how to calculate financial requirement?

[sweet fatima]

im applying for flr (m). for the finacial requirement do i add my p60 amount and my wifes p60 amount for thew year to see if the total is around 18600?

[Casa]

You need to show that you have earned the pro-rata amount of £18,600 in the 6 month period prior to submitting the application with the most recent 6 months payslips and corresponding bank statements. In other words £9,300 which can be joint income.

[sweet fatima]

sorry but I still don't quiet understand how to work this out. please explain how I can calculate when combined my income and my spouses id 18600

many thanks

[Casa]

Your income + your spouse's income = £9,300 over the last 6 months. (Before tax & NIC deductions) I assume you both have pay slips?

[sweet fatima]

oh thanks.

[sweet fatima]

you and your sponsors total combined income from salaried employment......which figure do I write for this question....adding the p60 together or working the total from payslips?

when combined does you annual income and your sponsor's annual income from current employment meet or exceed the financial requirement you must meet.......isn't this question regarding the figures shown on the p60 as that where you can find the annual income.

sorry but really confused

[Casa]

The P60 will only give you the figure from the last tax year. Does your salary vary each month?

[sweet fatima]

yes.

past 6 months I earned around 7811 and my sponsor earned 3100 I calculated this from our last 6 month payslips. I'm just confused which figure I write down for those questions

[Casa]

How much have you earned in the last 12 months? You haven't answered my question whether your earnings vary each month?

[sweet fatima]

yes both our incomes vary each month. my 2016 p60 says 15188.10. and my sponsors 2016 p60 says 6992.40

[Casa]

Forget the P60 with last year's earnings. The Case Worker is only interested in what you've earned this year. The reason I asked about the variable monthly earnings is because these will be calculated using the lowest monthly pay in the last 6 months and multiplying it by 12 to give an annual income.
What was your lowest month's pay in the last 6 month period?
What was your spouse's lowest month's pay in the last 6 month period?

[sweet fatima]

my sponsors lowest wage slip in the past 6 months was 498.48

and mine was 205.27

[Casa]

This means that the Case Worker will calculate your joint annual income as £8451.00 assuming you've given me your monthly pay and not weekly.

[sweet fatima]

498 is monthly....does that mean I don't meet the requirement of 18600

[Casa]

I'm afraid not. If you're unable to meet the income level I suggest you apply for FLR(FP) partner route, but I'll leave others to post their opinion.

[sweet fatima]

I'm about to apply in july. Ive put my file together and filled out flr m form. I was adding p60 amounts all that time

[Casa]

As I've said earlier in the thread, it's the last 6 months pay slips which will be used for the calculation, taking the lowest of these. P60's don't show what you're currently earning. Why do your monthly earnings vary so much? Are you both on zero hour contracts?

[sweet fatima]

my sponsor is on maternity leave that's why her payslip is 498...im really shocked so what happens now

[Casa]

I still suggest FLR(FP) partner route, but wait for others to step in. I'll keep an eye on it for you.

[sweet fatima]

Can we do the working out again....you said the payslip has to be monthly
......my sponsors are monthly and mine are weekly.

[Casa]

my sponsors lowest wage slip in the past 6 months was 498.48

and mine was 205.27

So in order to help you with a new calculation I now need to know what your salary was in your lowest month. Not the week you've shown above.

[sweet fatima]

Hi there. First of all sorry to trouble you with my questions but im am really helpless. Ive sat down with our payslips and now have actual figures for you. My sponsor has a monthly wage slip....me however i have a weekly....to make things easier ive added my four week wage slips to get monthly totals. Now please work out if we have met the 18600 requirement.

Me:
2016
Jan 1038.59
Feb 1353.40
March 1192.60
April 1904.00
May 1944.00
June 1396.00

Sponsor:
Jan 498.48
Feb 498.48
March 623.10
April 498.45
May 498.48
June 498.48

Remember my sponsor is maternity leave.

I hope we are able to meet the requirement now.

[Wanderer]

Code: Select all

(1038.59*12) + (498.48*12) = (12463.08 + (5981.76) = £18444.84

By my reckoning.

What are total earning over the last 12 months?

[Casa]

Code: Select all

(1038.59*12) + (498.48*12) = (12463.08 + (5981.76) = £18444.84

By my reckoning.

What are total earning over the last 12 months?

I've just posted this in reply to your PM. My calculations match Wanderer's.

"So your lowest month was January @ £1038.59 x 12 = £12,463.08
Your wife's lowest month was April @ £498.45 x 12 = £5981.40

£12,463.08 + £5981.40 = £18,444.48
Leaving you £155.58 short of the £18,600 required.

When is the last date that your wife can submit her FLR(M) application? If you're able to wait until you have your July payslip/bank statement, you would be able to knock off January's low payment. That's assuming that you have a good salary for July and it's not below your March payment of £1192.00"

Edit: I've just read through your previous posts and see that you are due to apply in August. This means that if you can hold off and submit your July payslip/bank statement, you'll make it. Assuming this isn't lower than £1192.00

[sweet fatima]

2015
Me:
June 1039.50
July 1729.00
Aug 1293.50
Sep 539.50
Oct 1332.00
Nov 1072.00
Dec 964.80

2015
Sponsor:
June 600
July 600
Aug 600
Sep 600
Oct 600
Nov 549.24
Dec 623.10

Note. These earning listed are taken before any tax or n.i contributions