Need suggestion on accounts amendment

[fou001]

Hi,
Tier 1 Initial application (IT CONSULTANCY) was made on 18/08/2014 refusal received on 10/2014 with appeal rights and the judge has allowed the appeal got the visa 04/12/2015
• The application was£50k of which £27k(most of them were cash deposits, transferred by friends directly to sole trader account and some small amounts invested by me through my personal account) invested before the application £23k was available in the bank third-party funds.
Reasons for refusal were:
• HO did not accept the funds invested £27k
• Services provided by my are company below NQF level 4
• Same trading name and premises were used for phone repair shop they got the old pictures from Google
The appeal was allowed based on new pictures of premises, IT Contracts, Advertisement, Invoices and Bank statements provided with the application.
Confusion with Extension application!
• We registered LTD Company on 11/2013, however, could not open the business bank account because of multiple reasons –address, length of visa remaining. We continued to the Ltd company transaction on sole trader account on my name till we got the visa approved(12/2015)
• Most of our funds spent (£27k +£23k)through sole trader account and we opened business bank account opened in 01/2016 we invested about £15k
My solicitor suggested
• Even though initially HO has accepted 27k they might raise concern because transactions sources are not clear and it was not into business account.
• HO may not accept £23K as they were made available and spent in sole trader account


Recommended solution by solicitor: transfer £50k before making Extension application, as a director write off previous loan and new loan agreement for new £50k.
The company was in losses previous 4 years it is profitable in the current year.

Please let me know if he is right. I think to be a safe side not to write of the previous investment, HO has accepted the previous amount and bank account they may accept it this time as well.

Kind Regards

[marcnath]

Hi,
Tier 1 Initial application (IT CONSULTANCY) was made on 18/08/2014 refusal received on 10/2014 with appeal rights and the judge has allowed the appeal got the visa 04/12/2015
• The application was£50k of which £27k(most of them were cash deposits, transferred by friends directly to sole trader account and some small amounts invested by me through my personal account) invested before the application £23k was available in the bank third-party funds.
Reasons for refusal were:
• HO did not accept the funds invested £27k
• Services provided by my are company below NQF level 4
• Same trading name and premises were used for phone repair shop they got the old pictures from Google
The appeal was allowed based on new pictures of premises, IT Contracts, Advertisement, Invoices and Bank statements provided with the application.
Confusion with Extension application!
• We registered LTD Company on 11/2013, however, could not open the business bank account because of multiple reasons –address, length of visa remaining. We continued to the Ltd company transaction on sole trader account on my name till we got the visa approved(12/2015)
• Most of our funds spent (£27k +£23k)through sole trader account and we opened business bank account opened in 01/2016 we invested about £15k
My solicitor suggested
• Even though initially HO has accepted 27k they might raise concern because transactions sources are not clear and it was not into business account.
• HO may not accept £23K as they were made available and spent in sole trader account


Recommended solution by solicitor: transfer £50k before making Extension application, as a director write off previous loan and new loan agreement for new £50k.
The company was in losses previous 4 years it is profitable in the current year.

Please let me know if he is right. I think to be a safe side not to write of the previous investment, HO has accepted the previous amount and bank account they may accept it this time as well.

Kind Regards

If HO has accepted the 27K as part of your initial application as invested, then you do not need to provide evidence even of that for extension. So, you can claim that without evidence.
For the remaining 23K, it depends on whether you can provide the evidence as specified in the immigration rules. If you can, then I don't see why they would not accept it.

What evidence for investment did you submit at initial application and what do you intend to submit at extension ?

[fou001]

Thanks for your reply

I have submitted the Sole trader Bank statement for 11 Months (Bank Account was on my name) as the company did not have the Business bank account

Company Management Accounts for 11 months

Thanks

[fou001]

Hi all,
Just need help if I meet the job creation

HOURS WORKED PER MONTH

Employee A
HOURS WORKED PER MONTH

Employee A
2017
job 1 job2
Employee A

MAR 151 Employee B
APR 151
MAY 155 151
JUNE 155 151
JULY 155 151
AUG 155 151
SEP 155 151
OCT 155 151
NOV 155 150 Employee C(joined as B left the job)
DEC 155 150
2018
JAN 155 150
FEB 155 150
MAR 155 150
APRIL 155 130 EMPLOYEE D(joined as C left the job)
MAY 155 130
JUNE 155 130
APR 155 130
MAY 155 130
JUNE 155 130
JULY 118 130
AUG 118 130
SEP 118 130
OCT 118 130

I HOPE MEET THE REQUIREMENT

Thanks very much for setting up this forum it's really helpful.

