Profit n Loss - urgent

[friend123]

Hi friends,
I need some guidance based on my current situation.

I got my initial tier-1 general visa in feb 2011. I declared £35,000 as my salary by working thru my limited company as my previous earnings. At the time of filing tax returns for 2010-2011, I paid all the employee and employer’s tax of my company to HMRC ( that includes the tax for the earnings that I showed to UKBA) ,
I can prove this by showing P60 and business bank statements and letter from HMRC which states that all my taxes are up to date. But at the time of filing the tax returns ,after I added some expense I had a loss of £5000 to the total turnover of the company.

Next year again, I worked thru my limited company and at the time of filing the tax returns for 2011-2012 my company was in profits of £25,000 even after deducting the loss of the previous year, and then paid all the taxes.

I am going for my tier-1 extension next month (PEO), and for previous earnings I am showing some earnings from my limited company that includes even 2012-2013 tax year earnings for which I haven’t filed tax returns and also some earnings from a full time employment.

Here are some questions that I got:
1.Will it be a problem if my company made some loss in the 2010-2011 and then made profit 2011-2012?

2.I have paid tax for the money I have shown to UKBA for my initial application .I can prove this by showing P60 and a letter from HMRC. Will this be ok?

3.I still haven’t filed my tax returns for 2012-2013 tax year, but still showing some earnings from this tax year. Will that be ok?

Thanks in advance..waiting for ur reply

[mulderpf]

1. It's about your last 12 months earnings, nothing else.
2. It doesn't matter, you score points for your last 12 months earnings, nothing else.
3. Nobody else would have filed tax returns either as it's too early, so doubt this would be an issue.

[friend123]

thanks for your reply mulderpf.....