Tier I renewal - Bizarre Situation (to be)

[abracadabra_uk]

First of all, apologies for the lengthy query.

I am an independent contractor having my own limited company in the UK. Since I have my own company and earn enough Ill be able to easily meet the Tier I renewal requirements. However, am planning to be away from the UK for two years. I know this will definitely affect my ILR but that’s in my least priority list anyway. However, I don’t want to lose my Tier I status. My question here is: if I earn the required salary through my UK limited company during the last year of my current Tier I validity, would that be fine for me to renew my Tier I?

The way I may do this is, my UK limited company would get revenue from my foreign company (assuming I also own a limited company in the other country which allows me to transfer funds to my UK company). The revenue would be just enough to satisfy the Tier I requirement and I will draw the salary (from my UK company) after paying due taxes herein the UK.

One more question, do I need to do this over a full year or is it OK if I earn the year’s salary in few months during the last year of my current Tier I?

If this model is Ok then how many times can I renew my Tier I? Am in the first three years of the Tier I.

Seeking your views and possible issues about my plan.

One may wonder why I do this, while Tier I now seems a distant dream for anyone I don’t want to lose the status but at the same time hold on to the opportunity that is on my way which may be give substantial financial return in the short term.

[rizwan567]

This model is fine.

Earnings needs not to be in full 12 months. Infact you can claim in as minium as 1 month.

For your info, you can also claim Tier 1 General extension by claiming earings from overseas. Means you only need to show earnings from 1 company abroad and need not to transfer funds to UK company.

When u come to apply for extenson, just show your earnings in ovseas country and you will get the extension.

[abracadabra_uk]

Many thanks Rizwan, much appreciated and delighted to know the 1 company route.

Would it be possible for me to get a clarity on how many times I am allowed to renew under this model?

Cheers,
Maddy

[rizwan567]

There is currently no restriction on number of extensions you can have under Tier 1 General. But I think it wont last for ever if the scheme does not reopens in future.