Urgent help: Tier 1 Entrepreneur Extension

[Ray21]

URGENT HELP: Can someone please help me understand the following question for my tier 1 extension application?

K4.

Yes, all of the investment funds were shown in the previous application. Go to L
Yes, some of the investments funds were shown in the previous application. Go to K5
No, none of the funds were shown in the previous application. Go to K6

I obtained my tier 1 visa back in Mar, 2013. All the funds (50.000 GBP) were transferred from my personal account (UK based Bank) into my business account (UK based Bank) in Feb, 2013.

My solicitor advised me to go for the first option as he says I clearly showed all the investment funds in the last application. However, from many of the posts here I am under the impression that it might not be right. Kindly advise

[Mrchaany]

K4. Were any of these investment funds shown as part of your successful application for your last grant of leave?

it means that have you actually invested any of your investment funds in your previous application.

You think your solicitor got it wrong. you just had transferred fund not invested.

please go for No none of the funds were shown in the previous application. Go to K6

[zimba]

Your solicitor is wrong. You did not score points for any investments, you simply showed you have access to the funds. For investment, you need to show company accounts, loan agreement, bank statements, etc. Supply these can choose the last option

[Commando]

Any one correct me if i m wrong,
As i remember at the time of the initial application it was clear on the application form, (do u hav 50k in available of ur own)
I did hav business bnk acc at the tim of initial application but i cnt simply transfer the funds into it as there were 20 points on this 50k available funds. So i kept the funds in my personal acc instead to investing into business.

[Ray21]

Thank you for the kind advise. I will get back if I need more help.

[Ray21]

Hi all,
I just wanted to take your opinion on my case. I invested 50K into my business account (in 5 different transactions from my personnel account) when I set up the business in Jan, 2013. During the financial year I had to withdraw some money about 15K. I used some of the money to pay different expenses of the company however, in year 2013/14 accounts that 15K is shown as drawings . By the time the business started running smoothly and I started paying employee salaries and other business expenses out of the money earned by the company.
Overall I have invested around 60K over the last three years but my question is that would that withdrawing of 15K could cause any issue?

[noajthan]

Hi all,
I just wanted to take your opinion on my case. I invested 50K into my business account (in 5 different transactions from my personnel account) when I set up the business in Jan, 2013. During the financial year I had to withdraw some money about 15K. I used some of the money to pay different expenses of the company however, in year 2013/14 accounts that 15K is shown as drawings . By the time the business started running smoothly and I started paying employee salaries and other business expenses out of the money earned by the company.
Overall I have invested around 60K over the last three years but my question is that would that withdrawing of 15K could cause any issue?

If you have invested or at least transferred £60K over 3 years and have withdrawn £15K then the nett investment (/transfer) seems to be £45K.

[Ray21]

Hi all,
I just wanted to take your opinion on my case. I invested 50K into my business account (in 5 different transactions from my personnel account) when I set up the business in Jan, 2013. During the financial year I had to withdraw some money about 15K. I used some of the money to pay different expenses of the company however, in year 2013/14 accounts that 15K is shown as drawings . By the time the business started running smoothly and I started paying employee salaries and other business expenses out of the money earned by the company.
Overall I have invested around 60K over the last three years but my question is that would that withdrawing of 15K could cause any issue?

If you have invested or at least transferred £60K over 3 years and have withdrawn £15K then the nett investment (/transfer) seems to be £45K.

Thank you for a prompt response noajthan. So whatever I reinvested as the sole director of the company would not count as investment? for example if the annual turnover was 20K and the director's wages were 8K. would the remaining 12K consider as money being reinvested by the director into the company?

[Ray21]

Dear Zimba and Others!!!

I invested 50K directly into the business in my name (from personal to business account) in 2013/14 through an unsecured director's loan. However, I had some drawings which I partly used in business.

In the subsequent years all the earnings were invested into the business. Do you think that drawings in the first year could be problematic?

[Mrchaany]

There is no issues
Are u an accountant if not hire accountant for your annual accounts
Because where's he/she can prepare balance sheet of financial statement

You don't need to worries ask your accountant
Regards
Ik