[marcnath]

It is very difficult to make out because of the formatting, but you seem to have well more than 24 months of grater than 130 hrs each. So I suspect you should be ok

[fou001]

Hi all,

Please ignore the previous post as it has formatting errors.

HOURS WORKED PER MONTH


job 1 Employee A started in may 2017 still work with us.
job 2 Employee B C D (D is still working with us)

2017 JOB1 JOB2

MAR NIL 151 Employee B
APR NIL 151
MAY 155 151
JUNE 155 151
JULY 155 151
AUG 155 151
SEP 155 151
OCT 155 151
NOV 155 150 Employee C(joined as B left the job)
DEC 155 150
2018
JAN 155 150
FEB 155 150
MAR 155 150
APRIL 155 130 EMPLOYEE D(joined as C left the job)
MAY 155 130
JUNE 155 130
APR 155 130
MAY 155 130
JUNE 155 130
JULY 118 130
AUG 118 130
SEP 118 130
OCT 118 130

I HOPE to MEET THE REQUIREMENT:?

Thanks very much for setting up this forum it is really helpful.

[marcnath]

You seem to have so much more than the minimum requirements that I can't even figure out what your concern is ? Is there something we are missing ?

[fou001]

Thanks, Marcnath for your reply.
I was concerned about Employee C only worked for 5months will she still qualify.

[marcnath]

Thanks, Marcnath for your reply.
I was concerned about Employee C only worked for 5months will she still qualify.

It is the jobs that have to last 12 months, not employees

[bizman]

Yes it’s the job that have to last. The point is that the same jobs must exist for twelve month each even if the employees leave every two months and they are replaced.

[fou001]

Hi,
Tier 1 Initial application (IT CONSULTANCY) was made on 18/08/2014 refusal received on 10/2014 with appeal rights and the judge has allowed the appeal got the visa 04/12/2015
• The application was£50k of which £27k(most of them were cash deposits, transferred by friends directly to sole trader account and some small amounts invested by me through my personal account) invested before the application £23k was available in the bank third-party funds.
Reasons for refusal were:
• HO did not accept the funds invested £27k
• Services provided by my are company below NQF level 4
• Same trading name and premises were used for phone repair shop they got the old pictures from Google
The appeal was allowed based on new pictures of premises, IT Contracts, Advertisement, Invoices and Bank statements provided with the application.
Confusion with Extension application!
• We registered LTD Company on 11/2013, however, could not open the business bank account because of multiple reasons –address, length of visa remaining. We continued to the Ltd company transaction on sole trader account on my name till we got the visa approved(12/2015)
• Most of our funds spent (£27k +£23k)through sole trader account and we opened business bank account opened in 01/2016 we invested about £15k
My solicitor suggested
• Even though initially HO has accepted 27k they might raise concern because transactions sources are not clear and it was not into business account.
• HO may not accept £23K as they were made available and spent in sole trader account


Recommended solution by solicitor: transfer £50k before making Extension application, as a director write off previous loan and new loan agreement for new £50k.
The company was in losses previous 4 years it is profitable in the current year.

Please let me know if he is right. I think to be a safe side not to write of the previous investment, HO has accepted the previous amount and bank account they may accept it this time as well.

Kind Regards
If HO has accepted the 27K as part of your initial application as invested, then you do not need to provide evidence even of that for extension. So, you can claim that without evidence.
For the remaining 23K, it depends on whether you can provide the evidence as specified in the immigration rules. If you can, then I don't see why they would not accept it.

What evidence for investment did you submit at initial application and what do you intend to submit at extension ?
Tier 1 (Entrepreneur) visa extension bank account issues
by fou001 » Wed Oct 03, 2018 7:22 pm

