Impact of criminal conviction on ILR/tier 2 extension

[kvora]

Dear experts,

I have been eagerly waiting for the changes that have come in place as of today. However, I am struggling to find a link on UKBA website that can clarify the criminality threshold. My case is as below:

I was convicted earlier this year, January 2012, for failure to stop after a road accident AC20. I was summoned to the magistrate court, where I was handed out a fine of £500 and 8 points on my driving licence. I have been on work permit since July 2007 and was due for ILR in July 2012, however, because of the conviction I couldn't apply. I did change my employer in August 2011 so am currently on Tier 2. I have two questions:

1. Am I able to apply for ILR after January 2014, i.e. 24 months after the conviction.

2. Will I be able to extend my leave to remain in Tier 2 which is due to expire in August 2013?

Any help/guidance will be greatly appreciated.
Many thanks,

[kvora]

Please help, waiting for advice...