INCOME REQUIREMENT FOR NEW TIER 1

[babsss]

Hi,
i got my tier 1 visa in jan 2011 and it expires jan 2013 so i guess i'm part of the new tier 1 group.i would like to know how much i need to make in the last 1 yr before renewal (i do not have masters degree) and also if there is a website where i can read all about the new tier 1 visa and the requirements for renewal

[main_2]

this is what you need

Tier 1 (General) policy guidance: http://www.ukba.homeoffice.gov.uk/sitec ... idance.pdf

http://www.ukba.homeoffice.gov.uk/visas ... igibility/

Hi,
i got my tier 1 visa in jan 2011 and it expires jan 2013 so i guess i'm part of the new tier 1 group.i would like to know how much i need to make in the last 1 yr before renewal (i do not have masters degree) and also if there is a website where i can read all about the new tier 1 visa and the requirements for renewal

[babsss]

thanks a lot main_2. the links were really helpful. i'll like to however ask which is more adviseable ..... being self employed do you pay in cheques from your jobs into a new account or into your personal account which you use for every other thing.This is against the 12 calendar months income statement you will need to give to the accountant before submission.i am of the impression a fresh account would be better as it makes it easier during reconciliation

[AccountantMatthew]

For sole traders you can either carry on with your existing private account or open a new one. Legally there is nothing to stop you from carrying on without opening a new account as you and the business are the same person - however as you say it usually better to keep business and private separate as it helps accountants/bookkeepers (and therefore keeps your costs down) and it is easier for you to monitor your cash management.

Banks may insist that you open a business account - but it is a matter of contract between you and the bank.

Companies, of course, must have separate bank accounts as the company is a separate legal person.