Confused about my Wife and Child Application *please help*

[yhdil]

Hi guys, my 10Y ILR application is due in July 2014 and my wife has T1 Dependent visa till June 2015 granted Aug 2012 and we have a baby born in UK Feb 2014. I wonder if gurus could resolve few of my confusions please.

1. Upon approval of my 10Y ILR, I am supposed to apply for FLR(M) for my wife. I am confused about Earning Criteria.

I am self employed and Gross Income for 2014/15 is approx. 27,000, Net Income (Taking off Business Expenses) is Approx. 20,000. Which income figure is considered for self employed. Is it Gross or Net Income?
Also, do I need to show full years' account as the self employed tax year 2014/15 finshes in April/May 2015 and it's going to be long wait after getting timely ILR decision on my application to make my wife's FLR(M) request. I can't really use 2012/13 earnings as I incured few losses in the intial few months and hence didn't make considerable profit.

2. Child Born
Am I right in stating that upon my ILR approval, the child shall qualify for Citizenship?

3. PBS Dependent wife has visa till June 2015
Does the approval of my 10Y ILR mean that my dependent partner ought to make FLR(M) application straight after. Can she acctually wait and make application near her expiry of Visa? In such case, can she conduct a return journey overseas under her PBS Tier1 Dependent status.

Waiting for your useful input.

Many thanks in advance

[Amber]

Yes a child born in the UK is entitled to register as British as soon as either parent is settled: s1(3) BNA.

For self-employed income and the Financial Requirement see Chapter 9 of Annex FM 1.7 (click). She will also require A1 English.

[yhdil]

Many thanks for the reply. Could you please address my third question.

[Amber]

I suggest you switch as soon as eligible.