Financial requirement assistance FLR M

[guyver]

Hi guys,

Hope you are all well in these tough times. I was hoping someone could advise on the following.

I am just trying to gather as much intel as possible on this....


I will be applying for an extension (FLRM) and have some questions.

I am applying under the Limited Company route and have 2 questions in relation to the financial requirement.

The guidance states the following:

(c) Where the person is listed as a director of the company and receives a salary from
the company, all of the following documents must also be provided:
(i) Payslips and P60 (if issued) covering the same period as the Company Tax Return
CT600.


(d)Where the person receives dividends from the company, all of the following
documents must also be provided:
(i) Dividend vouchers for all dividends declared in favour of the person during or in
respect of the period covered by the Company Tax Return CT600 showing the
company’s and the person’s details with the person’s net dividend amount and tax
credit.

Q1. The dividends from the company sufficiently meet the requirements of £18,600. Would payslips also be required?




The Guidance states the following:

(vii) One of the following documents must also be provided:
(1) A certificate of VAT registration and the VAT return for the last full financial year (a
copy or a print-out) confirming the VAT registration number, if turnover is in excess of
£79,000 or was in excess of the threshold which applied during the last full financial
year.

(2) Proof of ownership or lease of business premises.

(3) Original proof of registration with HMRC as an employer for the purposes of PAYE
and National Insurance, proof of PAYE reference number and Accounts Office reference
number. This evidence may be in the form of a certified copy of the documentation
issued by HMRC.

Q2. I am not registered for VAT, and i am not registered with HMRC as an employer, this leaves me with

"(2) Proof of ownership or lease of business premises."

I live with my parents, my personal and business address is registered here. Would a letter from them advising that I operate from this address be sufficient?


Thank you !!!

[geoeng]

Q1. The dividends from the company sufficiently meet the requirements of £18,600. Would payslips also be required?

The wording of the rules is such that it suggests that if you receive a salary, you must provide bank statements and any payslips for the specified period.

Q2. I am not registered for VAT, and i am not registered with HMRC as an employer, this leaves me with

"(2) Proof of ownership or lease of business premises."

I live with my parents, my personal and business address is registered here. Would a letter from them advising that I operate from this address be sufficient?

I'm not aware of any guidance that discusses what would be acceptable proof of ownership or lease of business premises, but I would guess a letter from your parents simply stating you operate from there would be viewed somewhat suspiciously and they are likely after more of an official arrangement (based on the wording of the requirement).

[guyver]

Q1. The dividends from the company sufficiently meet the requirements of £18,600. Would payslips also be required?

The wording of the rules is such that it suggests that if you receive a salary, you must provide bank statements and any payslips for the specified period.

Q2. I am not registered for VAT, and i am not registered with HMRC as an employer, this leaves me with

"(2) Proof of ownership or lease of business premises."

I live with my parents, my personal and business address is registered here. Would a letter from them advising that I operate from this address be sufficient?

I'm not aware of any guidance that discusses what would be acceptable proof of ownership or lease of business premises, but I would guess a letter from your parents simply stating you operate from there would be viewed somewhat suspiciously and they are likely after more of an official arrangement (based on the wording of the requirement).

I am not sure what I could provide maybe a letter explaining what I do would help.. - I work as a contractor and provide my services to other companies and my business address is the same as my home address its as simple as that.


I will be providing all of the below, I am not sure what else could be provided, as highlighted above I am not registered for VAT as I do not make 79k etc... and I am the director of my limited company... I have no employees.


1. CT600 for the last financial year
2. Evidence of registration with companies house
3. Unaudited accounts with verification from approved accountant
4. Business bank statements for same period of CT600 until present date
5. A current appointment report from companies house
6. Payslips for ct600 period
7. Personal bank statements cover ct600 period til present
8. Dividend vouchers
9. Evidence of ongoing employment – all invoices from period of ct600 until present, insurance payments, dividend payments, pay slips
10. Evidence of payment to HMRC of corporation tax