Forward thinking...just a query! [Archive]

denzil1987

2nd April 2013, 15:12

Firstly I would just like to say hello to everyone!

I will keep my question as brief as possible! I am currently employed with a salary just under 18k, however I do also have a share in a limited company (owner managed myself and another partner - 1 year we have been running) - of which we take no salary.

In approx 1 years time I will aim to leave my job and solely manage the limited company - beneficially the way to do this is we draw a directors salary (which will be under the 18k). Now to get around the 18k problem - will i just have to 'employ myself' under the the company for 6 months (paying the tax and NI) and provide myself payslips? As this will be technically a new job will I have to provide any more than 6 months?

Basically, when i leave current work and have the company it will be a pay cut for me but it gives us the opportunity to concentrate and build further on the business.

Final point - I am dating, met etc a Filipino girl who currently has citizenship in Australia, things are going well so who knows for the future!

Thank you!

Terpe

2nd April 2013, 20:40

denzil1987,
I may have misunderstood your questions and circumstances, apologies if that's the case.
But it seems to me, you plan to pursue two conflicting strategies.
One is the optimisation of resources to build and strengthen a newish Comany business, and the other is to maximise your personal earnings in order to comply with UKBA Financial Requirements for visa applications.

Anyway, be that as it may, as a first step you will need to review the UKBA requirements for the Financial Requirement as it applies to Directors of Limited Companies and to the specific evidence you'd be required to submit.

For the purposes of visa application and the financial requirement director's of a limited company are treated as though they were self-employed.
This is because of the financial year basis on which the operation of the company needs to be evidenced and assessed.

Please take some time to review the UKBA webpage showing the relevent immigration rules.
Just follow the link here underAppendix FM-SE - Family members - specified evidence (http://www.ukba.homeoffice.gov.uk/policyandlaw/immigrationlaw/immigrationrules/appendix-fmse/)

There's a number of key issues and specific evidence needed and in line with the immigration rules you'll need to consider and submit ALL of the following:-

1. Where the 'self-employed' person is listed as a director of the company and draws a salary from the gross profits of the company:-

- wage slips covering the same period as the Company Tax Return CT600
- evidence of payment of PAYE and Class 1 National Insurance contributions where applicable covering the same period as the Company Tax Return CT600, where this evidence is available at the date of application.

2. Evidence of registration with the Registrar of Companies at Companies House.

3. Company Tax Return – CT600 (a copy or print-out) and evidence this has been filed with HMRC, such as an electronic acknowledgment from HMRC.

4. If the applicant’s business is a registered company that is required to produce annual audited accounts, then submit the latest such accounts.
Or If the applicant’s business is not required to produce annual audited accounts, then submit the latest unaudited accounts and an accountant’s certificate of confirmation, from an accountant who is a member of a UK Recognised Supervisory Body (as defined in the Companies Act 2006)

5. Corporate/business bank statements covering the same 12-month period as the tax return(s).

6. Personal bank statements covering the same 12-month period as the tax return(s) showing that the income from self-employment has been paid into an account in the name of the person.

7. Evidence of ongoing self-employment through evidence of payment of Class 2 National Insurance contributions (for self-employed persons), or current Appointment Reports from Companies House (for Directors).

8. One of the following documents must also be provided:-

- A certificate of VAT registration and the latest VAT return (a copy or a print-out) confirming the VAT registration number, if turnover is in excess of £73,000.
- Proof of ownership or lease of business premises.
- 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.)
- Proof of registration with the London Stock Exchange or with an international stock exchange approved by the Financial Services Authority in the UK.

Hope this will help you.

At the end of the day you WILL need to clearly show that the appropriate income level has been met with taxable income.