Employee Breakdown Question

[fou001]

Hi,

Director taking the salary and reflecting in FPS is fine, However, I am not sure why the amount of salary different in FPS and Profit and Loss.

Thanks.

[marcnath]

Hi All,
I am going to be applying to extend my Entrepreneur Visa by next week. My accountant has prepared end of year accounts for the accounting period ending 30 Sept 2018 and in it he has indicated that I invested 200,000 by way of Share Capital and I am the only Shareholder which is great.

I am now looking at the detailed Profit and Loss Section of the account and he put in a line entry with Director's salary as £450. Do you think this will cause problems by the case worker looking into this and deducting the £450 from the share capital value?

Also,
The FPS shows that I have been receiving salary of about £900 per month. Is this a problem?

Thanks for your anticipated reply and all your help so far.

Does your business have revenue/profits that would cover your salary ?

[jonser]

Hi All,
I am going to be applying to extend my Entrepreneur Visa by next week. My accountant has prepared end of year accounts for the accounting period ending 30 Sept 2018 and in it he has indicated that I invested 200,000 by way of Share Capital and I am the only Shareholder which is great.

I am now looking at the detailed Profit and Loss Section of the account and he put in a line entry with Director's salary as £450. Do you think this will cause problems by the case worker looking into this and deducting the £450 from the share capital value?

Also,
The FPS shows that I have been receiving salary of about £900 per month. Is this a problem?

Thanks for your anticipated reply and all your help so far.

Does your business have revenue/profits that would cover your salary ?

Yes very much so. We had a turnover of 450k last financial year.

[marcnath]

Hi All,
I am going to be applying to extend my Entrepreneur Visa by next week. My accountant has prepared end of year accounts for the accounting period ending 30 Sept 2018 and in it he has indicated that I invested 200,000 by way of Share Capital and I am the only Shareholder which is great.

I am now looking at the detailed Profit and Loss Section of the account and he put in a line entry with Director's salary as £450. Do you think this will cause problems by the case worker looking into this and deducting the £450 from the share capital value?

Also,
The FPS shows that I have been receiving salary of about £900 per month. Is this a problem?

Thanks for your anticipated reply and all your help so far.

Does your business have revenue/profits that would cover your salary ?

Yes very much so. We had a turnover of 450k last financial year.

Then there should be no issues

[jonser]

Hi All,
I am going to be applying to extend my Entrepreneur Visa by next week. My accountant has prepared end of year accounts for the accounting period ending 30 Sept 2018 and in it he has indicated that I invested 200,000 by way of Share Capital and I am the only Shareholder which is great.

I am now looking at the detailed Profit and Loss Section of the account and he put in a line entry with Director's salary as £450. Do you think this will cause problems by the case worker looking into this and deducting the £450 from the share capital value?

Also,
The FPS shows that I have been receiving salary of about £900 per month. Is this a problem?

Thanks for your anticipated reply and all your help so far.

Does your business have revenue/profits that would cover your salary ?

Yes very much so. We had a turnover of 450k last financial year.

Then there should be no issues

Thanks a lot. It is just so scary and I'm trying to avoid any mistakes. Thanks again.

[marcnath]

Does your business have revenue/profits that would cover your salary ?

Yes very much so. We had a turnover of 450k last financial year.

Then there should be no issues

Thanks a lot. It is just so scary and I'm trying to avoid any mistakes. Thanks again.

Did you have enough revenue in all years to cover your salary or just the last year ?

It shouldn't matter, in my opinion either way.

[jonser]

Yes very much so. We had a turnover of 450k last financial year.

Then there should be no issues

Thanks a lot. It is just so scary and I'm trying to avoid any mistakes. Thanks again.

Did you have enough revenue in all years to cover your salary or just the last year ?

It shouldn't matter, in my opinion either way.

[jonser]

Then there should be no issues

Thanks a lot. It is just so scary and I'm trying to avoid any mistakes. Thanks again.

Did you have enough revenue in all years to cover your salary or just the last year ?

It shouldn't matter, in my opinion either way.

Yes we have revenue the year before last too

[marcnath]

Thanks a lot. It is just so scary and I'm trying to avoid any mistakes. Thanks again.

Did you have enough revenue in all years to cover your salary or just the last year ?

It shouldn't matter, in my opinion either way.

