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Tier 1 general Extension: question on earnings

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

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srichinna
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Tier 1 general Extension: question on earnings

Post by srichinna » Sun Jul 17, 2011 11:11 pm

Dear Gurus,

I need Help with respect to previous earnings. I am working as a contractor with my own limited company and I need to go for extension. with respect to earnings, I need 35 points for qualifying for extension and gross income as 35000.00 GBP.

My accountant is proposing the following:
salary as 14000.00GBP
net dividends as 22000.00GBP.

so total of 36000.00gbp.

Question is,Is this method (salary + dividends) is eligible for getting 35 points for extension or do I need to show 36000.00 as my gross salary without any dividends?

Please let me know. THANKS in advance.
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AccountantMatthew
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Joined: Mon Jul 04, 2011 5:20 pm
Location: London Town

Post by AccountantMatthew » Mon Jul 18, 2011 11:16 am

Both salary and dividends will 'count' towards gross income.

Without wishing to second guess your accountant, he/she is most probably trying to help you as much as possible in showing evidence of income and tax compliance whilst at the same time helping you be efficient with your tax planning.
Please don't private message me or e-mail me for free personal advice - you are just wasting your time writing something that won't get answered.
Anything written here shouldn't be construed as being formal advice given in a professional capacity.
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tier1_applicant
Member
Posts: 176
Joined: Tue Apr 08, 2008 9:39 am

Re: Tier 1 general Extension: question on earnings

Post by tier1_applicant » Mon Jul 18, 2011 12:38 pm

srichinna wrote:Dear Gurus,

I need Help with respect to previous earnings. I am working as a contractor with my own limited company and I need to go for extension. with respect to earnings, I need 35 points for qualifying for extension and gross income as 35000.00 GBP.

My accountant is proposing the following:
salary as 14000.00GBP
net dividends as 22000.00GBP.

so total of 36000.00gbp.

Question is,Is this method (salary + dividends) is eligible for getting 35 points for extension or do I need to show 36000.00 as my gross salary without any dividends?

Please let me know. THANKS in advance.
Yes. You can show salary + dividend.
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