Tier 1E extension an audited /unaudited account

[fvaliyev]

Hi Guys,
Firstly, great respect to admin, doing brilliant job.
Secondly, soon applying for extension in mid of November. I found that there are such specified documents required for Investment i.e. If the business is a registered company which is required to produce audited accounts, the audited accounts must be provided with the application.
I would greatly appreciate if someone would advise or aware what does the audited account mean and what kind of evidence should be provided.
Also, it says Dependant (Partner) applying for extension can add dependant children and all apply on the same application. Should dependant applicants apply same time with main applicant or can be applied after the extension is granted. Thanks for clarification and helping

[marcnath]

Hi Guys,
Firstly, great respect to admin, doing brilliant job.
Secondly, soon applying for extension in mid of November. I found that there are such specified documents required for Investment i.e. If the business is a registered company which is required to produce audited accounts, the audited accounts must be provided with the application.
I would greatly appreciate if someone would advise or aware what does the audited account mean and what kind of evidence should be provided.
Also, it says Dependant (Partner) applying for extension can add dependant children and all apply on the same application. Should dependant applicants apply same time with main applicant or can be applied after the extension is granted. Thanks for clarification and helping

Talk to your accountant about audited and unaudited accounts. In most cases, unaudited reports should be sufficient but it depends on your business.
As long as the Dependant's visa is still valid (but I can't see how it would be), you can apply for them anytime before the expiry of their visa.

[fvaliyev]

Hi marcnath, thanks for your reply, my business registered as Limited company and providing service as a coffee shop. Accountant asking to clarify what is "audited account". However, he prepared report such as "accounts compilation report" which is filed in Company House website. I believe this report would be sufficient. Report consist the investment in money made directly by the applicant, cost, sale, administrative expenses etc.
Greatly appreciate if you could provide your opinion regarding above

[marcnath]

Hi marcnath, thanks for your reply, my business registered as Limited company and providing service as a coffee shop. Accountant asking to clarify what is "audited account". However, he prepared report such as "accounts compilation report" which is filed in Company House website. I believe this report would be sufficient. Report consist the investment in money made directly by the applicant, cost, sale, administrative expenses etc.
Greatly appreciate if you could provide your opinion regarding above

Are you sure you have a qualified accountant ? HO requires a certain minimum certification (you will find it in the guidelines), so you should verify that. Find it surprising that a qualified accountant would ask you that question.
The minimum requirement for filing in the companies house is lesser than what is needed for unaudited accounts. But it is difficult to say whether what you have meets the requirements.

[fvaliyev]

Hi marcnath,
Thank you so much for your reply and advise, as you suggested, I have reviewed again guideline those requirements for an audited / unaudited account, is not clearly specified, refer to Tier 1 (Entrepreneur) Policy Guidance – version 0 7 /2018 – Page 26:
It says:
Applicant must provide your business accounts and accompanying evidence of your investment, which must meet the following requirements:
(a) If your business is a registered company which is required to produce audited accounts, the audited accounts must be provided with your application.
(b) If your business is not required to produce audited accounts, unaudited accounts and an accounts compilation report must be provided from an accountant

I might not refer to same guidelines, I would greatly appreciate if you could help where I can find guidelines, or share the link I can read about it. Once again thanks for your valuable advise.

[marcnath]

Hi marcnath,
Thank you so much for your reply and advise, as you suggested, I have reviewed again guideline those requirements for an audited / unaudited account, is not clearly specified, refer to Tier 1 (Entrepreneur) Policy Guidance – version 0 7 /2018 – Page 26:
It says:
Applicant must provide your business accounts and accompanying evidence of your investment, which must meet the following requirements:
(a) If your business is a registered company which is required to produce audited accounts, the audited accounts must be provided with your application.
(b) If your business is not required to produce audited accounts, unaudited accounts and an accounts compilation report must be provided from an accountant

I might not refer to same guidelines, I would greatly appreciate if you could help where I can find guidelines, or share the link I can read about it. Once again thanks for your valuable advise.

That is the correct guidelines.

What is it that is not clear ?

[fvaliyev]

Hi marcnath,
Thanks for your reply, the point is that my accountant refers to section "b" and provided accounts compilation report which is filed in Home Office. I would say the report is similar to Management Report and was provided for 2 years to support my application.
Correct me if I'm wrong but I understood that this report is not sufficiently enough. I will need from accountant an audited report which I still don't know meaning of "audited account", should be simple definition somewhere specified. I will check with another accountant too. Once again thanks for your reply.

[marcnath]

Hi marcnath,
Thanks for your reply, the point is that my accountant refers to section "b" and provided accounts compilation report which is filed in Home Office. I would say the report is similar to Management Report and was provided for 2 years to support my application.
Correct me if I'm wrong but I understood that this report is not sufficiently enough. I will need from accountant an audited report which I still don't know meaning of "audited account", should be simple definition somewhere specified. I will check with another accountant too. Once again thanks for your reply.

