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Topic: Combining Financial/Income categories question for ILR application  (Read 1136 times)

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My FLRM is up for renewal on Oct 1, 2022 this year. I am only using my income and not my husbands. I have been employed by the same company as a full time salaried employee for 6+ year, therefore my first application and renewal were straighforward. I work in IT and have been offered a contract day rate position, therefore I would need to set up my own limited liability company with me as a director/employee in order to be paid. Meeting the £18,600 is not a concern for me, however I can't figure out if I can do this as I would not have a full year/12 months of tax/financial records for the limited liabiltiy company (with me as a director/employee) by the time I need to renew in 7+/- months.

thank you for any advice !


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Re: Combining Financial/Income categories question for ILR application
« Reply #1 on: February 10, 2022, 02:01:11 PM »
I work in IT and have been offered a contract day rate position, therefore I would need to set up my own limited liability company with me as a director/employee in order to be paid.

Would you be affected by IR35?

https://www.contractoruk.com/ir35

https://en.wikipedia.org/wiki/IR35

https://www.gov.uk/guidance/understanding-off-payroll-working-ir35


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Re: Combining Financial/Income categories question for ILR application
« Reply #2 on: February 10, 2022, 02:52:14 PM »
Does it make a difference for my application if it is inside or outside? It would be outside of IR35. Will that change whether I can take the contract position and still be able to apply in October?

« Last Edit: February 10, 2022, 02:55:20 PM by amykath15 »


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Re: Combining Financial/Income categories question for ILR application
« Reply #3 on: February 17, 2022, 11:24:11 AM »
If it is a contract Inside 1R35 Umbrella Day Rate will that be considered as self employed income where I would need to provide a full 12 months of financials in my tax return as self employed?

I know that Outside IR35 I would need to set up my own LLC and would be considered self employed and would need to provide a full 12 month tax return (which I would not be able to do as I am applying for the renewal in 7 months)

Basically, I have already earned in this tax year in excess of the minium income requirement as a full time employee however I really want to work contract as I earn more on a day rate. But I can't jeapordize my visa renewal.

Thanks!


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