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Tier I self employed earnings evidence

Archived UK Tier 1 (General) points system forum. This route no longer exists.

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hshah
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Posts: 23
Joined: Sat Jun 28, 2008 11:57 am

Tier I self employed earnings evidence

Post by hshah » Sat Aug 02, 2008 5:59 pm

Hi,
My renewal of the HSMP/Tier I visa is on June 2009 and i have just started a new contract. I am a contractor running a ltd company with myself as the director. I need to show 35K earnings to qualify for the self employed HSMP category. Until now i have payed myself a yearly income of 10K and i take the rest of the profits as dividends.

The question is
1) Can i include income transferred as dividends from my company a/c to personal a/c
2) If yes, i usually transfer the PAYE and dividends on a quarterly basis and hence i will have a PAYE payslip per quarter and a dividend voucher per quarter. Do i need to do this on a monthly basis ?
3) The P60 which i will get in April 2009 will only contain my PAYE income and not the dividend income. There is no proof of any dividend income from the HMRC bcoz it is just a transfer from company aa/c to personal a/c andwill have a dividend voucher with it. Is this evidence enough ?
4) My accountant has told me that he will give me a letter regarding the final year end accounts and the net profit and the amount transferred as PAYE and dividends at the end of the year for my Tier I Visa purpose
Is this enough ?

Any help is much appreicated.

Thanks,
Hiren

republique
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Posts: 1342
Joined: Fri Mar 21, 2008 5:58 pm

Re: Tier I self employed earnings evidence

Post by republique » Sat Aug 02, 2008 9:58 pm

hshah wrote:Hi,
My renewal of the HSMP/Tier I visa is on June 2009 and i have just started a new contract. I am a contractor running a ltd company with myself as the director. I need to show 35K earnings to qualify for the self employed HSMP category. Until now i have payed myself a yearly income of 10K and i take the rest of the profits as dividends.

The question is
1) Can i include income transferred as dividends from my company a/c to personal a/c
2) If yes, i usually transfer the PAYE and dividends on a quarterly basis and hence i will have a PAYE payslip per quarter and a dividend voucher per quarter. Do i need to do this on a monthly basis ?
3) The P60 which i will get in April 2009 will only contain my PAYE income and not the dividend income. There is no proof of any dividend income from the HMRC bcoz it is just a transfer from company aa/c to personal a/c andwill have a dividend voucher with it. Is this evidence enough ?
4) My accountant has told me that he will give me a letter regarding the final year end accounts and the net profit and the amount transferred as PAYE and dividends at the end of the year for my Tier I Visa purpose
Is this enough ?

Any help is much appreicated.

Thanks,
Hiren
Your self assessment would show all your income even if the p60 doesn't. Your accountant letter corroborates your income. The validity of dividends is not affected by its issuance tempo

hshah
Newly Registered
Posts: 23
Joined: Sat Jun 28, 2008 11:57 am

Post by hshah » Sat Aug 02, 2008 10:21 pm

Thanks for the reply but i did not get the last bit of the reply.
The validity of the dividends is not affected by its issuance tempo.

Does that mean, the dividend voucher would be considered as proof and the corresponding amount in my personal bank account will match with the voucher amount.Is this enough ?

Also while submitting my HSMP, do i need to send my company bank account statements by any chance. Thanks once again for the reply

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