New successful case and testimonial on a Spouse Entry Clearance. Financial Requirement £18,600 was met via self-employment in the UK in the last tax year.

By 1st 4Immigration - #1 UK Immigration Experts -
"A massive thank you to Lucy and Natalia for their diligence and professionalism in handling our case. We sent 1st 4 Immigration our documents less than a month ago and just found out my wife's spouse visa was approved. We booked her flight and we will be together in a few days time. Their help was invaluable. We couldn't be happier!"

This came from James, a British citizen whose wife was applying in Japan. James, who is self-employed as a sole trader in the UK, was able to meet the Financial Requirement of £18,600 once his tax return was submitted for the tax year 2012-13. HMRC Tax Calculation (SA302 form) was showing profit of self-employment of just over £19,000.

With self-employed people the £18,600 threshold is based on profit from self-employment, not turnover, ie not what the business received from the customers. It is based on the profit, which is the difference between turnover and expenses, before taxes. Furthermore, it is based on the last full financial year, in case of sole traders it is a UK tax year. If one registered as self-employed in the middle of a tax year he/she would have to wait until tax year is ended and a tax returned submitted and confirmed by HMRC.

Those who have limited companies have to use a different approach. We have extensive experience in dealing with either sole traders or company owners.

Another thing was the UKVI (former UK Border Agency) required business accounts prepared by a professional accountant.  Small businesses don’t have to prepare audited accounts, and for HMRC don’t have to prepare unaudited accounts either. However, for a visa application our client had to ask a professional accountant to prepare financial statements (‘accounts’) because it was one of the ‘Specified Evidence’ under Appendix FM-SE. Even though this is not a requirement for tax purposes, it is a requirement for a visa application and therefore needs to be done ‘because it is a rule’.  

For an individual advice or to make an application please contact us: info@1st4immigration.com or visit www.1st4immigration.com 

 
If you are an Immigration Adviser or a Solicitor please visit our immigration Training and CPD website: www.1st4immigration.com/training

 

 

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