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Previous earnings questions - please help!

Archived UK Tier 1 (General) points system forum. This route no longer exists.

Moderators: Casa, archigabe, CR001, push, JAJ, ca.funke, Amber, zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, meself2, geriatrix, John, ChetanOjha, Administrator

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FrustratedinCanada
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Joined: Tue Nov 04, 2008 3:46 pm

Previous earnings questions - please help!

Post by FrustratedinCanada » Thu Nov 06, 2008 9:09 pm

I have questions regarding the previous earnings section of the Tier 1 General application. Need to make sure all the bases are covered obviously!

1) The period I am applying for is from Oct 1, 2007 to Sep 30, 2008. However, I stopped working on Jun 30, 2008. Which exchange rate should I use - Jun 30 or Sep 30?

2) I received incentive based compensation in Oct 2007 and Dec 2007 along with my regular salary (listed separate from my salary on my pay slip). These amounts were earned for work performed from May 2007 to Sep 2007 - should I include or exclude them from my calculation?

3) I was paid incentive advances in Jan 2008 and Apr 2008. I am NOT including them in my calculation because they were only advances. However, they were mistakenly NOT deducted off my final pay (June 2008) in error. I was notified in Sept 2008 of the mistake and paid back the company. The company is unable to generate any kind of pay slip to show this "payback" but they have made a detailed note of it in the letter with a full explanation. I will also be including my Sept 2008 bank statement that shows the payment back. Will this be sufficient?

4) I received my final incentive based compensation in Jun 2008. This was included along with my regular salary (listed separate from my salary on my pay slip). I am claiming this full amount as earnings as it fully relates to the period of Oct 2007 to Jun 2008. I believe this is proper treatment. Can anyone confirm?

Thanks in advance for any help - greatly appreciated!

vinny
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Posts: 33343
Joined: Tue Sep 25, 2007 8:58 pm

Post by vinny » Fri Nov 07, 2008 12:54 am

How we convert your earnings into pounds sterling (GBP) wrote:Earnings made overseas must be converted into pounds sterling so that we can assess them. The exchange rate we use is the one produced by OANDA.

You should use the closing spot exchange rate on the OANDA website on the last day of the period for which you have claimed earnings in that currency. You can find a link to the website on the right side of this page. It is an independent website, for which we are not responsible.
Earnings we include in the assessment
This is not intended to be legal or professional advice in any jurisdiction. Please click on any given links for further information. Refer to the source of any quotes.
We do not inherit the Earth from our ancestors, we borrow it from our children.

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