This is bound to be the most complicated case you guys have seen but your thoughts are invited. I will be sponsoring my spouse in the near future but I have been in the current job for less than six month. I am thinking of Category B. Work on the assumption that my current job annualised at more than 18,600.
For the previous 12 months my earning are as follows. I was on a zero hours contract as a consultant. There was no guarantee of work and I get paid for the work done. I participate in a Joint Share Ownership Plan with an Employee Investment Trust that jointly purchase shares in my employer. My weekly payslips look something like this:
Taxable pay: 268.00
Advance: 400.00
Assuming that I work all the weeks in the year, my income for the past 12 month would be 268 x 52 = 13,936 which is below the threshold.
The monies advanced to me would total 400 x 52 = 20,800
Throughout the last year my employers pay interim dividend along with a final dividend totalling 10,800. At the end of the tax year the Trust buys back my shares resulting in a Capital Gain of 10,000. Together these amounts, 10,000 + 10,800 = 20,800 is used to settle the amount advanced to me.
Let’s say that 268 after tax is 230, amounts paid into bank: 32,760 comprising 52 payments of 630 (230+400).
This arrangement confused my solicitor so I wonder how the HO bureaucrats will see this? Your thoughts are welcomed.
- FAQ
- Login
- Register
- Call Workpermit.com for a paid service +44 (0)344-991-9222