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ILR - Limited Company - Loss in current FY
Posted: Sat Jan 06, 2018 8:22 pm
by adumbguy
Hi everyone,
This time I am asking a query on behalf of my friend, who is a salaried employee in his own company but this year P & L is negative which they have a loss, is this likely to jeopardize the ILR application outcome?
very best
Re: ILR - Limited Company - Loss in current FY
Posted: Sat Jan 06, 2018 8:41 pm
by bruteforce
On what basis your friend is applying for ILR? Having loss in business cannot be a reason for ILR rejection in most cases.
Re: ILR - Limited Company - Loss in current FY
Posted: Sat Jan 06, 2018 8:49 pm
by adumbguy
Thanks Bruteforce..
Tier 1 G - ILR
Let me rephrase my question - will his earning be considered even though there was a loss in the company?
Re: ILR - Limited Company - Loss in current FY
Posted: Sun Jan 07, 2018 9:49 am
by adumbguy
I would appreciate your reply
Re: ILR - Limited Company - Loss in current FY
Posted: Sun Jan 07, 2018 4:38 pm
by adumbguy
anyone?
Re: ILR - Limited Company - Loss in current FY
Posted: Mon Jan 08, 2018 3:20 am
by aliq09
In first place i am not an expert in accounts and you should take professional advice for your on going case.
If your ILR period lies in FY of company which is running in loss than i am afraid you can't show any dividends as they are always from the profit after taking any tax liability.
Can you please answer the following questions
1) Your Gross income is made up of a) Salary only or b) salary + dividend ?
Thanks
Re: ILR - Limited Company - Loss in current FY
Posted: Mon Jan 08, 2018 7:11 am
by adumbguy
aliq09 wrote: ↑Mon Jan 08, 2018 3:20 am
In first place i am not an expert in accounts and you should take professional advice for your on going case.
If your ILR period lies in FY of company which is running in loss than i am afraid you can't show any dividends as they are always from the profit after taking any tax liability.
Can you please answer the following questions
1) Your Gross income is made up of a) Salary only or b) salary + dividend ?
Thanks
Thanks aliq09
Its only Salary.