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Self -employed Earnings

Posted: Wed Jul 13, 2011 3:05 am
by jat05
Hi there,
About me: I am a Self-employed GP(Doctor), currently on Tier1(General) and will be applying for ILR in August. I do not operate under Ltd company or don't have any Business set up. I get paid by cheques and bank transfers for my work into my personal bank account. I pay taxes through self-assessment.

My query
1.When filling the form for total earnings do I have to put the total earnings for the period claimed or is it taxable Income? i.e Total earnings -Expenses = Taxable income
I am preparing to submit the following documents in support of earnings claimed.

1.Personal bank statements
2.Accountants letter/invoice summary
3.Most recent HMRC Quarterly NIC statement
4.Invoices
5.Tax demand notice from HMRC

Do I need to submit any other documents?
I appreciate if one of the seniors could answer the above
cheers

Posted: Wed Jul 13, 2011 7:44 am
by John
.... or don't have any Business set up
But you do have business set up, don't you. You clearly have a business and it is properly set up and you are paying your taxes and NI contributions.

Posted: Wed Jul 13, 2011 10:26 am
by jami
Net earnings are to be shown
You need to prepare accounts that net earnings have been arrived at.
CA would certify that

Posted: Wed Jul 13, 2011 10:48 am
by jat05
Thank you both for your replies. Jami, Am I right in thinking that net earnings are same as taxable earnings
For example, my total earnings through cheques and BACS that went into my bank account
say £50,000 and expenses during that time is say £4000, does that mean the net earnings are £46000(taxable amount) and is this the amount I need to declare on the application.
Also could please suggest if the documents I mentioned would be enough to support.
Cheers

Posted: Wed Jul 13, 2011 11:32 am
by John
say £50,000 and expenses during that time is say £4000, does that mean the net earnings are £46000(taxable amount) and is this the amount I need to declare on the application.
Yes! :)