SET (o) Tier 1 Entrepreneur

[fatguyslim]

Because I work in bitcoin, the bank accounts have a certain shelf life. My main bank account got closed on 1st Dec 2016. So I thought I should show the home office that the business was doing plenty of volume before it got shut down. I then opened a new business in Oct 2017 and have been trading on it since. At first I decided to show the first 5 pages and last 5 pages of each month's transactions but then I heard that people send the whole statements. I am not sure what to do here? Will first 5 and last 5 pages do for each month?

[marcnath]

Because I work in bitcoin, the bank accounts have a certain shelf life. My main bank account got closed on 1st Dec 2016. So I thought I should show the home office that the business was doing plenty of volume before it got shut down. I then opened a new business in Oct 2017 and have been trading on it since. At first I decided to show the first 5 pages and last 5 pages of each month's transactions but then I heard that people send the whole statements. I am not sure what to do here? Will first 5 and last 5 pages do for each month?

You will have to make the decision yourself because as you have found, there are varying opinions.

I personally prefer to rely on the advice in Pg 60 of the application form. You would have seen this, but I copy it again

You must be selective in submitting evidence, as sending large amounts of irrelevant or poor quality documentation may delay the consideration of the application. It is only necessary to submit evidence that is directly appropriate to the application as requested, as unrelated evidence cannot be
considered for points scoring.

[fatguyslim]

Yeah that makes sense. Thanks again Marcnath

[fatguyslim]

I am thinking of making the application by preseenting the documents organised in a comb binder. Will thag be acceptable? Or does the home office prefer them open?

[marcnath]

I am thinking of making the application by preseenting the documents organised in a comb binder. Will thag be acceptable? Or does the home office prefer them open?

I have no idea.
But I always assumed they would want to copy/scan documents, so I grouped relevant documents and put them in sleeves like these

[fatguyslim]

Thanks Macnarth. I will go with these then and make it easier for the Home Office

[fatguyslim]

Do we have to print off the whole SET (0) form for application or do we just print off the section that is relevant to our case?

[marcnath]

Do we have to print off the whole SET (0) form for application or do we just print off the section that is relevant to our case?

I only printed the relevant sections.

[fatguyslim]

Great. Thanks.

[fatguyslim]

The form asks when did the business started reporting FPS to HMRC? Do I put the date when the business employed the first 2 employees (for which I qualified for Ext)? Or do I put the date when I employed the next 3 employees during my Ext period to qualify for ILR?

[marcnath]

The form asks when did the business started reporting FPS to HMRC? Do I put the date when the business employed the first 2 employees (for which I qualified for Ext)? Or do I put the date when I employed the next 3 employees during my Ext period to qualify for ILR?

I am assuming you started when you employed the first employee - so obviously that is the date

[fatguyslim]

The form asks when did the business started reporting FPS to HMRC? Do I put the date when the business employed the first 2 employees (for which I qualified for Ext)? Or do I put the date when I employed the next 3 employees during my Ext period to qualify for ILR?

I am assuming you started when you employed the first employee - so obviously that is the date

Thanks Marcnath. The reason I asked was because I wont have any evidence to show the Home Office about the submission start date. This was obviously scrutinised in my Ext application.

Also I was wondering if someone can let us know about Section 5 on Set (O) form? Do Tier 1 Ent ILR applicants have to fill that Section?

I have answered 5.1, 5.3, 5.5. I am not sure about which boxes I will need to fill up for 5.6? In Section 12 under the "Your Finances" category it asks for Evidence of your finances? I thought Tier 1 Ent applicants didn't have to provide any personal bank statements for maintenance? Just confused about this part so just wanted to know what you guys have to say. Thanks

[marcnath]

you only need to fill in 5.1 to 5.5
A requirement for ILR is that you need to show that once you get your ILR, you are not going to go on benefits.
So, you need to show some means of being able to sustain yourself - salary, bank balances, anything will help. There is no minimums or any specifications for this. So entirely up to you what you show.

[fatguyslim]

Great. That makes sense. Thanks again Marc

[fatguyslim]

you only need to fill in 5.1 to 5.5
A requirement for ILR is that you need to show that once you get your ILR, you are not going to go on benefits.
So, you need to show some means of being able to sustain yourself - salary, bank balances, anything will help. There is no minimums or any specifications for this. So entirely up to you what you show.

I can show the personal statement for just April 2018. It shows the balance and the money coming in as wages. Will this be enough?

[marcnath]

you only need to fill in 5.1 to 5.5
A requirement for ILR is that you need to show that once you get your ILR, you are not going to go on benefits.
So, you need to show some means of being able to sustain yourself - salary, bank balances, anything will help. There is no minimums or any specifications for this. So entirely up to you what you show.

I can show the personal statement for just April 2018. It shows the balance and the money coming in as wages. Will this be enough?

Sure

[fatguyslim]

Hey everyone, I sent out my application on 19/05/2018 and it got delivered today. Will post all the dates on the timeline page when the money is taken out of my account. Thanks

[marcnath]

you only need to fill in 5.1 to 5.5
A requirement for ILR is that you need to show that once you get your ILR, you are not going to go on benefits.
So, you need to show some means of being able to sustain yourself - salary, bank balances, anything will help. There is no minimums or any specifications for this. So entirely up to you what you show.

I can show the personal statement for just April 2018. It shows the balance and the money coming in as wages. Will this be enough?

Sure

Apologies, I realised there is a small note in the form that says that any evidence should cover three months. I don't think it is critical but it may make sense to send in another two months of documents.

[fatguyslim]

The business that I am claiming points for has 3 months statements so shouldn't really be a problem I think