Tier 1 Ext - Various Questions

[rajrea]

Hi All,

I'm under T1 Entrepreneur Team 50K route and my Investment was done via Directors Loan.
I need some clarification regarding Accountant letter like what exactly do we need to get from the Accountant?

When I gone through policy guidance this is the information I found

199. The letter must be an original document and contain the following details:

 the name and contact details of the business;
 your status in the business;
 the number of posts created in the business and the hours worked;
 the dates of the employment created;
 the registration or permission of the accountant to operate in the United Kingdom;
 the date that the accountant created the letter on your behalf; and
 that the accountant will confirm the content of the letter to us at our request.

Do all the above information should be in one single letter ?
Do we need have separate letters in the name of two team members as we are applying as T1 Ent Team ?
Does my Accountant needs to give a copy of his registration or permission certificate or just the registration membership number will be enough ?
As we've Invested in the form of Directors Loan - Do we need to also mention that 50k was Invested in to the business by both Directors in that letter or not ?

Experts please give your suggestions.... Thanks

[rajrea]

Hi All,

I'm under T1 Entrepreneur team 50k route my extension is due next month and I've a query regarding employment created.

As part of requirement I've created 1 Full Time job and 2 Part Time Jobs all are still existing now my doubt is that the jobs created Do they need to be NQF level 4 or above ? or it's not mandatory please give your inputs..

Thanks in Advance

[CR001]

It is not necessary to create a new topic/thread with EVERY question you have on the same application. Latest two topics merged, stick to one thread please.

See also Multiple Posts (click)

[rajrea]

It is not necessary to create a new topic/thread with EVERY question you have on the same application. Latest two topics merged, stick to one thread please.

See also Multiple Posts (click)

Thats okay ....

[rajrea]

Experts please advise

[zimba]

An accountant's letter is ONLY required for new jobs created if you joined or taken over an existing business. It has no value if you started your own business. I am going to answer these questions assuming you understand this clearly !

Do all the above information should be in one single letter ?

Yes

Do we need have separate letters in the name of two team members as we are applying as T1 Ent Team ?

Yes each one of you need a separate copy but it could be the same letter mentioning both of you as directors.

Does my Accountant needs to give a copy of his registration or permission certificate or just the registration membership number will be enough ?

No, just a declaration/membership number on the letter will be enough. I do not know why this is being asked on the forum so many times given that it is NOT in the guide or the rules.

As we've Invested in the form of Directors Loan - Do we need to also mention that 50k was Invested in to the business by both Directors in that letter or not ?

This accountant's letter is regarding job creation in a existing business where you or your partner joined or taken over. Evidence for investment does NOT involve letter from an accountant AT ALL.

As part of requirement I've created 1 Full Time job and 2 Part Time Jobs all are still existing now my doubt is that the jobs created Do they need to be NQF level 4 or above ? or it's not mandatory please give your inputs.

NO, such a requirement is not in the rules.

[rajrea]

Thanks a lot Zimba88....

[rajrea]

One more query which is related to Tier 1 Ent dependents

I'm planning to apply for my extension in December along with my wife and baby who are my dependents.

Now my question is for baby , 90 days maintenance amount is £630 can I show either in my account or in my wife's account.

Is there any rule that dependents maintenance amount should be shown in Main Applicants Bank account
please clarify

[zimba]

Yes, for the baby it should be in your account

[Babatee]

Hi All
@Zimba 88,please can you help with a sample of Director's loan and how best is to proof investment have demonstrated 50k investment during initial application,there was a section in the form that states applicants doesn't need to proof again if he/she has shown evidence of 50k investment funds in initial application,asking this to prepare for my extension soon.

Thanks

[zimba]

Hi All
@Zimba 88,please can you help with a sample of Director's loan and how best is to proof investment have demonstrated 50k investment during initial application,there was a section in the form that states applicants doesn't need to proof again if he/she has shown evidence of 50k investment funds in initial application,asking this to prepare for my extension soon.

Thanks

Search the forum for a sample of DL.
If you have not sent the proof of investment during initial application, you must prove it during your extension. Having access no fund is NOT the same as proving investment. If you have not sent DL, company accounts, bank statements etc as required to prove your investment, you must prove it during extension as given in the guide

[Babatee]

Thanks Zimba88, please what are proofs I can demonstrate for investment.

