business Qualify NQF level 4

[dontworry]

I run a small Business ( computer support for home and business,Web design etc).We have already more than 3,000 home customers and around 200 business customers. I already employed one guy as manager and looking for another apprenticeship guy from college, I have five year lease on building paying 11K per annum plus 8K as business rates, My turnover at the moment is around 5k to 7k per month I have few concerns.
Does my business Qualify NQF level 4?
Which SIC code i should use in HMRC?
What job Title I should use for Myself ?
I have already invested some money. is it okai to show 10K already invested and 40K in Bank ?
Do i have show 40K for three moths or 1 month ?

I am planning to apply in January. i do kept my minimum balance 900 From this month. i haven't got a solicitor yet , i would like to hear your opinion on this and i don't mind paying for your service. Hope you can advise me.

Waiting to hear from you guys
Kind Regards

[KickAss]

I will be blunt with my answer so please don't mind. This way Ill provide you my personal non biased opinion.


Does my business Qualify NQF level 4?
NO and YES, Majority of the work you do is NFQ level 3
(IT user support technicians 3132), however, you have mentioned Web design, if you can show that as your core service, (which I personally think is not the case) then you may qualify for Web design and development professionals.

Which SIC code i should use in HMRC?
3132 or 2137

What job Title I should use for Myself ?

pick the one from 3132/ 2137 suggestions.

I have already invested some money. is it okai to show 10K already invested and 40K in Bank ?
Legitimate business expenses can be shown. Ask an accountant or you can post here, I might be able to help as I am a software architect.

Do i have show 40K for three moths or 1 month ?
I dont think thr is a time line for showing investment funds.


I am planning to apply in January. i do kept my minimum balance 900 From this month. i haven't got a solicitor yet , i would like to hear your opinion on this and i don't mind paying for your service. Hope you can advise me.

900 in personal account for 3 months is a must. Me and many here are against solicitors. You dont have to pay me or any one for our posts here. We just do that coz we love this forum and we are giving it back. Even then, if you want to pay money, feel free to donate $101 to any NGO in India/Pakistan of your choice !

[dontworry]

Thank you KickAss,

1:At the moment, My core business is IT support. But my main focus in future is Web/App Development. I have setup a web design company in India Last YEar , which already employs 5 People and i do outsource some web works to them and i have done around 10 website for clients in UK. How can i show webdesign as My core business ?


2: Does it matter how much salary we take every month? ( as a director i only take less than 700 rest i take as dividend )

3: All my payments from clients made by card, so its hard to show how clients are paid, statement only comes with daily total.

Kickass What you doing here is a great service, and I am a member of AAP party too and i do help them.

my questions are endless until i submit. so please forgive if i am troubling too much.


MAny Thanks
RM

I will be blunt with my answer so please don't mind. This way Ill provide you my personal non biased opinion.


Does my business Qualify NQF level 4?
NO and YES, Majority of the work you do is NFQ level 3
(IT user support technicians 3132), however, you have mentioned Web design, if you can show that as your core service, (which I personally think is not the case) then you may qualify for Web design and development professionals.

Which SIC code i should use in HMRC?
3132 or 2137

What job Title I should use for Myself ?

pick the one from 3132/ 2137 suggestions.

I have already invested some money. is it okai to show 10K already invested and 40K in Bank ?
Legitimate business expenses can be shown. Ask an accountant or you can post here, I might be able to help as I am a software architect.

Do i have show 40K for three moths or 1 month ?
I dont think thr is a time line for showing investment funds.


I am planning to apply in January. i do kept my minimum balance 900 From this month. i haven't got a solicitor yet , i would like to hear your opinion on this and i don't mind paying for your service. Hope you can advise me.

900 in personal account for 3 months is a must. Me and many here are against solicitors. You dont have to pay me or any one for our posts here. We just do that coz we love this forum and we are giving it back. Even then, if you want to pay money, feel free to donate $101 to any NGO in India/Pakistan of your choice !

[KickAss]

1:At the moment, My core business is IT support. But my main focus in future is Web/App Development. I have setup a web design company in India Last YEar , which already employs 5 People and i do outsource some web works to them and i have done around 10 website for clients in UK. How can i show webdesign as My core business ?

Problem is that on T1E you should be involved in the core services, you are not doing the web development on your own.. are you ?
The reason why PSW holder's get relaxation of 150K is coz UK govt wants guys who get educated here to do some skillful job.

2: Does it matter how much salary we take every month? ( as a director i only take less than 700 rest i take as dividend )
Nope ! just a pointer 700/month is less than the minimum wedge, HMRC can raise questions on this. speak to you accountant.

3: All my payments from clients made by card, so its hard to show how clients are paid, statement only comes with daily total.

When you say clients , you mean your clients right ? If they pay you does the money goes in to business account ? If yes then no issues.

[Olasunkanmi]

@ dontworry,

1:At the moment, My core business is IT support. But my main focus in future is Web/App Development. I have setup a web design company in India Last YEar , which already employs 5 People and i do outsource some web works to them and i have done around 10 website for clients in UK. How can i show webdesign as My core business ?