You seem to have missed an "and" in the below:

(b) If your business is not required to produce audited accounts, unaudited accounts and an accounts compilation report must be provided from an accountant

[fvaliyev]

Hi marcnath, you are brilliant, thanks for your great advise, my accountant confirmed that the report is unaudited account and accounts compilation report. I would appreciate if you could advise would it be sufficed the requirement producing only one report which is covering both.

Also, I have been told that I shall also produce a Director Loan agreement between myself and my Company. I would greatly appreciate if you could advise, is it required for my case as I (the Director) had a cash in my personal account and the Principal Sum was transferred to my business account of the Company to purchase a commercial property. The amount has previously claimed for initial application and all evidences has been previously provided. I'm not sure I should produce a Director Loan Agreement between myself and my Company.

[marcnath]

Hi marcnath, you are brilliant, thanks for your great advise, my accountant confirmed that the report is unaudited account and accounts compilation report. I would appreciate if you could advise would it be sufficed the requirement producing only one report which is covering both.

Also, I have been told that I shall also produce a Director Loan agreement between myself and my Company. I would greatly appreciate if you could advise, is it required for my case as I (the Director) had a cash in my personal account and the Principal Sum was transferred to my business account of the Company to purchase a commercial property. The amount has previously claimed for initial application and all evidences has been previously provided. I'm not sure I should produce a Director Loan Agreement between myself and my Company.

If you have been awarded points for investmetn in the initial application, there is no need to provide ANY evidence during extension.

I assume you submitted the unaudited accounts, compilation report and DL agreement in the initial applicaiton.

[fvaliyev]

Dear marcnath,
Thank you so much for your detailed reply. I did not submit an unaudited report and DL with initial application for entry to the UK, the only evidence provided is that confirmation of 200k, and bank letter that 200k is available in my account for investment.
An unaudited report was issued recently after I run the business and it specifies that property was purchased by Company (under clause of "Assets: Land and Building"). The sum for purchasing was transferred from my account to my Company (business) account. Should I produce a DL for this case. I met solicitor-advisor yesterday and I have been told that i have to produce DL, and I have been advised to develop a Business Plan for next 3 years. I know it is not mandatory, but nice to have.
I would greatly appreciate if you could share your comments

[marcnath]

Dear marcnath,
Thank you so much for your detailed reply. I did not submit an unaudited report and DL with initial application for entry to the UK, the only evidence provided is that confirmation of 200k, and bank letter that 200k is available in my account for investment.
An unaudited report was issued recently after I run the business and it specifies that property was purchased by Company (under clause of "Assets: Land and Building"). The sum for purchasing was transferred from my account to my Company (business) account. Should I produce a DL for this case. I met solicitor-advisor yesterday and I have been told that i have to produce DL, and I have been advised to develop a Business Plan for next 3 years. I know it is not mandatory, but nice to have.
I would greatly appreciate if you could share your comments

The guidelines are very clear that you need a DL agreement. Make sure you read the guidelines properly.

[fvaliyev]

Hi marcnath,
Thanks for your reply. Appreciate for support and assisting us.
Need your advise again, refer to PBS Dependant application form, Section C4, additional information is requested: "What is the reference number for the most recent application of the PBS main applicant they are dependent on? (ht)"
Is it related to initial Tier 1E Visa application of main applicant?
You may know and can share the link where can find the help text and separate guidance notes to help me
with the form for my Dependant
Thank you in advance

[marcnath]

Hi marcnath,
Thanks for your reply. Appreciate for support and assisting us.
Need your advise again, refer to PBS Dependant application form, Section C4, additional information is requested: "What is the reference number for the most recent application of the PBS main applicant they are dependent on? (ht)"
Is it related to initial Tier 1E Visa application of main applicant?
You may know and can share the link where can find the help text and separate guidance notes to help me
with the form for my Dependant
Thank you in advance

Is it related to initial Tier 1E Visa application of main applicant? ==> Yes, if that is the latest one you have

Guidance can be found here.

[fvaliyev]

Thank you so much marcnath,
i found guidance, but still searching for help text leaflet. There should be a separate help text leaflet available with the form. Questions marked with “(ht)” in the form has information available in the help text leaflet. Do you know where I can find this leaflet.
Once again thanks for assisting me

[marcnath]

Thank you so much marcnath,
i found guidance, but still searching for help text leaflet. There should be a separate help text leaflet available with the form. Questions marked with “(ht)” in the form has information available in the help text leaflet. Do you know where I can find this leaflet.
Once again thanks for assisting me

https://www.gov.uk/government/publicati ... -dependant