[zimba]

Thanks Zimba88, please what are proofs I can demonstrate for investment.

READ THE GUIDE

[rajrea]

Hi All,

I'm in a tricky situation and need some advise. I'm under T1 Ent 50k route as a team. My extension is due in dec

I've done Investment via Directors Loan, now I want to submit the Business Bank statements to prove the directors loan transactions which were received to my business account.

I got Barclays Business Account : I've requested them to send me particular day statement as I don't want to reveal whole month statement as there was too many transactions per month. But Barclays unable to send statement for one particular day. Now I'm planning to send only the particular page in a statement which there is a Directors Loan Transaction.

My query is - In that particular statement page there is no Businees address as it was 4 th or 5th page of the bank statement but it has company name , sortcode and Account number will this be accepted as valid proof by Home Office
Here is the link to show how does it look like http://i63.tinypic.com/e0if6b.png

Please advise

[zimba]

send the whole month then... these questions should not really be asked to be honest !

[rajrea]

send the whole month then... these questions should not really be asked to be honest !

Sorry if its annoying, I'm asking because I'm much afraid about the Home Office as there were no appeal rights
I'm very much thankful to you for spending time to answer most of my questions...Thanks a lot Zimba88

[zimba]

Don't be paranoid, send as they required and you should be fine

[rajrea]

Don't be paranoid, send as they required and you should be fine

Thanks for your motivating words...

I'm sorry to ask one more query regarding submitting bank statements of other team member and vice versa.

As I said I'm under T1 Ent team 50k route and we both transferred more than 50k from our individual personal accounts to business account -
Now my query is - I guess that I need to show Directors Loan transactions Statements that came from personal account to business account of my team member as well along with my ones and he needs to show my DL transactions Statements that came from personal account to business account is that right ? or It doesn't mandatory ?

[zimba]

I guess, you showed initially that the money was in a joint account ??

[rajrea]

I guess, you showed initially that the money was in a joint account ??

Hi Zimba88,

Yes you are right we showed 50k in joint savings account at the time of Initial Application but due to certain reasons we didn't transfer the amount from joint account. We have transferred from our individual personal accounts.

Now please share your knowledge on my query
I guess that I need to show Directors Loan transactions Statements that came from personal account to business account of my team member as well along with my ones and he needs to show my DL transactions Statements that came from personal account to business account is that right ? or It doesn't mandatory ?

[zimba]

Money must be accessible to both of you. I do not understand why this transaction has not happened via the joint account.
I am not sure how HO will view this to be honest

[rajrea]

Money must be accessible to both of you. I do not understand why this transaction has not happened via the joint account.
I am not sure how HO will view this to be honest

I'm really tensed now will ukvi not allocate investment points?
Is there any one similar to my case ?

[rajrea]

Hi All,

I'm preparing extension for my application and I have a query regarding the below paragraph mentioned in the guidance

If you have made the investment in the form of a director’s loan, it must be shown in both the relevant set of financial accounts provided and through readily identifiable transactions in the applicant’s business bank statement(s). The statement(s) must clearly show the transfer of this money from you to your business. You must also provide a legal agreement, between you (in the name that appears on your application for leave) and the company.

I'm under Tier 1 Ent 50K route as a team - Coming to my query to show the DL amount is readily identifiable transactions in the applicant’s business bank statement(s). The statement(s) must clearly show the transfer of this money from you to your business

Do we need submit Personal Bank Statements as well showing that money was transferred from our personal account.
As one of my team member has borrowed the balance transfer from his credit card and used it transfer as DL to business account its only one transaction. Please share your thoughts
Zimba88 please comment your thoughts

eg: He borrowed £2000 from credit card and with his remaining money he transferred directors loan of amount £6000

[rajrea]

Hi All,

I've got a situation where one of the employee address in the payslips was not updated.
At the time of employee start date the address which he provided was saved in payroll and from then it was the address it was in his payslips.

But yesterday he said that he was moved out of that address 9 months back and he failed to update his address by not intimating the company. Will this be any problem for our extension.

Seniors Please help

[CR001]

It is not necessary to create a new topic/thread with EVERY question you have on the same application. Latest two topics merged, stick to one thread please.

See also Multiple Posts (click)