The specific rules for those who are self-employed can be a little complex and confusing and certainly need a very careful reviewOriginally Posted by Michael Parnham
Thanks Phil, what if he's self employed?
If there is any doubt at all as to specifically which financial documents to provide I suggest spending a small fee and some consultation time with an accountant.
There are two categories:-
- Category F - you are in self-employment at the date of application and using income from your last full financial year to meet the financial requirement.
- Category G - you are in self-employment at the date of application and choose to use an average of the income received in the last 2 full financial years to meet the financial requirement.
A very key point is to understand that Taxable income for Self-Employed is revenue less business expenses.
If the business accounts show that tax is actually being taxed on an amount less than £18600 then the application will fall for refusal.Period.
Quite a few folk have slipped up on this.
If necessary, take time to take a serious look at adjustments to your business expense structures and 'tax-breaks' so that taxable income is at least £18600.
Most self-employed will be trying everything to keep your taxable income to a minimum.
Compliance with immigration requirements means not dropping below that £18600 taxable income.
Quote Reply