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Accountant and Tier 1 200k Extension

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

Moderators: Casa, John, ChetanOjha, archigabe, CR001, push, JAJ, ca.funke, Amber, zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, meself2, geriatrix

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n8net
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Posts: 780
Joined: Fri Feb 08, 2013 6:06 pm

Accountant and Tier 1 200k Extension

Post by n8net » Tue May 03, 2016 2:01 pm

I have 200k extension coming up in a months time and I have been preparing the docs now and understand the accountant has an integral role to play. But the accountant might be not aware of the req. of the extension or the rules and hence I have been doing research on what needs to be done and got following questions.

1) accountant is expected to prepare three year annual accounts, showing the investment, among other things
anything specific this should include / exclude for HO ?

2) pardon my knowledge with accounting side of the business, but would be useful, if someone could some shed light on, the type of accounts available and the ones that should be submitted to HO. This is will help me communicate clearly with my account as to what exactly required of him ?

3) I have not made the full investment yet, still 50k left in the 200k and expect to transfer this to my business account in two weeks time. Will this be problem for accountant or for HO ? I understand from this forum that interim management accounts are acceptable. Is management acocunts another name for ad-hoc accounts ?

4) he also should give me the full FPS for three years to satisfy job creation ?

5) he also should a letter confirming investment and 2-job creation which along with above are mandatory for HO extension ?

6) also for the accountant himself, he needs to have a licence and ACCA certified. anything else he must satisfy ?

thanks for reading and kindly please reply with some info which will help me understand the accounting jargon s related to Tier 1 200k extension from accounting point of view

geriatrix
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Posts: 24755
Joined: Fri Mar 17, 2006 3:30 pm
Location: does it matter?
United Kingdom

Re: Accountant and Tier 1 200k Extension

Post by geriatrix » Tue May 03, 2016 2:08 pm

Please continue your Tier 1 (Entrepreneur) queries in the existing topic.
Life isn't fair, but you can be!

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