BUSINESS BANK ACCOUNT QUERY FOR TIER-1 EXTENSION

gurrano2 · Post by **gurrano2** » Mon Mar 11, 2013 4:07 pm

Hi Gurus,

I am a director of a Ltd company with 100% share. I earn only dividend from by Ltd compnay and pay into my personal bank account monthly. Some people say I need to submit my suiness bank statement to show previous earning but my accountant said I dont need to and should keep things simple. Please can anyone please explain the importance of Business bank account statement for the purpose of proof of previous earning? What does home office look for in the Business bank statement or why do they need it since I am sending my personal bank statement showing fund coming through from my company account. Is it okay for me to show personal account, dividend vouchers, accountant letter and company account with profit/Loss only? Thanks

Yash001 · Post by **Yash001** » Mon Mar 11, 2013 4:24 pm

Your accountant advise is correct but do you have any reason for not sharing with them? If you don't submit then later on they are asked for it then you will land yourself in wait mode as I am. Your call!!!!

I suggest you submit your business bank statements also

tier1_aspirant_del · Post by **tier1_aspirant_del** » Mon Mar 11, 2013 5:11 pm

You don't need to show company profit/loss if you are claiming earnings from salary and dividends (only accountant letter with payment summaries is sufficient).

I recently have my extension and the case work did ask me for business bank statements and client contracts along with invoices. I didn't give it to her initially but she came back and asked for it (PEO appointment).

So I agree that not submitting might delay the application but totally your call.

gurrano2 · Post by **gurrano2** » Mon Mar 11, 2013 9:10 pm

I am not claiming salary from my ltd company. I claimed only dividend which accountant is preparing my company account for. Why do Home office need the business bank statement? What do they use it to verify. Also, do they need me to send client letter, contract and invoices as well? A lot of people are confusing me from what I read in the guidance. Some say I am treated as employed and some say I am going to be treated as self employed. Please seniors advice me. Thanks

susheel · Post by **susheel** » Tue Mar 12, 2013 12:27 pm

I have send only personal bank statement. I have my own ltd company. I am taking dividend & Salary. My accountant told me for only Personal bank statement with Dividend voucher, Salary statement and accountant letter. I am not self employed so did not require to send business statement. this make fast the process if you are doing by Post.

My visa is under processing now. Last Saturday I have enroled for Biometric.

canon123 · Post by **canon123** » Tue Mar 12, 2013 12:57 pm

they will use it to verify from which clients you are getting the money into. they can even call the clients and re-confirm it even if you got a acc letter

If i were you, I will take buss bank statements for the earnings claimed.

gurrano2 · Post by **gurrano2** » Tue Mar 12, 2013 1:44 pm

OK Noted. Will need to send in my Contract letter too and invoices.

gurrano2 · Post by **gurrano2** » Fri Mar 15, 2013 1:09 pm

Please Gurus/Seniors, is it true that I need to have registered myself with HMRC as self employed before my earnings can be considered by Home Office? I am about sending my application and someone told me i need to send proof of NI and proof of registration with HMRC for the money earned during the period I am claiming. I am so confused now. Please help....I am a Ltd Company Director with 100% shares and have only paid myself dividend and no paye salary.

Please kindly advice.

digitalrev · Post by **digitalrev** » Sat Mar 16, 2013 1:42 am

Same question here.
I am director of the limited company with 100% share, however my company has another director, but he has not share in the company. I took monthly salary and claimed dividend from the company.

I have provided payslips and my personal bank statement showing salary paid to my account.

then for dividend I have sent dividend voucher, personal bank statement showing dividend paid into my account. also business bank statement for the period when dividend were paid into my account.

I didn't provide business bank statement for whole year, I just provided business bank statement for 3 weeks when I took dividend. it was advised by my solicitors. I dont know if I still need to send whole years business bank statement .

Anyone had extension with limited company salary + dividend without business bank statements ?

tier1_aspirant_del · Post by **tier1_aspirant_del** » Sat Mar 16, 2013 10:00 am

I recently got my extension and submitted business bank statement, invoices summaries by accountant along with all invoices, client contracts, payslips + dividend vouchers, accountant letter for payment summaries (salary and dividend) and personal bank statement.

The case worker explicitly asked for all these documents to me (PEO croydon).

For NI - the case didn't ask me anything but on the back up I got this letter from my accountant -

To Whom It May Concern

This letter is to confirm that I have verified that Mr <Your Name> is employed by <Your Company Name> in the capacity of company director. He is the sole director of the company and a shareholder of the company with xxxx shareholding.

Being employed as Director of the company <Your Company Name> I confirm that –
1. Mr <Your Name> do not need to register to HMRC as self employed. He is considered to be an employed person for HMRC.
2. Mr <Your Name> do not need to pay Class 2 NI contributions.
3. Mr <Your Name> is registered as PAYE and has to pay PAYE tax and NI Class A.
4. The Director employee NI contribution are calculated only after the salary reaches a threshold and hence most of his NI contributions are in the salary of the last months of financial year. So some of his salary slips show zero NI.

If you require any further information, please do not hesitate to contact me.

Yours Sincerely
Accountant Name
Accountant
ACCA
Membership No: XXXXXXX

digitalrev · Post by **digitalrev** » Sun Apr 21, 2013 1:45 am

Thank you tier1_aspirant_del, I received my BRP last week.

God bless you.

tier1_aspirant_del wrote:I recently got my extension and submitted business bank statement, invoices summaries by accountant along with all invoices, client contracts, payslips + dividend vouchers, accountant letter for payment summaries (salary and dividend) and personal bank statement.

The case worker explicitly asked for all these documents to me (PEO croydon).

For NI - the case didn't ask me anything but on the back up I got this letter from my accountant -

To Whom It May Concern

This letter is to confirm that I have verified that Mr <Your Name> is employed by <Your Company Name> in the capacity of company director. He is the sole director of the company and a shareholder of the company with xxxx shareholding.

Being employed as Director of the company <Your Company Name> I confirm that –
1. Mr <Your Name> do not need to register to HMRC as self employed. He is considered to be an employed person for HMRC.
2. Mr <Your Name> do not need to pay Class 2 NI contributions.
3. Mr <Your Name> is registered as PAYE and has to pay PAYE tax and NI Class A.
4. The Director employee NI contribution are calculated only after the salary reaches a threshold and hence most of his NI contributions are in the salary of the last months of financial year. So some of his salary slips show zero NI.

If you require any further information, please do not hesitate to contact me.

Yours Sincerely
Accountant Name
Accountant
ACCA
Membership No: XXXXXXX

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BUSINESS BANK ACCOUNT QUERY FOR TIER-1 EXTENSION

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