Brain Scrambled ... please help !!
Mar 7th 2017, 8:05 pm
#1
Just Joined
Thread Starter
Joined: Mar 2017
Posts: 2
Brain Scrambled ... please help !!
Hi Everyone,
Im been sat on the sidlines watching for a while now and finally have mustered up the courage to ask my question as I think im in a Unique scenario.
The short version :
1) My Wife is English
2) My Daughter is English
3) I Immigrated on a spouse visa end of 2015 ( Visa due for renewal April 2018)
4) I have my own LTd Company and I am the only director of it . Its a Property business and do not pay myself a wage or dividends as I need this money for the various properties. None of it is on mortgage so issues there. The company makes about £16,000 per year as rental income from the properties. I can prove these with Tenancy agreements etc .
5) I also am a sports coach and make about £8k -£9k there.
6) My Wife Works Part Time and makes around 10K.
My Questions :
Do I need to pay myself a wage for it to be counted as income even if im the only director of the company?
Can I Add up my wifes Income and my own to get to the requirement ?
Any advice would be greatly appreciated
Im been sat on the sidlines watching for a while now and finally have mustered up the courage to ask my question as I think im in a Unique scenario.
The short version :
1) My Wife is English
2) My Daughter is English
3) I Immigrated on a spouse visa end of 2015 ( Visa due for renewal April 2018)
4) I have my own LTd Company and I am the only director of it . Its a Property business and do not pay myself a wage or dividends as I need this money for the various properties. None of it is on mortgage so issues there. The company makes about £16,000 per year as rental income from the properties. I can prove these with Tenancy agreements etc .
5) I also am a sports coach and make about £8k -£9k there.
6) My Wife Works Part Time and makes around 10K.
My Questions :
Do I need to pay myself a wage for it to be counted as income even if im the only director of the company?
Can I Add up my wifes Income and my own to get to the requirement ?
Any advice would be greatly appreciated
Mar 7th 2017, 8:09 pm
#2
Concierge
Joined: May 2006
Location: ex ex-pat, in Taunton
Posts: 27,214
Re: Brain Scrambled ... please help !!
Hi Everyone,
Im been sat on the sidlines watching for a while now and finally have mustered up the courage to ask my question as I think im in a Unique scenario.
The short version :
1) My Wife is English
2) My Daughter is English
3) I Immigrated on a spouse visa end of 2015 ( Visa due for renewal April 2018)
4) I have my own LTd Company and I am the only director of it . Its a Property business and do not pay myself a wage or dividends as I need this money for the various properties. None of it is on mortgage so issues there. The company makes about £16,000 per year as rental income from the properties. I can prove these with Tenancy agreements etc .
5) I also am a sports coach and make about £8k -£9k there.
6) My Wife Works Part Time and makes around 10K.
My Questions :
Do I need to pay myself a wage for it to be counted as income even if im the only director of the company?
Can I Add up my wifes Income and my own to get to the requirement ?
Any advice would be greatly appreciated
Im been sat on the sidlines watching for a while now and finally have mustered up the courage to ask my question as I think im in a Unique scenario.
The short version :
1) My Wife is English
2) My Daughter is English
3) I Immigrated on a spouse visa end of 2015 ( Visa due for renewal April 2018)
4) I have my own LTd Company and I am the only director of it . Its a Property business and do not pay myself a wage or dividends as I need this money for the various properties. None of it is on mortgage so issues there. The company makes about £16,000 per year as rental income from the properties. I can prove these with Tenancy agreements etc .
5) I also am a sports coach and make about £8k -£9k there.
6) My Wife Works Part Time and makes around 10K.
My Questions :
Do I need to pay myself a wage for it to be counted as income even if im the only director of the company?
Can I Add up my wifes Income and my own to get to the requirement ?
Any advice would be greatly appreciated
Is this is the FLR you are wanting then Yes, you can use both of you salaries. not sure about the other thing but BiP should be along shortly with the best advice.
Mar 7th 2017, 8:15 pm
#3
Just Joined
Thread Starter
Joined: Mar 2017
Posts: 2
Re: Brain Scrambled ... please help !!
Thanks so much , Yes its for my FLR . Just need some clarity .Super appreciative. Thanks again. Hopefully BiPwill help me with my LTD company thing
Mar 7th 2017, 11:45 pm
#4
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,139
Re: Brain Scrambled ... please help !!
Hi Everyone,
Im been sat on the sidlines watching for a while now and finally have mustered up the courage to ask my question as I think im in a Unique scenario.
The short version :
1) My Wife is English
2) My Daughter is English
3) I Immigrated on a spouse visa end of 2015 ( Visa due for renewal April 2018)
4) I have my own LTd Company and I am the only director of it . Its a Property business and do not pay myself a wage or dividends as I need this money for the various properties. None of it is on mortgage so issues there. The company makes about £16,000 per year as rental income from the properties. I can prove these with Tenancy agreements etc .
5) I also am a sports coach and make about £8k -£9k there.
6) My Wife Works Part Time and makes around 10K.
My Questions :
Do I need to pay myself a wage for it to be counted as income even if im the only director of the company?
Can I Add up my wifes Income and my own to get to the requirement ?
Any advice would be greatly appreciated
Im been sat on the sidlines watching for a while now and finally have mustered up the courage to ask my question as I think im in a Unique scenario.
The short version :
1) My Wife is English
2) My Daughter is English
3) I Immigrated on a spouse visa end of 2015 ( Visa due for renewal April 2018)
4) I have my own LTd Company and I am the only director of it . Its a Property business and do not pay myself a wage or dividends as I need this money for the various properties. None of it is on mortgage so issues there. The company makes about £16,000 per year as rental income from the properties. I can prove these with Tenancy agreements etc .
5) I also am a sports coach and make about £8k -£9k there.
6) My Wife Works Part Time and makes around 10K.
My Questions :
Do I need to pay myself a wage for it to be counted as income even if im the only director of the company?
Can I Add up my wifes Income and my own to get to the requirement ?
Any advice would be greatly appreciated
Hi and welcome to BE...glad you got the courage up to ask! Have you read the following Home Office document regarding the financial requirements? I know it takes a bit of wading through, but I think all your questions re your LTD company, sole trader and sole director are answered there https://www.gov.uk/government/upload...equirement.pdf
Mar 8th 2017, 10:27 pm
#5
Joined: Feb 2012
Location: Not in Paris
Posts: 18,194
Re: Brain Scrambled ... please help !!
If you can meet the £18,600 threshold through your and your wife's salaried income then I would stick to that and forget about your other income. Make life easier with the paperwork.