Its better you employ a web designer/developer in UK now with the same company and then use that as a point for your Tier 1 entrepreneur visa application, so that your core service can be made to be Web designing.


2: Does it matter how much salary we take every month? ( as a director i only take less than 700 rest i take as dividend )

You as a director cannot pay yourself salary from the business if you apply for the Tier 1 entrepreneur visa, you can only pay your employee salary and they must be employed as either full-time or part-time employee and not on contract basis.
As a director you can only pay yourself reasonable dividend from the profit made by your business.

3: All my payments from clients made by card, so its hard to show how clients are paid, statement only comes with daily total.

You need to keep a record of payment by clients for your core service for the purpose of extension of the Tier 1 entrepreneur visa. Even if your clients pay by card, you should still have the record from your bank.

[KickAss]

You as a director cannot pay yourself salary from the business if you apply for the Tier 1 entrepreneur visa, you can only pay your employee salary and they must be employed as either full-time or part-time employee and not on contract basis.
As a director you can only pay yourself reasonable dividend from the profit made by your business.

I disagree with this , A director is also an employee and one has to pay salary to the director. For tax efficiency , It is recommended that directors salary should be less and most of the money should be taken out as dividend.

[TSAZ]

I will be blunt with my answer so please don't mind. This way Ill provide you my personal non biased opinion.


Does my business Qualify NQF level 4?
NO and YES, Majority of the work you do is NFQ level 3
(IT user support technicians 3132), however, you have mentioned Web design, if you can show that as your core service, (which I personally think is not the case) then you may qualify for Web design and development professionals.

Which SIC code i should use in HMRC?
3132 or 2137

What job Title I should use for Myself ?

pick the one from 3132/ 2137 suggestions.

I have already invested some money. is it okai to show 10K already invested and 40K in Bank ?
Legitimate business expenses can be shown. Ask an accountant or you can post here, I might be able to help as I am a software architect.

Do i have show 40K for three moths or 1 month ?
I dont think thr is a time line for showing investment funds.


I am planning to apply in January. i do kept my minimum balance 900 From this month. i haven't got a solicitor yet , i would like to hear your opinion on this and i don't mind paying for your service. Hope you can advise me.

900 in personal account for 3 months is a must. Me and many here are against solicitors. You dont have to pay me or any one for our posts here. We just do that coz we love this forum and we are giving it back. Even then, if you want to pay money, feel free to donate $101 to any NGO in India/Pakistan of your choice !

Hi kickAss,
i have few questions for you,if you can advise.
i previously applied t1,which refused on bank letter issue,now applying fresh application.
i used soc 2131 nqf level6 for previous application,
now soc 2131 replaced by 2139,which do not properly match services discription i offer under my company.
i offer following services under my company,

1:IT set up, training and maintenance including data backup, transfer and recovery services.
2:
hardware ,software upgrades and development
3:
web design and development
4:
networking and recomondation on new IT tecnology
please advise which soc code best suite.
my education is
msc in telecoms
Engineering in Electronics
thanks

[Olasunkanmi]

You as a director cannot pay yourself salary from the business if you apply for the Tier 1 entrepreneur visa, you can only pay your employee salary and they must be employed as either full-time or part-time employee and not on contract basis.
As a director you can only pay yourself reasonable dividend from the profit made by your business.

I disagree with this , A director is also an employee and one has to pay salary to the director. For tax efficiency , It is recommended that directors salary should be less and most of the money should be taken out as dividend.

@ KickAss, you cannot pay yourself salary from the investment funds and the evidence is as given by Home Office;

Tier 1 (Entrepreneur)

Conditions of your stay

you must continue to have access to the funds you had when you made your application unless you have spent them establishing or running your business which excludes payments you have received from the business.


http://www.ukba.homeoffice.gov.uk/visas ... onditions/

[educators]

You as a director cannot pay yourself salary from the business if you apply for the Tier 1 entrepreneur visa, you can only pay your employee salary and they must be employed as either full-time or part-time employee and not on contract basis.
As a director you can only pay yourself reasonable dividend from the profit made by your business.

I disagree with this , A director is also an employee and one has to pay salary to the director. For tax efficiency , It is recommended that directors salary should be less and most of the money should be taken out as dividend.

@ KickAss, you cannot pay yourself salary from the investment funds and the evidence is as given by Home Office;

Tier 1 (Entrepreneur)

Conditions of your stay

you must continue to have access to the funds you had when you made your application unless you have spent them establishing or running your business which excludes payments you have received from the business.


http://www.ukba.homeoffice.gov.uk/visas ... onditions/

The home office statement merely means that in order to show investment, money taken by yourself either in the form of director salary or dividends will not be considered as an investment. It does not mean that a director cannot withdraws money as a salary. It is a normal practice for companies director to take salary. No one restricts them on this. In short all money spent for your business will be considered as an investment such as rent, staff wages and other expenses however your salary or dividend taken will not be counted as an investment. So you can take salary but you cannot include it as an investment.