Self-employment savings for financial requirement
Oct 27th 2018, 6:07 pm
#1
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Self-employment savings for financial requirement
Hello,
I have a question about using savings from self-employment to meet the financial requirement. I
was reading the HO doc about the requirements and for those who have an employer, they ask for payslips as evidence of income, but what evidence would work
for self-employed? Just bank statements that show deposits? Tax returns?
thank you!
I have a question about using savings from self-employment to meet the financial requirement. I
was reading the HO doc about the requirements and for those who have an employer, they ask for payslips as evidence of income, but what evidence would work
for self-employed? Just bank statements that show deposits? Tax returns?
thank you!
Oct 27th 2018, 6:22 pm
#2
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Re: Self-employment savings for financial requirement
To clarify, my British husband owns a business here in the US.
Oct 27th 2018, 6:27 pm
#3
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Re: Self-employment savings for financial requirement
Savings or income? Those are two very different options.
Oct 27th 2018, 6:45 pm
#4
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Re: Self-employment savings for financial requirement
we have savings (post-tax) that came from self-employment that we want to use for the requirement and he is still actively self-employed and receiving income. The more I read on this subject the more I get confused!
i also read that if he has been working in the US, that can count towards the requirement?
i also read that if he has been working in the US, that can count towards the requirement?
Oct 27th 2018, 6:46 pm
#5
Joined: Feb 2012
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Re: Self-employment savings for financial requirement
More than £62,500 (~$80,000) worth of savings?
Oct 27th 2018, 6:50 pm
#7
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Re: Self-employment savings for financial requirement
And we are also trying to decide whether showing the savings in his business account or moving them to a personal savings account, for the required 6 months, would be better.
Oct 27th 2018, 7:06 pm
#8
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Re: Self-employment savings for financial requirement
In that case you just need to park £62,500 in a personal bank account for six months. You just need to provide six months worth of bank statements.
Oct 27th 2018, 7:18 pm
#9
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Re: Self-employment savings for financial requirement
Thank you so much for the information
Oct 27th 2018, 7:31 pm
#10
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Re: Self-employment savings for financial requirement
And just one more thing (thank you for your patience!),
once we move the funds to a separate savings account, will they need bank statements from
the accounts where the funds came from? I read in section 7.4.15. that :
Example (a)
The applicant’s partner has an investment portfolio worth approximately £1m, although this value fluctuates. In order to meet the financial requirement, she liquidates part of her investment 2 months prior to the date of application and transfers £62,500 in cash to her personal savings account.
She is able to provide a portfolio report showing that the value of the liquidated assets was at least £62,500 7 months prior to the date of application. The cash savings meet the requirements of Appendix FM-SE at the date of application and, by combining the period the money was held as investments with the period the money has been held as cash savings, the funds have been owned by the applicant’s partner and
under their control for at least the 6 months prior to the date of application. So the financial requirement is met through Category D cash savings.
once we move the funds to a separate savings account, will they need bank statements from
the accounts where the funds came from? I read in section 7.4.15. that :
Example (a)
The applicant’s partner has an investment portfolio worth approximately £1m, although this value fluctuates. In order to meet the financial requirement, she liquidates part of her investment 2 months prior to the date of application and transfers £62,500 in cash to her personal savings account.
She is able to provide a portfolio report showing that the value of the liquidated assets was at least £62,500 7 months prior to the date of application. The cash savings meet the requirements of Appendix FM-SE at the date of application and, by combining the period the money was held as investments with the period the money has been held as cash savings, the funds have been owned by the applicant’s partner and
under their control for at least the 6 months prior to the date of application. So the financial requirement is met through Category D cash savings.
Oct 27th 2018, 8:27 pm
#11
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Re: Self-employment savings for financial requirement
And just one more thing (thank you for your patience!),
once we move the funds to a separate savings account, will they need bank statements from
the accounts where the funds came from? I read in section 7.4.15. that :
Example (a)
The applicant’s partner has an investment portfolio worth approximately £1m, although this value fluctuates. In order to meet the financial requirement, she liquidates part of her investment 2 months prior to the date of application and transfers £62,500 in cash to her personal savings account.
She is able to provide a portfolio report showing that the value of the liquidated assets was at least £62,500 7 months prior to the date of application. The cash savings meet the requirements of Appendix FM-SE at the date of application and, by combining the period the money was held as investments with the period the money has been held as cash savings, the funds have been owned by the applicant’s partner and
under their control for at least the 6 months prior to the date of application. So the financial requirement is met through Category D cash savings.
once we move the funds to a separate savings account, will they need bank statements from
the accounts where the funds came from? I read in section 7.4.15. that :
Example (a)
The applicant’s partner has an investment portfolio worth approximately £1m, although this value fluctuates. In order to meet the financial requirement, she liquidates part of her investment 2 months prior to the date of application and transfers £62,500 in cash to her personal savings account.
She is able to provide a portfolio report showing that the value of the liquidated assets was at least £62,500 7 months prior to the date of application. The cash savings meet the requirements of Appendix FM-SE at the date of application and, by combining the period the money was held as investments with the period the money has been held as cash savings, the funds have been owned by the applicant’s partner and
under their control for at least the 6 months prior to the date of application. So the financial requirement is met through Category D cash savings.
In your case you appear to, already, have cash savings from income. In that case you need to provide statements of 6 months to show that these savings have been at or above 62,500 in the personal account. In addition , you should provide statements showing the funds being moved from the business account to the personal account - in other words a paper trail of where the funds came from.
Oct 27th 2018, 8:43 pm
#12
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Re: Self-employment savings for financial requirement
The above example is where investments of 62,500 GBP have been liquidated 2 months prior to the application. In this situation, one has to show that the liquidated assets were valued at 62,500 GBP for at least 6 months prior to the date of application. Hence the providing of the portfolio statements.
In your case you appear to, already, have cash savings from income. In that case you need to provide statements of 6 months to show that these savings have been at or above 62,500 in the personal account. In addition , you should provide statements showing the funds being moved from the business account to the personal account - in other words a paper trail of where the funds came from.
In your case you appear to, already, have cash savings from income. In that case you need to provide statements of 6 months to show that these savings have been at or above 62,500 in the personal account. In addition , you should provide statements showing the funds being moved from the business account to the personal account - in other words a paper trail of where the funds came from.
