Problem: Financial Requirement for Company Director

[drench]

Hi guys!

I am finally in a position where in 6 months time we can hopefully apply for a visa for my hubby. However, like a thunderstorm on a fine summer day, I have recently come across another hurdle to our quest!

Basically, I am a company director of a small business I started one year ago. At the moment I am receiving a director's salary which is £8,500 gross annual salary (to fall before the taxable amount). I have also recently taken up another job to help us reach the minimum income threshold. With the company salary and my other job I have calculated my income to fall just above the income threshold.

Now my dilemma is this: as what I can understand (and please correct me if I am wrong) the financial requirement appendix states that they will only take into consideration any income from a self-employment (or directorship) that falls under the latest financial tax year (basically April 2013 - April 2014). I have just started my other job this March and was hoping we could apply this September. However, my director's wages from April 2014 - September won't be sent to HMRC yet until the financial year ends on 2015!

What do I have to do so that I can make it possible for us to send our application through by the end of this year? We have been waiting for years to get this visa sorted and finally we are now in a position where we know we can pass the requirements.

Does anyone have any suggestions or experience with Combined Income contributions? I know we can fulfill the minimum income threshold, my problem is just How to show them.

Any help would be appreciated.

Thank you!

[Dedworth]

Is it a Limited Company ? If so I'd guess you need some sort of certified statement from your Accountant - no doubt there are others with knowledge of this on here

[drench]

Yes it is a limited company. I am just worried that our applications gets dragged on for another year and a half just because of a couple of documents. We don't want to risk another change in the immigration rules that we may not be able to fulfill.

[BazJaz]

Hi, I am a company director also, my "basic" wage was very low and this was reflected on wage slips - £640 a month, however I also took a good dividend payment each month which was enough to get me over the £18k+ requirement (from memory they were only interested in the last 6 months or earnings) I did not have a P60 to show them, All I did was show wage slips / company and personal bank accounts highlighting the wage / dividend leaving the business account and arriving in the personal account, also adding a letter from the accountant outlining my pay.
I know this is slightly different from your situation but it lets you know about the showing pay history without the tax office paperwork, I've done this 2 times now (Fiancee visa and FLR visa, no questions each time)
Hope it helps a bit
Baz

[drench]

Thank you so much BazJaz! That helps a lot. Can I ask when you submitted your application? Its just, reading through the newly updated appendix they had for financial documents, they said the income from directorship must be shown in tax documents. I do hope I just read it wrong. i will post the excerpt from the appendix later so everyone can have a read as well.

[Terpe]

Thank you so much BazJaz! That helps a lot. Can I ask when you submitted your application? Its just, reading through the newly updated appendix they had for financial documents, they said the income from directorship must be shown in tax documents. I do hope I just read it wrong. i will post the excerpt from the appendix later so everyone can have a read as well.

Yes that's correct, you'll need Company Tax Return for the last full financial year (plus evidence of submission to HMRC)

You'll also need some Company Accounts (audited or unaudited depending on requirements)

It's easy to become a little complicated when using Directorship.
Please be sure to fully comply and supply all mandatory documents.....UKVI are known to err on the side of refusal in these cases.

[drench]

Yes that's correct, you'll need Company Tax Return for the last full financial year (plus evidence of submission to HMRC)

You'll also need some Company Accounts (audited or unaudited depending on requirements)

It's easy to become a little complicated when using Directorship.
Please be sure to fully comply and supply all mandatory documents.....UKVI are known to err on the side of refusal in these cases.

I was afraid you were going to say that. Damn. I have the amount they want I just need to make sure all the paperwork matches! Why do they make these so complicated :doh

[drench]

9.3.2 For those employed as a director of a specified limited company in the UK, the relevant financial year(s) will be that covered by the Company Tax Return CT600 and corresponds to the 12-month accounting year of the company.

9.3.5 Income under Category F or Category G can be combined with income from salaried and non-salaried employment....in order to meet the financial requirement. However, unlike with other categories, these sources of income must fall within the relevant financial year(s) in order to be included. Under Category F or G, all sources of income must fall within the financial year(s) relied on and must still be a source of income at the time of application.


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As what I can understand, instead of a minimum of 6 months payslips, I need to be able to provide the full financial year's documents showing my income leaving the company to my bank. PLUS, i would need to show payslips of my other employment within that same financial year?

Our company's financial year runs from Dec to Dec, but I have only been employed in my other job since Feb this year. Would this be a problem? Or should I just show all my payslips from this employment in combination with my payslips from my directorship? In total it will be well over £18,600.

[drench]

Yes that's correct, you'll need Company Tax Return for the last full financial year (plus evidence of submission to HMRC)

You'll also need some Company Accounts (audited or unaudited depending on requirements)

It's easy to become a little complicated when using Directorship.
Please be sure to fully comply and supply all mandatory documents.....UKVI are known to err on the side of refusal in these cases.

Hi again Terpe, :Help1: sorry I have just come across another question :bigcry::bigcry::bigcry:

As you know I am combining my Director's Wages and Non-Salaried (Hourly) Income from another Employment to reach the £18,600 threshold.

I understand that under Category F I have to submit a Full Financial Year's documents and company accounts, which I should be able to do. Under Category A, I am aware that they would only need 6 months payslips from my employer and maybe a letter and an employment contract.

Since I am combining Category F and A, am I correct in saying that I would still only need 6 months payslips from my employer? If so, my full year's wage from my company (Category F) plus the 6 months payslips from Category A (divided by 6 then multiplied by 12) should be just over £18,600.

I am really stressing out thinking that they might want to see actual evidence of the full £18,600 - without Category A being extrapolated using their formula. I have only started this second job this February and at the moment I am still at the basic pay doing training, but come December I will have already done at least 6 months of full pay. If they don't extrapolate, I know I will be under the £18,600 threshold.

I just want to know if I'm wasting my energy and time working this extra job and still not meet the financial requirement because of a technicality in the documents required. :ReadIt::ReadIt: :bigcry::bigcry: