Director's Loan agreement and Fund transfer

[marcnath]

You only need one set of accounts - it does not matter which year as long as your investment is shown in the accounts you submit.

Thanks marcnath for your clarification, it's much appreciated,

Does this means that if my investment (£200k) have been transferred from my personal bank account to the company bank account in year two, and it clearly highlighted on year two end of year accounts, this will mean that no need to submit any documents for year three (ongoing at time of ILR/extension application submission)?

That is correct. You don't need to submit accounts for Year 1 either.

How HO will confirm that the investment remain on the company bank account on year three (i.e Director's loan not been refunded), and how they will check the company progress/turnover for year three if no document submitted as part of my application?,

Appreciate your concern for being very considerate about how the CW will do his/her job. But you will be much better off focusing on what you should be doing rather than trying to explore all kind of probablities.
Your time is much better spent reading and rereading the guidance and making sure you are meeting the requirements set out there.
HO/CW will do their job and request additional documents if they so require.

Do I miss any document will need to be submitted for year three?

I understand that I will need to submit the bank statement for the days of money transfer from my personal bank account to the business bank account "Directors loan", any more document required wrt to bookkeeping documents and bank statements for the three years?

Thanks in advance.

No

[tier1entrepreneur-A]

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Thanks marcnath for your clarification, it's much appreciated.

[tier1entrepreneur-A]

Hi Team,

I'm a sole director and shareholder on Company A "where I'm investing the £200k", and in the meantime I'm a director with others in company B, I totally understand that I will submit companies house documents for both.

I will use company B for job creation only,

Do I will need to submit company accounts for company A and B, or I will need to submit company accounts for company A only on which I have invest the £200k?

Thanks in advance.

[bizman]

Company account is evidence for investment and it is logical that the same investment create 2 jobs, you need to have proofs or the two.

[tier1entrepreneur-A]

Company account is evidence for investment and it is logical that the same investment create 2 jobs, you need to have proofs or the two.

Thanks bizman for your reply, it's much appreciated,

The two jobs already created on company A (where the fund £200k has been invested) and I will submit the company end of year accounts, company B will create additional jobs (zero money invested from my side), and my role on company B is mainly as a director, and I have a percentage as shareholder based on my director position (involved on day to day activities),

So all my investments are on company A, so I'm thinking that may be the required account documents (company end of year accounts) will be required for company A only.

I just don't want to submit any document may be not required.

Looking forward to hearing from you.

Thanks in advance.

[bizman]

Yes you are correct. You don’t actually need to submit anything from company B as it is not the company that you invested into. Send just company A accounts.

[tier1entrepreneur-A]

Yes you are correct. You don’t actually need to submit anything from company B as it is not the company that you invested into. Send just company A accounts.

Thanks Bizman,

I will use company B to prove FOUR jobs creation, so in total company A and B will prove TEN jobs have been created, my understanding is that I still don't need to submit accounts documents for company B (as the £200k investments are on company A only), is that correct?

Thanks in advance.

[marcnath]

Yes you are correct. You don’t actually need to submit anything from company B as it is not the company that you invested into. Send just company A accounts.

Thanks Bizman,

I will use company B to prove FOUR jobs creation, so in total company A and B will prove TEN jobs have been created, my understanding is that I still don't need to submit accounts documents for company B (as the £200k investments are on company A only), is that correct?

Thanks in advance.

Correct

[bizman]

Yes that’s correct.

[tier1entrepreneur-A]

Hi Team,

I'm a director of a limited company with others (other than my main one), and the accountant provide each month three documents which are:
(1) Period summary (using 12 Pay software) which include all employee names, NI code, taxable pay Employee NI, Employer NI, Net Pay
(2) Updated copy of P32 (Employer Payment summary),
(3) Employee payslips on monthly basis,

My question is:

Does document (1) and (2) above will be classified as RTI-FPS as per Home office requirements?

Thanks in advance.

[bizman]

They are not classified as RTI/FPS. Why don’t you ask your accountant to submit Full Payment submission for you monthly to HMRC. It Real Time Information. This is very essential for both your extension and ILR.

[tier1entrepreneur-A]

They are not classified as RTI/FPS. Why don’t you ask your accountant to submit Full Payment submission for you monthly to HMRC. It Real Time Information. This is very essential for both your extension and ILR.

Many thanks bizman for your clarification, it's much appreciated, I will push to have the RTI/FPS document from him, I thought P32 may be an alternative which is not.

Thanks again.

[tier1entrepreneur-A]

Hi Team,

My main company -I'm the only director/shareholder- accountant send to me monthly the FPS document including all the company employees, which is a document of 5 pages every month. I have asked my accountant if she can have FPS for each employee separately, but she told me that the FPS she submit to HMRC should include all the company employees and she cannot split it.

Wrt the documents I will need to submit for each job created, I understand that it will include the FPS and payslips for the qualified 12 month period.

This will mean that for each job I have to submit the following:
FPS X 12 month (which will be in my case 5 pages X 12 = 60 pages)
Payslips X 12 month = 12 pages

I'm planning to make a file for each Job created including FPS, payslips, passport copy, confirmation of first day of employment (which stated on the first FPS after employing this employee), P60 ... which will mean that in my case I will need to submit approx. 70 pages file for each job created ..

