Tier 1 General extension (very late entrant)

[PRadeep Itnal]

Hi
i am entering UK in early Jan 2013, i have 3 yrs VISA(applied before April 6th 2010), it will expire in June 2013, planning to extend it in May 2013.

Well, i have a secured a contract role for 4 months(400 pounds a day) (April 2013) initially.

1. So will i be eligible for extension? if I satisfy the earning and fund maintenance clause by UKBA?

2. Is it necessary to show last 1 year salary? if so i am planning to take my salary slips from India.

3. Is it a good idea to, do contracting through an umbrella company, or have your own limited company?

If any of the above questions sound stupid kindly excuse.

Thanks
Pradeep.SI

[hsmp1412]

1. Yes you will be eligible if you can claim enough points.
2. there is no need for 1 year's salary if you can get the required points against salary for only a few months. Personal advise - do bring your Indian payslips even if you dont need to use them for unforeseen circumstances.
3. no idea.

[tier1_aspirant123]

as hsmp1412 said you will get extension if you score enough points and you can use your home country income (without uplift ratio) in case it is needed.

About own company or umbrella company my opinion is using own company is a good option as i think the way umbrella companies work is they use some allowance/loan component to pay rest of your income other than your defined salary. I had researched about them in dec 2010 and hence I may be wrong here.

for your own company if you are using flat rate scheme for VAT you generally earn around 75% or your contract value. so assuming 20 working days in each month for 4 months your contract value will be GBP 32,000 so your rough earnings will be GBP 24,000. Please note these are rough numbers and your best option will be to speaking with some accountant who can give you exact numbers and checking if you are eligible for flat rate scheme, etc

all the best