Settlement visa - financial requirements

[Guemlum]

Evening all,

 

We are currently in the process of applying for a settlement visa and whilst a lot of previous posts on this topic have been helpful, I'm still confused as to some particulars.

 

I am self employed trading as a Ltd Company. I am not CIS registered as I pay my own tax and have an accountant who keeps things in order. I am also VAT registered.

 

When completing Appendix 2 financial requirement form, I have selected Part C (income from self employment) and can complete either Category F or G. I haven't decided yet.

 

I will obviously have to engage the support of my accountant but my question is, do I have to provide a full set of accounts for the previous financial year or will a simple letter (breakdown) from my accountant be suffice?

 

As I pay myself a monthly salary of £916, this only equates to £10,992, but I do pay myself a dividend every couple of months. I'm not using my savings as supporting evidence as I'm about to put a hefty deposit down on a house, so what exactly should I be showing as proof of income?

 

Regards

 

Guemlum

 

[rasg]

5 hours ago, Guemlum said:

We are currently in the process of applying for a settlement visa and whilst a lot of previous posts on this topic have been helpful, I'm still confused as to some particulars.

 

I am self employed trading as a Ltd Company. I am not CIS registered as I pay my own tax and have an accountant who keeps things in order. I am also VAT registered.

 

When completing Appendix 2 financial requirement form, I have selected Part C (income from self employment) and can complete either Category F or G. I haven't decided yet.

 

I will obviously have to engage the support of my accountant but my question is, do I have to provide a full set of accounts for the previous financial year or will a simple letter (breakdown) from my accountant be suffice?

 

As I pay myself a monthly salary of £916, this only equates to £10,992, but I do pay myself a dividend every couple of months. I'm not using my savings as supporting evidence as I'm about to put a hefty deposit down on a house, so what exactly should I be showing as proof of income?

I didn't think you could have your own limited company and be self employed. I always thought that you would be employed by your Limited company and be paid a salary and paye in the same way you are paid and pay tax in a "normal" job. Having said that I am the sole proprietor of my own business and got lots of help from my accountant. I let him have the financial requirements PDF and he prepared the accounts for me.

 

If it is true that you are self employed you cannot use cash savings to top up your salary under category F.

 

You will need a full set of your latest accounts from your last tax year along with your SA302. They need to show a minimum annual salary of £18,600 per year if it is for just your girlfriend or wife.

 

If you have £62,500 in cash savings you could use that without relying on anything else.

Edited October 22, 2017 by rasg
Addition

[Guemlum]

Force of habit rasg having once been "self employed".

 

I recently recall my accountant saying that HMRC were reluctant to give out SA302's. Not sure why, so will have to pursue the matter further. 

 

Regards

 

Guemlum

[rasg]

So you are not self employed? It makes life easier.

 

I've had no difficulty getting SA302s for visas in the last couple of years. HMRC quote two weeks and they arrived  a lot quicker.