Expert advice needed- 50K route

[robbie47]

Hello All,

Thank you for reading the post.

My issue is a bit complicated and I'm looking for suggestions before I submit my application.

a) I run a finance consultancy. I have got qualifications as well from CFA society and Institute of Actuaries UK.

Last year, i thought of investing in a fashion business as I was approached by friend with a business plan. Things went all wishy washy and business didn't kick off.. as it turned out to be some sort of ponzi scheme.
But by the time I realised that its not going to work out, I already had set up the company and bank accounts and spent 13.5K in expenses.. travelling, hiring consultants etc.

Now this 14K was paid from my finance consultancy to the fashion business. I was hoping to make the finance consultancy as the owner/shareholder of this business and I will stay as a director.

Now im in the process of closing down the fashion business.

My questions is

a) this 14K was transfered from my personal account to my finance consultancy as director's loan. Then this money was invested/spent by my company into another company.

Shall I submit the company reports of both the companies and tell them that Im shutting down one of the business ?

b) Just show finance consultancy and not say anything about the other business.

c) I have got some more capital, so should I inject 14K more into my finance consultancy to show 65-70K investments just incase they don't consider 14K or raise any issue about it.

Also, last year my turnover has not been very good as most of my invoices were not paid...I'm still chasing them and I was busy setting up other business. I had a really tough year!

This year im doing well and turnover is good!


Guys please advice, I would appreciate any help!

[zimba]

I suggest option c. Ignore the fashion business completely for the immigration purposes. Make it easy and straightforward

[robbie47]

Thank you Zimba...

The other option that I was suggested was to show 14K as a debit entry/loan in my consultancy accounts.
I don't have to close the fashion company now. I can keep it open, perhaps might start a business with it in near future.

- Then I'll only have to submit accounts of my finance firm showing 14K loan to another company, which I can receive in future. then I dont have to submit my accounts of other company (fashion company has stopped trading but still active).


- If I do transfer 14K again from my personal to business bank account.. Do I have to keep it for long ? I'm exploring one more business opportunity, so that's my I'm hesitant to put in this business account.

I know its super confusing.

Thank you for your advice.

[nasiaziz]

The caseworkers sitting have limited knowledge. Make sure you make it as easy and simple as you can for them.

[robbie47]

sure..

I'll speak to my accountant and ask what he says...

thanks alot

any thoughts on revenue ? If the revenue has not been too great .... but as long as I show profit... does it really matter ?

This year my revenue is going to be high... and it will shown in the management accounts.

2 years ago as well, my business was profitable.