Questions reg. Tier 1 Extn. (company director 100% share)

[kannit]

Hello,

My T1 extension is due in few months and I have been studying the guidance notes. During initial application I was employed but this time for extension I'll be applying as Director with 100% share in my Ltd. company drawing Pounds 1000.00 per month as Salary and around pounds 50K as dividend during claim period. After studying the guidance notes I have some questions about which I am not clear. I'll highly appreciate if experienced members of this forum can take out time to answer my questions.

1. Paylslips:
- Should I create paylips myself on letter head and sign them?
- Do they need to be stamped as well? Can accountant provide the payslip instead?

2. Dividend vouchers: Same question as payslip and what should be its format?

3. Since I'll be applying as Employed, do I still need to provide invoices my company created during claim period?

4. Do these invoices need to be signed and stamped by me (as in by company director)?

5. Do I need to provide any of the following documents related to my company?
a. Certificate of Incorporation
b. PAYE registration
c. Balance Sheet signed by director: should it be for FY11-12 or claim period?
d. P&L account signed by director: should it be for FY11-12 or claim period?
c. What other document related to my company I should include?

6. Guidance notes say that accountant's letter should mention following for the claim period
- Gross salary (before tax) paid with dates
- Net dividend paid with dates
- Tax credits
- Net profit retained in business account

Any other item which this letter MUST mention?

7. Which document from HMRC I can include to corroborate my claim?

Regards

[gaurav76.5]

1. Paylslips:
- Should I create paylips myself on letter head and sign them?

- Do they need to be stamped as well? Can accountant provide the payslip instead?

Accountant will generate the payslip. If they are on a company letterhead they don't need to be signed or stamped..

2. Dividend vouchers: Same question as payslip and what should be its format?

Dividend vouched need to be signed by company director and should be on company letterhead

3. Since I'll be applying as Employed, do I still need to provide invoices my company created during claim period?
Yes you would need to provide the invoices

4. Do these invoices need to be signed and stamped by me (as in by company director)?
Yes
5. Do I need to provide any of the following documents related to my company? No
a. Certificate of Incorporation No
b. PAYE registration No
c. Balance Sheet signed by director: should it be for FY11-12 or claim period? Yes. should cover both the claim period and FY11-12
d. P&L account signed by director: should it be for FY11-12 or claim period? Yes. should cover both the claim period and FY11-12
c. What other document related to my company I should include?
A letter from you accountant clearly showing the breakdown of salary and dividend this should include the Start date month ,end date month , gross pay , net pay, and date on which amount was paid in bank/b]
6. Guidance notes say that accountant's letter should mention following for the claim period
- Gross salary (before tax) paid with dates
- Net dividend paid with dates
- Tax credits
- Net profit retained in business account

Any other item which this letter MUST mention?

As said earlier

7. Which document from HMRC I can include to corroborate my claim?
None

[kannit]

Many thanks!

1. Paylslips:
- Should I create paylips myself on letter head and sign them?

- Do they need to be stamped as well? Can accountant provide the payslip instead?

Accountant will generate the payslip. If they are on a company letterhead they don't need to be signed or stamped..

2. Dividend vouchers: Same question as payslip and what should be its format?

Dividend vouched need to be signed by company director and should be on company letterhead

3. Since I'll be applying as Employed, do I still need to provide invoices my company created during claim period?
Yes you would need to provide the invoices

4. Do these invoices need to be signed and stamped by me (as in by company director)?
Yes
5. Do I need to provide any of the following documents related to my company? No
a. Certificate of Incorporation No
b. PAYE registration No
c. Balance Sheet signed by director: should it be for FY11-12 or claim period? Yes. should cover both the claim period and FY11-12
d. P&L account signed by director: should it be for FY11-12 or claim period? Yes. should cover both the claim period and FY11-12
c. What other document related to my company I should include?
A letter from you accountant clearly showing the breakdown of salary and dividend this should include the Start date month ,end date month , gross pay , net pay, and date on which amount was paid in bank/b]
6. Guidance notes say that accountant's letter should mention following for the claim period
- Gross salary (before tax) paid with dates
- Net dividend paid with dates
- Tax credits
- Net profit retained in business account

Any other item which this letter MUST mention?

As said earlier

7. Which document from HMRC I can include to corroborate my claim?
None