Contractor/self-employed income requirements for Tier1 (G)

[LuckyOne]

My Tier1 General Visa will be up for extension in Aug.2015. My first extension was in July 2012 (I got my first approval in July 2010 but only entered UK in June 2012). At that time I was a full-time employee of a company so I submited salary slips and bank statements.

Now I am self-employed and have set-up my own limited company. I understand that for income requirements I can show salary + dividends (that I get from the limited company).

My query is whether I can show dividends declared by the company in 2014-15 (but from retained profits on income earned by the company in 2013-14) to show income earned in 2014-15 or

is it that company should also have earned the income in the same period when I am showing my salary+dividends ?

Example: From April 2013 - March 2014 my company earns 50000 and pays me salary and dividend of 25K and after tax (say 5K) retains a profit of 20K

From April 2014- March 2015 - My company earns 40000 and after tax (say 5K) & other expenses, pays me a salary & dividend of 55K (35k from the current years earnings & 20k from previous retained earnings)

Would UKBA consider my individual income in 2014-15 as 35k or 55k ?

I asked this to two agents. One said as a director of a limited company I can get dividends and my income for 2014-15 will be considered as 55k. While other agent was of the opinion that as a sole director of the limited company, the company should also need to earn the money in the same 15 month accounting period as I would show in my application. I cannot use the retained earnings of my company from previous accounting periods.

Logically I think the second agent is correct however I did not see this written clearly anywhere on the UKBA website (or I might have mis-interpreted). Hence seek your expert advise/interpretation.

(Apologies if this has already been discussed and answered. I searched the forum topics but could not find anything related to my query. If this has been already discussed, kindly point me to the relevant topic/forum - Thanking in anticipation and wish you all a Happy New Year)

[bondboy203]

I asked the exact same question while ago and the answer is on below link

http://www.immigrationboards.com/uk-tie ... ml#p682523

[LuckyOne]

Hi bondboy,

Thanks a ton for the your reply. My query is exactly the same as yours and I think unfortunately it still remains unanswered

Finally what did you do ? I guess your company earned the required amount of income and you did not had to face the situation of showing income from deferred dividends.

Kind Regards
Girish

[bondboy203]

yeah you are correct. I was lucky enough to be in a contract for the entire period for which I was claiming the earning