Hi,
Tier 1 Initial application (IT CONSULTANCY) was made on 18/08/2014 refusal received on 10/2014 with appeal rights and the judge has allowed the appeal got the visa 04/12/2015
• The application was£50k of which £27k(most of them were cash deposits, transferred by friends directly to sole trader account and some small amounts invested by me through my personal account) invested before the application £23k was available in the bank third-party funds.
Reasons for refusal were:
• HO did not accept the funds invested £27k
• Services provided by my are company below NQF level 4
• Same trading name and premises were used for phone repair shop they got the old pictures from Google
The appeal was allowed based on new pictures of premises, IT Contracts, Advertisement, Invoices and Bank statements provided with the application.
Confusion with Extension application!
• We registered LTD Company on 11/2013, however, could not open the business bank account because of multiple reasons –address, length of visa remaining. We continued to the Ltd company transaction on sole trader account on my name till we got the visa approved(12/2015)
• Most of our funds spent (£27k +£23k)through sole trader account and we opened business bank account opened in 01/2016 we invested about £15k
My solicitor suggested
• Even though initially HO has accepted 27k they might raise concern because transactions sources are not clear and it was not into business account.
• HO may not accept £23K as they were made available and spent in sole trader account


Recommended solution by solicitor: transfer £50k before making Extension application, as a director write off previous loan and new loan agreement for new £50k.
The company was in losses previous 4 years it is profitable in the current year.

Please let me know if he is right. I think to be a safe side not to write of the previous investment, HO has accepted the previous amount and bank account they may accept it this time as well.

Kind Regards



Can some suggest me will HO accept sole trader account. for those transaction which are clearly identifiable eg third party transfer and transferred from my personal account before and after 19/11/2015.

or

Is it better to reinvest the money ( Balance amount ) in the business bank account from my personal account before the application.

Urgently need your valuable suggestions.

[marcnath]

I personally think you do not need to invest again.

But if you have the money to do so, why not do it ? And submit evidence for 73K of investment ? There are no rules that prevent you from investing more than 50K. That is obviously safer.

[fou001]

Hi all,

My previous accountant has messed up the accounts.
I have accounts prepared for 3 years.
year ended
30/11/2014 with initial application -ok £ 27K(DL)
30/11/2015 the third party funds transfer worth £ 24975(DL) (he ignored bank transaction completely)


so the DL has not reflected an increase by this amount £24975
instead of that, it has reflected the investment increase amount transferred only by me and some cash deposits.
30/11/2015 investments were made (however the DL c/f amount of this last year was wrong)
30/11/2016 no investments were made (DL c/f was wrong)

When asked them to provide with the investment sheet I can clearly see there an inconsistency in how they have treated transactions. (to come to the cumulative amount of DL)

Now I approached the new accountant who is more up to date with HO rules he suggested to amend the 3 sets of accounts and submit them to companies house again.

.no significant changes to the P&L(only 2 years tax return need to resubmit) company was in losses in all years.

.Creditors and DL amount reflecting the (£27k+third party funds+bank transfers made from my personal account

Options

1. Should I AMEND the accounts?

or

2. Old accounts transfer the balance money to the business bank account to DL to make £50K and submit 30/11/2017 and 30/11/2018 accounts to HO

[marcnath]

Please stay with your topic rather than create new posts for each question.

From an immigration rules point of view, you only need to submit 1 accounts - you can choose which year you want to submit.

[fou001]

Thanks marcnath for your reply.

I am new member in the forum I was not aware how to post topic.

I was in opinion to amend the accounts to reflect Appropriate figures of DIRECTOR LOAN.
in case HO ask for any further documents after application.

My concern is Amendments submitted to companies house will reflect on companies house website.HO may be suspicious.

I will appreciate any valuable suggestion as you guys have tremendous experience about these application issues.

Kind Regards.

[marcnath]

Thanks marcnath for your reply.

I am new member in the forum I was not aware how to post topic.

I was in opinion to amend the accounts to reflect Appropriate figures of DIRECTOR LOAN.
in case HO ask for any further documents after application.

My concern is Amendments submitted to companies house will reflect on companies house website.HO may be suspicious.

I will appreciate any valuable suggestion as you guys have tremendous experience about these application issues.

Kind Regards.

You can do the amendments. It may raise scrutiny though I doubt it. But anyway it is not against the immigration rules to amend accounts, so you can’t be refused just because of that.

[fou001]

I am going to apply visa in December. I was thinking to just include accounts year ended 30/11/218 with my application.

Accounts of 2017 and 218 does not any amendments. I hope this will work.

Thanks once again.

[fou001]

Dear all,

I have few questions about notes to the accounts.Please confirm if they meet HO guidelines.

Notes:

Creditors: amounts falling due after one year 2017 2016

Director Loan (Unsecured Loan) xxxx xxxxx

The director loan to the company is interest free, unsecured and subordinated in favour of third party creditors of the company. The loan is repayable immediate after 5 years of loan's first payment to the directors or the company.



