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Financial requirement via self-employment+salaried employmen

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wcheng
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Posts: 2
Joined: Wed Nov 27, 2013 8:16 pm

Financial requirement via self-employment+salaried employmen

Post by wcheng » Wed Nov 27, 2013 10:18 pm

I'm preparing an application of unmarried partner and not sure about a few things regarding to financial requirement. I left my job in July 2012 and became self-employed. I've filed my tax return of the financial year Apr 2012 - Apr 2013 which is a combination of three months job salary and income from my contract work. The gross income (with expenditure deducted) is a little more than the 18600 requirement in total. By reading the "Annex FM Section FM 1.7: Financial Requirement", I think I need to apply under Category F: Last financial year, Self-employment or Director of a specified limited company in the UK. However, here comes the complication:

1. During the period of my self-employment, I only worked for one client and paid on hourly rate. Would this cause any problems? Will they see me as employed rather than self-employed as I only worked for one client?

2. I've just started a new job with annual income more than 30k. At the same time, I'm still keeping my self-employment status and doing work for the same client. I guess I would need to mention this in my application and produce evidence of my new employment by means of pay slip and employment contract?

3. Regarding to the evidence must be provided:
(a) Evidence of the amount of tax payable, paid and unpaid for the last financial year.
Is this the SA300 statement I'm going to get from HMRC?

(d) Each partner's Unique Tax Reference Number (UTR) and/or the UTR of the partnership or business.
Is my UTR number is enough or does the UTR number have to be shown on an official document?

(g) Evidence of ongoing self-employment through evidence of payment of Class 2 National Insurance contributions.
What document do I need to provide for this? I've paid my Class 2 National Insurance contributions by bank transfer to HMRC but there is no receipt or any other documents issued for my payment.

(h) One of the following documents must also be submitted:
(i) (aa) If the business is required to produce annual audited accounts, the latest such
accounts; or
(bb) If the business is not required to produce annual audited accounts, the latest unaudited accounts and an accountant‟s certificate of confirmation, from an accountant who is a member of a UK Recognised Supervisory Body (as defined in the Companies Act 2006);
(ii) A certificate of VAT registration and the latest VAT return (a copy or print-out) confirming the VAT registration number, if turnover is in excess of £73,000;
(iii) Evidence to show appropriate planning permission or local planning authority consent is held to operate the type/class of business at the trading address (where this is a local authority requirement); or
(iv) A franchise agreement signed by both parties.
(i) The document referred to in paragraph 7(h)(iv) must be provided if the organisation is a franchise.

The only thing that applies to me I think is (bb). But I did my self-assessment all by myself. Does this mean I need to find an accountant who is a member of a UK Recognised Supervisory Body and give him/her my accounts from Apr 2013 and ask her/him produce a certificate of confirmation or something else? Has anyone had any experience of this?

I know it's a lot to ask and would really appreciate if anyone can share some experience. Thank you very much for your time and help.

SoHopeful
Senior Member
Posts: 948
Joined: Wed Sep 16, 2009 11:01 pm

Post by SoHopeful » Thu Nov 28, 2013 10:17 am

You can only include employment for the same financial year you are using for self employment.

So either use the income from self employment if it was full year 2012/2013 or wait until you have been paidf 18,600 in your current job and use category B.

wcheng
Newly Registered
Posts: 2
Joined: Wed Nov 27, 2013 8:16 pm

Post by wcheng » Thu Nov 28, 2013 8:42 pm

SoHopeful wrote:You can only include employment for the same financial year you are using for self employment.

So either use the income from self employment if it was full year 2012/2013 or wait until you have been paidf 18,600 in your current job and use category B.
Thanks for your comments, SoHopeful. The income from self employment for the year 2012/2013 was three months salary Apr+May+Jun 2012 plus income from my contract hourly work. I guess this should be ok? I can't use Category B as my girlfriend's visa is going to run out at next Feb and I just started my new job in Nov. Do you have any experience of getting the "certificate of confirmation" required if I go Category F? Thanks in advance.

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