Is my understanding right, or I miss something?

Thanks in advance.

[bizman]

Your accountant is right, you just need to submit twelve FPS for the employees depending on your circumstance as it includes all the employees for each month. In situations where the employees worked at different times say one works from January to a December and the other from March of the same year to February the next year, it will be more than twelve to cover both.

[tier1entrepreneur-A]

Thanks bizman,

Does this will mean that submitting around 70 pages for each job created will be normal?

Sure it will be ok from my side, I just will scan them and organize them with a cover letter(s), but I'm asking if this is what everyone do to submit all these pages to HO/CW.

Thanks in advance.

[marcnath]

Thanks bizman,

Does this will mean that submitting around 70 pages for each job created will be normal?

Sure it will be ok from my side, I just will scan them and organize them with a cover letter(s), but I'm asking if this is what everyone do to submit all these pages to HO/CW.

Thanks in advance.

Yes, all FPS pages need to be submitted.

There is no requirement to submit all of those multiple times (1 with each job). That is your own preference of how you want to organise it.

HO only needs one set of those FPS documents.

[tier1entrepreneur-A]

Thanks bizman,

Does this will mean that submitting around 70 pages for each job created will be normal?

Sure it will be ok from my side, I just will scan them and organize them with a cover letter(s), but I'm asking if this is what everyone do to submit all these pages to HO/CW.

Thanks in advance.

Yes, all FPS pages need to be submitted.

There is no requirement to submit all of those multiple times (1 with each job). That is your own preference of how you want to organise it.

HO only needs one set of those FPS documents.

Excellent.

Many thanks marcnath for your clarification, much appreciated.

[tier1entrepreneur-A]

Hi Team,

I have joined as a director for an existing business, on the day of my joining, the business has NO EMPLOYEE, and I asked the accountant to provide me a letter from him confirming that there was no employee on the company pre my joining date, which he did.

My question is: Is this letter will be sufficient for HO to prove that pre my joining date the business has no employee?

Thanks in advance.

[bizman]

Of course it is the requirement, however it depends on the wordings of the letter. If it takes care of the requirement it should be fine

[tier1entrepreneur-A]

Of course it is the requirement, however it depends on the wordings of the letter. If it takes care of the requirement it should be fine

Many thanks bizman for your reply, it's much appreciated,

Yes, the letter matches with the wordings as per the guide,

I was just wondering if i need any other document in addition to the accountant letter.

Best Regards.

[marcnath]

Of course it is the requirement, however it depends on the wordings of the letter. If it takes care of the requirement it should be fine

Many thanks bizman for your reply, it's much appreciated,

Yes, the letter matches with the wordings as per the guide,

I was just wondering if i need any other document in addition to the accountant letter.

Best Regards.

If the business had employees before, it might be possible to also provide a copy of the Notification to HMRC of when the employees ceased. It is not necessary but just useful.

[tier1entrepreneur-A]

If the business had employees before, it might be possible to also provide a copy of the Notification to HMRC of when the employees ceased. It is not necessary but just useful.

Thanks marcnath for your reply, it's much appreciated.

[tier1entrepreneur-A]

Hi Team,

I have two part time employee, employee A started joined the company in May 2018, and employee B joined in Mar 2019 (both of them doing the same job, and holding EU passport)

My understanding is that both of them should be employed on the same period to allow me to be able to combine the two PT employee to make one full time job, which in my case as described above will not happen until end of Feb 2020 (which will be the time employee B will complete his 12 month working period), is this correct?

My second question, in case of brexit with no deal in Oct 2019, does both employee as EU passport holders will remain to be classified as settled worker until i complete the required 12 month of employment (in my case it will be end of Feb 2020)?

Thanks in advance.

[tier1entrepreneur-A]

Hi Team,

I have two part time employee, employee A started joined the company in May 2018, and employee B joined in Mar 2019 (both of them doing the same job, and holding EU passport)

My understanding is that both of them should be employed on the same period to allow me to be able to combine the two PT employee to make one full time job, which in my case as described above will not happen until end of Feb 2020 (which will be the time employee B will complete his 12 month working period), is this correct?

My second question, in case of brexit with no deal in Oct 2019, does both employee as EU passport holders will remain to be classified as settled worker until i complete the required 12 month of employment (in my case it will be end of Feb 2020)?

Thanks in advance.

Any help with the case above.

Thanks in advance.

[bizman]

Hi Team,

I have two part time employee, employee A started joined the company in May 2018, and employee B joined in Mar 2019 (both of them doing the same job, and holding EU passport)

My understanding is that both of them should be employed on the same period to allow me to be able to combine the two PT employee to make one full time job, which in my case as described above will not happen until end of Feb 2020 (which will be the time employee B will complete his 12 month working period), is this correct?

My second question, in case of brexit with no deal in Oct 2019, does both employee as EU passport holders will remain to be classified as settled worker until i complete the required 12 month of employment (in my case it will be end of Feb 2020)?

Thanks in advance.

Any help with the case above.

Thanks in advance.

If it is in the same role, think you can combine the two of them, however it depends on the number of hours each employee is engaged.

Also at the moment they need to apply for the Eu citizens settlement scheme and get themselves sorted before the October 31 st deadline, nobody knows for sure what will happen after UK leaves EU.