Hello Experts,
As recommended you you fellows I have read through all the documentation on the all the sites. Given that, I have the following questions and would appreicate your help in resolving them out. I knw they are a lot of questions and may be I might have managed to get soe of you really confused as well.
But then, I have been a victim before of incomplete/inaccurate documentation.
Your sincerely,
Sandy.
L7. The applicant should complete the following table giving details of previous earnings being claimed. If earnings originated from more than one source, each source should be entered separately.
Question: I should be stating my private company's earning here, right?
L8. The applicant should input his/her earnings into the Tier 1 (General) points based calculator and provide his/her total earnings claimed in pounds sterling.
Question: What value am I to fill? Net or Gross Earnings? Also, The amount that my company has earned or the amount that I have earned in Payslips and Dividends?
L10.
If I am working as a my own private limited company how do I show the following evidence:
a) Payslips
Question: This of course would be the minimum wage that I would be paying myself from my Limited Company. An amount close to £500 each month for 12 month period. While evaluating my application are they going to consider this as my
full earning for the year? If so I would not quality on earning criteria obviously.
b) Personal Bank statements showing the payments made to the applicant
Question: This obviously relates to the payments made into my personal bank account from my Business bank account.
The best I can do is highlight them and reconcile to the above, right?
c) Official tax document generated by the tax authority or the applicant’s employer, showing earnings upon which tax has been paid / is to be paid in a tax year.
Question: Is P60 the self assessment form that I do for myself working as an employee for my own company? If not,
What exactly is the purpose of P60 and is it applicable as an employee or an employer?
d) Dividend Vouchers
Question: I have got these, which mention that I as my company's sole stakeholder get the dividends. Should these be reconciled with my personal bank statements to show total earning as employee? Which means my total earning for the year is the Payslip amount and the Dividends?
e) Invoice explanations/payment summaries from the applicant’s managing agent/accountant
Question: Are these the invoices that I have issued to charge the customer which I should reconcile with my business bank account?
f) Company/business accounts which clearly show the net profit of the company
Question: Business account spreadsheet which shows net profit earned for the 12 months in question?
g) Letter from the applicant’s managing agent/accountant confirming that he/she received the exact amount that he/she is claiming, or the net profit to which he/she is entitled
Question: This is a letter from the accountant detailing net profits earned for the 12 months in question.