Loans 2017 2016
Loans not wholly repayable within five years:
Instalments falling due for payment after more than five years xxxxx xxxxx


A director of the company agrees to lend £50,000 to the company, of
which part of amount will come from third party creditors. The Loan of £XXXX made available to the company as on 30 November 2017. Third party creditor B has transferred XXX directly to the business bank account on 27 April 2014 on behalf of A.
B is a third party creditor and not obliged to monitor or verify how any amount under
Loan Agreement is used. The Loan agreement is between director and the company.


I have seen many refusals on this because accounts. Please can anybody confirm is this sufficient.

Thanks

[marcnath]

Dear all,

I have few questions about notes to the accounts.Please confirm if they meet HO guidelines.

Notes:

Creditors: amounts falling due after one year 2017 2016

Director Loan (Unsecured Loan) xxxx xxxxx

The director loan to the company is interest free, unsecured and subordinated in favour of third party creditors of the company. The loan is repayable immediate after 5 years of loan's first payment to the directors or the company.



Loans 2017 2016
Loans not wholly repayable within five years:
Instalments falling due for payment after more than five years xxxxx xxxxx


A director of the company agrees to lend £50,000 to the company, of
which part of amount will come from third party creditors. The Loan of £XXXX made available to the company as on 30 November 2017. Third party creditor B has transferred XXX directly to the business bank account on 27 April 2014 on behalf of A.
B is a third party creditor and not obliged to monitor or verify how any amount under
Loan Agreement is used. The Loan agreement is between director and the company.


I have seen many refusals on this because accounts. Please can anybody confirm is this sufficient.

Thanks

Is this Notes to the account or Director Loan agreement ? You seem to have mixed up the two.
If the money came from a third party, how are you going to meet the requirement of showing transfer of funds from your personal account to the business account ?

[fou001]

These are notes to the accounts. The third party transfer was made on 16/04/2015 to my sole trader account ( before 19/11/2015).

08/2014 initial application was made there were documents provided to HO regarding these funds made available to support my business(Third party agreement).

[marcnath]

These are notes to the accounts. The third party transfer was made on 16/04/2015 to my sole trader account ( before 19/11/2015).

08/2014 initial application was made there were documents provided to HO regarding these funds made available to support my business(Third party agreement).

Ok. I hope you have a separate Director Loan agreement also.

Since the investment was made before 19th Nov 2015, you should be ok. You do not need to submit business bank statements for those investments and it is best that you do not.

The right way of doing it would have been for the third party to give you the money and you then transfer it.

[fou001]

That is the biggest concern I have what do you recommend should I claim those funds - If I want to claim I must submit the bank statement( told by accountant and solicitor)

or

I have the saving of £50k available I can transfer those funds.
as I have mentioned in my previous posts
Investment issues:
1.£27K (Initial application invested accepted by the home office, even though there were cash deposits)
2.£24k (Third party funds agreement accepted by HO) During the judicial review my solicitor asked as to transfer these funds to sole trader account.
3. We did not have the business bank account until 01/01/2016 even though I was a director of a limited company.

I don't understand what the best fix to this problems, I have been to many solicitors every one has the different view. That's when I started following this forum.

I have time till 04/12/2018 for application and I have £50k savings.

I don't want to take any risk with my application as I HAVE MY FAMILY AND BUSINESS in the UK.

[marcnath]

That is the biggest concern I have what do you recommend should I claim those funds - If I want to claim I must submit the bank statement( told by accountant and solicitor)

or

I have the saving of £50k available I can transfer those funds.
as I have mentioned in my previous posts
Investment issues:
1.£27K (Initial application invested accepted by the home office, even though there were cash deposits)
2.£24k (Third party funds agreement accepted by HO) During the judicial review my solicitor asked as to transfer these funds to sole trader account.
3. We did not have the business bank account until 01/01/2016 even though I was a director of a limited company.

I don't understand what the best fix to this problems, I have been to many solicitors every one has the different view. That's when I started following this forum.

I have time till 04/12/2018 for application and I have £50k savings.

I don't want to take any risk with my application as I HAVE MY FAMILY AND BUSINESS in the UK.

The highlighted portion above is plain wrong , so you can ignore any solicitor who gave you that advice. That rule is applicable only for investment after Nov 2015.

As for the rest, my earlier suggestions stays. If you have the money available, you have nothing to lose by making that additional investment. But claim for the full 100K.
27K - no evidence needed as it was proven at application
24K - certified accounts, DLA
50K - certified accoutns, DLA and bank statements