Ilr application financial requirements

[duncsmove]

Hi Folks

my wife's coming to the end of her 5 years and we need to apply for ILR, we recently opened our own Limited company of which we are the 2 sole directors...my question is can we show income from the company as part of the application as we will only have two payslips each at the time of application?

Our business is on track to turnover a minimum £70k per year.

Please help as we are feeling very concerned. ....We are paying ourselves £11500 p/a each.

many thanks

Duncan

 

[duncsmove]

Correction! she has been here 5yrs & 26 days her visa expires 21/02/18 can we apply now ? (providing we can pass financial)

[stuartsko]

Your wage slips are no good as a limited company on their own. They would need to be accompanied with at least a full financial years submitted accounts, bank statements, dividend vouchers and so on. you would have been better off as you being the sole director and paying your wife at least the just under 19k a year required and letting her use just her own wage, if she wasn’t a director of the company just wage slips, personal bank statements would be fine as long as she earned the qualifying amount during the rest of the year, or has 6 months pay slips in her new job. I would take on the advice of a good accountant and read section 9 of appendix FM - SE inside out, everything you need to know is there.

 

 

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[duncsmove]

On 14/12/2017 at 9:56 PM, stuartsko said:

Your wage slips are no good as a limited company on their own. They would need to be accompanied with at least a full financial years submitted accounts, bank statements, dividend vouchers and so on. you would have been better off as you being the sole director and paying your wife at least the just under 19k a year required and letting her use just her own wage, if she wasn’t a director of the company just wage slips, personal bank statements would be fine as long as she earned the qualifying amount during the rest of the year, or has 6 months pay slips in her new job. I would take on the advice of a good accountant and read section 9 of appendix FM - SE inside out, everything you need to know is there.

 

 

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Thanks stuartsko ...so my question know is what are our options ? finding a sponser? or is there a way of extending her visa or switching to a 10 year route or applying for a different visa? in 6 months we would have all the paperwork we would need...its a mess and I'm quite concerned

Edited December 18, 2017 by duncsmove

[rasg]

3 hours ago, duncsmove said:

Thanks stuartsko ...so my question know is what are our options ? finding a sponser? or is there a way of extending her visa or switching to a 10 year route or applying for a different visa? in 6 months we would have all the paperwork we would need...its a mess and I'm quite concerned

The only other visa your wife can apply for is another FLR but it has the same financial requirements as ILR as far as I know. For ILR she will need a B1 language test and of course she needs to pass the LITUK test. Depending on her English if she hasn't done anything yet about swotting up on the test she has a bit of a mountain to climb.

 

How good is your wife's English and which test did she do to get her last FLR? The reason I ask is that prior to this year, A1 was all that was required for FLR and the Government changed the rules so, for example, my wife now needs A2 for her next FLR. FLR also carries the NHS surcharge that is £500 for 30 months. No NHS surcharge for ILR.

 

What did you do before you started the company? Did you have a job with a salary over £18,600 pa? I am self employed and it was worth every penny of the £100 to have my accountant check the requirements after I emailed the PDF to him and he then prepared my accounts to show what was needed. 

[7by7]

 

On ‎12‎/‎12‎/‎2017 at 1:30 PM, duncsmove said:

we recently opened our own Limited company of which we are the 2 sole directors...my question is can we show income from the company as part of the application as we will only have two payslips each at the time of application?

 

This would come under "9. Self-employment or Director or employee of a specified limited company in the UK" of the financial requirement. As you have only just started the company, obviously you cannot use "Category G: Average of last two full financial years" and will have to rely on "Category F: Last full financial year." 

 

Income from this source can be combined with income from "5. Salaried and non-salaried employment," "6. Non-employment income" and "8. Pension" to reduce the amount required from each source; as long as the income from these alternatives fall into the same financial year as the income from your directorships.

 

Alternatively, if you have sufficient income between you from one or more of these sources then you can use that instead of your directorship.

 

For reasons which no one has ever been able to explain, self employed etc. income cannot be combined with cash savings; but, if you have sufficient (£62,500 minimum) you can, of course, use those on their own to meet the requirement.

 

On ‎18‎/‎12‎/‎2017 at 5:29 PM, rasg said:

I am self employed and it was worth every penny of the £100 to have my accountant check the requirements

Indeed.