Yes we have revenue the year before last too

ok.. So should be no issues then

[jonser]

Thanks a lot

[jonser]

Hi All,
Does anyone have a completed format of the employee breakdown section of the form? I have been trying to complete that part and it is really doing my head in. I have a combination of full time and part time staff (for some out of the 12 months) for the same role so I am confused as to how to represent it. I intend to apply by Friday.

Thanks a lot

[marcnath]

Hi All,
Does anyone have a completed format of the employee breakdown section of the form? I have been trying to complete that part and it is really doing my head in. I have a combination of full time and part time staff (for some out of the 12 months) for the same role so I am confused as to how to represent it. I intend to apply by Friday.

Thanks a lot

You would just go ahead and do 1 row for each staff and each hourly pay rate (if the rate has changed over the period).
I then suggest you have a separate document doing a week by week table showing how your reach the total of 30 hrs per week.
=== Job 1 =========================================
------Wk1 Wk2 Wk3
Emp 1 10 15 30
Emp 2 25 20 -
============================================
TOTAL 35 35 30
===================================


And so on.

[jonser]

Thanks Marcnath,
Here is how the current summary I created looks. How would I break this down on the table on the application form?

https://pasteboard.co/HPeTrQa.png

[jonser]

Can someone help please? I am getting desperate.

[marcnath]

Thanks Marcnath,
Here is how the current summary I created looks. How would I break this down on the table on the application form?

https://pasteboard.co/HPeTrQa.png

As mentioned in the Job Table, you would just list all the employees in each Job
So, Job 1 would have Employee 1 as the first row - start jun/17 and end date Sept/17, mark it part time. Next row empl 1 from Oct/17 to Aug/18, marked full time. Next row would be Employee 2 start and end date June 17, 3rd row employee 3 and so on.

[jonser]

Thank you

[jonser]

Hi All,
Is Accountant Compilation Report the same as the usual Accountants Report usually found on the company's end of year accounts? Also, does my accountant need to include his name and signature (if it is indeed the same thing?) At the moment the Accountants' Report on page 5 of my company's end of year account only has his firm's name, address and date.

Thanks in advance

[jonser]

Hi People,
Any idea regarding my question above? Thanks a lot

[marcnath]

Hi All,
Is Accountant Compilation Report the same as the usual Accountants Report usually found on the company's end of year accounts? Also, does my accountant need to include his name and signature (if it is indeed the same thing?) At the moment the Accountants' Report on page 5 of my company's end of year account only has his firm's name, address and date.

Thanks in advance

Yes it is the same. There is no specification of what exactly is required. Obviously, there has to be enough information to confirm they are qualified as per HO requirements

[jonser]

Excellent! Thanks a lot!

[jonser]

Hi All,
I submitted my Entrepreneur Extension Application at the end of November 2018 but have still not gotten any response from Home Office but I am trying to plan ahead because my 10 years would be due by September 15, 2020 because I understand that I can apply for ILR from August 19, 2020 (28 days from the 10 year mark). I currently have just one full time employee who I hope to continue to keep on.

Am I on the right track in planning to have a second full time employee on the books from August 01, 2019 for 1 year till say end of August 2020 and then apply by the first week in September 2020? This way, I have 2 full time employees 12 months before my ILR?

I know this is a bit early but I don't want to take any chances as I have been on this journey for a while now.

Thank you for your helpful replies.

[marcnath]

Hi All,
I submitted my Entrepreneur Extension Application at the end of November 2018 but have still not gotten any response from Home Office but I am trying to plan ahead because my 10 years would be due by September 15, 2020 because I understand that I can apply for ILR from August 19, 2020 (28 days from the 10 year mark). I currently have just one full time employee who I hope to continue to keep on.

Am I on the right track in planning to have a second full time employee on the books from August 01, 2019 for 1 year till say end of August 2020 and then apply by the first week in September 2020? This way, I have 2 full time employees 12 months before my ILR?

I know this is a bit early but I don't want to take any chances as I have been on this journey for a while now.

Thank you for your helpful replies.

If you are completing 10 years, would you be applying for 10 yr ILR ? Employees would not be relevant for an ILR(LR)

[jonser]

Yes I would be applying for 10 years ILR based on long term residency.

[CR001]

Yes I would be applying for 10 years ILR based on long term residency.

Do you have dependents in the UK?

[jonser]

Yes I would be applying for 10 years ILR based on long term residency.

Do you have dependents in the UK?

No I don't. It's just me.