WHT comes....


Read your statement again you may be incorrectly interpreting.....


Vijay Kumar

My Barclays statement does this all the time, record debit transactions (payments) before credit (transfers from savings account) on the same day. So my current account can have a negative balance on the statement but it becomes a positive balance on the same day. They never charge me overdraft so I don't worry about it.