Spouse Visa Self-Employed Financial Requirements
Jun 17th 2020, 1:38 pm
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Spouse Visa Self-Employed Financial Requirements
Hello expats,
I’m a bit confused about the financial requirements for the self-employed (sole trader), this line from Appendix FM 1.7 is the problem:
I’ve already deducted my business expenses from my gross pay to produce a figure for the gross taxable profit, however after reading this line I’m worried that I must also deduct the personal allowance of £12,500 that every working (employed and self-employed) british citizen receives.
And then there’s the “rent a room scheme” allowance — £7500 that I can claim if I have a lodger; must I deduct this too?
I don’t have to claim the “rent a room scheme” allowance so I’m not too worried about that — although it would be nice to pay less tax, but nobody can avoid the personal allowance which would mean that the actual financial threshold for a spouse visa would be a gross taxable profit of £31,000 after deducting expenses and before deducting the personal allowance.
Is this right? I hope not.
Thanks for reading this.
I’m a bit confused about the financial requirements for the self-employed (sole trader), this line from Appendix FM 1.7 is the problem:
Where the self-employed person is a sole trader or is in a partnership or franchise agreement, the income will be the gross taxable profits from their share of the business in the relevant financial year(s), not including any deductible allowances, expenses or liabilities which may be applied to the gross taxable profits to establish the final tax liability.
And then there’s the “rent a room scheme” allowance — £7500 that I can claim if I have a lodger; must I deduct this too?
I don’t have to claim the “rent a room scheme” allowance so I’m not too worried about that — although it would be nice to pay less tax, but nobody can avoid the personal allowance which would mean that the actual financial threshold for a spouse visa would be a gross taxable profit of £31,000 after deducting expenses and before deducting the personal allowance.
Is this right? I hope not.
Thanks for reading this.
