Help Needed Regarding Extension

[luckier]

Hello Everyone,

I am close follower of this forum and I got some doubts regarding my extension which was due in next 2weeks. I need a hep regarding some doubts in regards to my extension. I am applying my self not depending on any solicitors so any comments you share will help to my extesnion.

As I made investment in the formof Directors loan and my question is

1.Investment : A paragraph in Policy Guidance
If you have made the investment in the form of a director’s loan, it must be shown in both the relevant set of financial accounts provided and through readily identifiable transactions in the applicant’s business bank statement(s). --- accounts and business bank statements
So it should be particular sheet of a statement where DL reflects or whole month transactions?


2.The statement(s) must clearly show the transfer of this money from you to your business.
----which docs to be produced??

3. As I have registred a company much before getting my initial leave along with my other partner who is also T1 Enterprenuer and we both applied as a T1 Ent Team
Do I need to provide accounat letter stating Investment has done and Job Creation ?

4. As we transfeered 25k each from our personal accounts to business account
Do we need to provide Individual Directors Loan Agreement showing 25k loan amount or a Combined Directors Loan Agreement showing both team member names as Lenders and 25k amount was lended by each person.

5. I was planning to submit Consolidated Management Accounts from the period I got T1 Ent Intial leave to till date instead of individual annual accounts will this be okay ?

Job Creation:
6. we have created 2 full time jobs from past 15 months and both jobs are still running.
As there is a change in hourly rate from past 5 months how do we need to mention this in the Employment table in the Application Form


Any help from senior members will be highly appreciated. Thanks in Advance have a good day.

[Meesha]

Hi Dear,
1. For showing investment you need to provide business bank account showing transfer of money from you to your business. Only those staements which reflect tranfer are enough.
2.To prove that u did transfer, provide personal bank statement from where you transfered money. (Both business bank and personal bank statements reflecting transfer).
3. i think if you started new business, you dont need letters. Wait for seniors opinion though.
4. I think one DL will serve the purposel as its entrepreneur team so both are investing in director capacity.
5. dont know

6. For job creation, add job in 2 columns to reflect difference in pay rate for same person/different person if you hired new employee after pay rate change.

[luckier]

Hi Dear,

2.To prove that u did transfer, provide personal bank statement from where you transfered money. (Both business bank and personal bank statements reflecting transfer).

How do we arrange them when submitting the application ?
Highlighting the DL transaction amount in personal and business statment or

Series of Highlighted the DL transaction amount in business statments and after that personal statements which is the best way to do ?

3. i think if you started new business, you dont need letters. Wait for seniors opinion though.

4. As we transfeered 25k each from our personal accounts to business account
Do we need to provide Individual Directors Loan Agreement showing 25k loan amount or a Combined Directors Loan Agreement showing both team member names as Lenders and 25k amount was lended by each person.

Seniors please advise

5. I was planning to submit Consolidated Management Accounts from the period I got T1 Ent Intial leave to till date instead of individual annual accounts will this be okay ?

Job Creation:
6. we have created 2 full time jobs from past 15 months and both jobs are still running.
As there is a change in hourly rate from past 5 months how do we need to mention this in the Employment table in the Application Form

Seniors Please advise


Any seniors please advise

[aby00156]

Hello Everyone

1.Investment : A paragraph in Policy Guidance
If you have made the investment in the form of a director’s loan, it must be shown in both the relevant set of financial accounts provided and through readily identifiable transactions in the applicant’s business bank statement(s). --- accounts and business bank statements
So it should be particular sheet of a statement where DL reflects or whole month transactions?


2.The statement(s) must clearly show the transfer of this money from you to your business.
----which docs to be produced??

You need to provide the management accounts of the year in which you invested the money into your business.
Also on the management accounts the Director loan is generally mentioned in Creditors section along with the name of the director.
Also, you need to provide the business bank statement showing money coming into the business account in your name. Provide Personal and business bank statement both I would suggest.

3. As I have registred a company much before getting my initial leave along with my other partner who is also T1 Enterprenuer and we both applied as a T1 Ent Team
Do I need to provide accounat letter stating Investment has done and Job Creation ?

No you are not required to give any accountant letter but if you want you can provide no harm.

4. As we transfeered 25k each from our personal accounts to business account
Do we need to provide Individual Directors Loan Agreement showing 25k loan amount or a Combined Directors Loan Agreement showing both team member names as Lenders and 25k amount was lended by each person.

One letter showing both names, amount and terms should be enough. Also read the guidance for mandatory things to mention Director loans letter.

5. I was planning to submit Consolidated Management Accounts from the period I got T1 Ent Intial leave to till date instead of individual annual accounts will this be okay ?

Just send the normal yearly accounts for the years in which you have invested the money.

Job Creation:
6. we have created 2 full time jobs from past 15 months and both jobs are still running.
As there is a change in hourly rate from past 5 months how do we need to mention this in the Employment table in the Application Form

Mention them separately under the same job by separating them when the pay rate has changed.

[luckier]

Thanks aby00156 and Meesha

luckier wrote:
Job Creation:
6. we have created 2 full time jobs from past 15 months and both jobs are still running.
As there is a change in hourly rate from past 5 months how do we need to mention this in the Employment table in the Application Form

Can senior Gurus please advise do I need to mention any End date in the job creation table as all my employees are still working.

Also I've one more question :
Once I got a Over speed notice where I have crossed the speed limit and
as per letter it said that I need to attend speed awareness course in order to aviod points on my license and fixed penalty.
So do I need to mention this in the application form where it asked Do you have offences ? section

Gurus please advise

[zimba]

Can senior Gurus please advise do I need to mention any End date in the job creation table as all my employees are still working.

YES. End date here does not necessarily mean the final working day of an employee. It means the end of the period YOU are claiming points for in that employment. Also if hourly rates of your employee changed, your need to enter it as a separate period.

Once I got a Over speed notice where I have crossed the speed limit and
as per letter it said that I need to attend speed awareness course in order to aviod points on my license and fixed penalty.
So do I need to mention this in the application form where it asked Do you have offences ? section

Nope. That is not an offence