Cash savings and declaration

[rizmir]

Hi senior members
I am soon going to apply settlement visa for my wife she is in pakistan. As far as financial requirements r concerned i got £16000 cash in my personal savings account.

The only thing from the guidance notes of UKBA i drawn is that we shud also make a declaration about the source of the cash.
i got money from different friends and family members, how can i bring evidence from all of them.

Any valuable suggestion will be highly appreciated.

regards

[Amber]

I assume you're settled/soon to be, or British and your wife doesn't have a current visa?

Or is your wife on a spouse/dep visa and she'll be applying to settle on her return?

[rizmir]

Thanks guru for sparing the time
i am settled (ILR) and my wife in pakistan. so she will be applying settlement visa from pakistan, and new rules of financial requirements will be applied in that case.

Although i run my own company but unfortunately initial 5 months i hve to do market research and so other stuff so cudn't make enough money. Policy guidance AnnexFm-9 showed quite details, as i hve to show 12 months salary paid to director and also full financial year tax return.

So i was thinking to use cash savings of 16000. But in policy guidance its mentioned that i hve to declare the source of that cash savings like gift from family and so on.

so if opt the cash savings option then:
* how can i declare source from different people
* what evidence shud i produce in that case

regards

[Amber]

I'm afraid you thought wrong, your £16000 won't be considered at all under the new rules it'll amount to £0. You would need £62500 if you were to rely on savings alone, assuming you have no children.

For self-employed you'd be looking at the relevant financial year.

[rizmir]

Thanks guru for clarifying the matter.

As far as company concerned i think the due tax period starts after 21 months of its initial incorporation. so i need to show all the taxation even before that period as well.

regards

[Amber]

Well as you can't combine cat d with cat f and g you'll be all but forgetting any savings especially if you've only got 16k.

Cat f will be looking at the last full financial year and g the average of the last 2 financial years, so which cat f or g will you be looking at?

[rizmir]

Thanks guru for prompt response. Ur point cleared my misconception regarding cash saving, i got the point cash savings cannot be combined with category f.

I was wondering that i run my company since 9 months and even first 5 months was very little earning. I havnt completed my financial year as well and company is required to submit its tax details after 21 months of its initial incorporation. So how come i w'd produce 12 months tax details and salary of 12 months paid into my personal account.

regards

[Amber]

He much did you make April 12/13?

[rizmir]

Thanks for ur response.
i actually did business around 10,000. but that was random not every month fix profit.

regards

[Amber]

For those employed as a director of a specified limited company in the UK, the relevant financial year(s) will be that covered by the Company Tax Return CT600 and corresponds to the 12-month accounting year of the company.

So based on that quote when do you think you'll have the required level of income?

[rizmir]

Thanks for attaching the relevent paragraph.
i will be making that business in next 3 r 4 months, so it means i have to wait full 12 months to show the relevent income and coz i am director of the company so i hve to show the salary paid to me in my current account for that full tax period if i am not wrong.

regards