Some Important question regarding Extension

[hina_pirzada]

Dear Board Members.

I hope you all will be okay and working on your Tier 1 (ENT) Ext.
I have some questions regarding my Extension application which is due in May 17.
Q1 (A). Regarding Investment: My accounting period start from 1 December till 30 November every year. I was granted visa in May 2014. I have transferred £52000 from my personal to business in the calendar year 1st December 2015 – 30th November 2016 in 10 transactions, which is my most recent accounts which I suppose to be submit with my application. I have deposited extra £8300 in my business account as business Invest. In my bank statement it is appear as:

Reference
BUSINESS INVEST........................................ £3,800
BUSINESS INVEST.........................................£4,500

The question is can I include the above amount in my director loan or not. If I include these amounts so the total investment will be £60,300.

Q1 (B): Do I need management accounts or not from 1 December 2016 till 30th April 2017. All my investment done in last accounting period?

Q2: Regarding Employment: I am bit confused in this part because I was applied my visa in Feb 2013 but the visa was refused. I went in the court in April 2014 and won my case. Visa was granted on 30 May 2014.
My question is which rule I need to follow for employment Pre-April or Post April. Currently I am following Post April rule where the requirement is to show 2 Full time post which must be exist for least 12 months.

I have 2 Part time employees working 16 hours per. One is working since January 2016 and other part time employee working since February 2016. One other employee working since February 2016, 30 hours per week.

Can you please tell me if there is any issue if I am following Post April Rule?

Q3. Accountant Letter for Net Job Creation: In the letter should I include all the jobs created during the extension period or only need to show those whose points are claiming.

Q4. RTI Full payment Submissions: Should I need to send all RTI’s submissions or only need to send when the employee started work. As a director I am taking my salary from the company revenue since April 2015. First employee started work from January 2016. So should I send from January 2016 onward or send all previous one.

I would like you to thanks all board members in advance who will give the answers for my above mentioned questions.

Sincerely.

[zimba]

1(A) - Yes Why not ?
1(B) - No
2- Pre-April as you applied before 6 April 2014 and managed to get your visa successfully in the end. However you do not seem to have any issues even with post April 2014 requirements as all your job positions lasted more than 12 months
3- That is only required if you joined or taken over an existing business
4- From Jan 2016 onwards will be fine

[ishfaqsangra]

As per my understandings,You can submit the submitted accounts as you investment is completed before ,
Business invest could be directors loan with agreement and providing personal statements as well,as you successfully applied I guess you can use pre April but post April should be fine (pre April is easy post April should also be fine as any combination would do for you,
The salary you have taken,,,that's the question,How much was taken?was business profitable in that duration?Has it been reinvested?Ideally should be reinvested or at least withdrawn while business is in profit.

[hina_pirzada]

Thank you Zimba for the clarification of the point no 3. Its mean I don't need accountant letter to show net job creation. Is that right?

Mr Ishfaq, thank for your reply.

I have invested in my last year of extension. £52000 + 8300 = 60300


My First Year Accounts ending Nov 2013: Turn Over was : £ 3250 ( Director Salaries were not taken) I paid £31.40 corporation Tax.

Second Year Accounts Ending Nov 2014: Turn over was: £33,890 ( Director Salaries were not taken) I paid £173 corporation tax.

Third Year Accounts Ending Nov 2015: Turn Over was: £17,890 ( Director Salaries were taken £12,800) accounts was in loss about £700

Fourth Year Account Ending Nov 2016: Turn Over was: £76,000 + £60,300 Investment ( Director Salaries were taken about £21,593.60) , Staff Salaries: £ 27,710.50, Other Expenses: £43,287.13

My fourth year account is important which I suppose to be send to HO. I can cover cover director salaries from Turn Over and cover other expenses from Investment. Is that Okay?

Also you can mention that I should include personal statement so what is this ?

[ishfaqsangra]

Q3.You need to submit accountants letter but not for net creation as Job creation which is required.Net creation is if you Jane taken over a business and then
For business loan of 8300 your business bank account would do but better to submit personal account from where the money came to show it was from your personal.
Claiming Directors salary from revenues is OK but how to differentiate or identify that is something I am not well aware.
There is significant variation in your revenues?