SJD Insolvency
I am the Liquidator for Optionis Group, which includes SJD Accountancy, Nixon Williams, Clearsky Accounting and First Freelance, and yes, I am still active. I don't normally post here as I have no time to get involved in marketing activities - and actually wouldn't want to anyway.
A lot has been said about SJD charging £2K for a liquidation and this being twice that of another well-known poster on this site , however when SJD Insolvency was set up as a joint venture I agreed with Simon Dolan 6 years ago it was better to charge an all-inclusive fee which would include the closure work that they were already charging for clients, whether this was for a strike-off or a liquidation, and they'd also get a free personal tax return in the year of distribution of funds in the liquidation so they knew their capital distribution and Entrepreneurs' Relief claim was being handled. We'd also reclaim the VAT incurred on the cost of the liquidation, which is a simple process, but does mean for the vast majority of our clients, who are or have been VAT-registered even if on flat rate, they don't need to factor in VAT on the cost of their liquidation.
I don't view it as a "golden handcuff" to charge a closure fee to clients who are choosing an outside Liquidator, as this work (final accounts and CT600 to liquidation, deregistration from PAYE and VAT and submission of final returns), is something that is necessary to go through as part of the process. It's merely that we quote the liquidation fee as inclusive of these costs which we can do through the joint venture agreement. Of course, that part of the fee which accrues to myself for doing the liquidation side of things is only a part of the total.
Although an outside contractor I am a trusted member of the Optionis team, so have access to all their confidential tax logins to check everything is up to date. We therefore also took the decision that we would distribute client funds in full one month into the liquidation after deduction of costs rather than pay an interim distribution, then waiting 3-4 months to get HMRC clearance to pay the rest. It's only in a small minority of cases that it turns out there's any additional tax to pay, and then it's almost always for a small amount anyway
The simple fact is most clients choose to stay with Optionis for their liquidations because it's a one-stop service with an all-inclusive fee like an all-inclusive holiday rather than booking a self-catering, flights separately, getting a taxi and going out for meals. For Optionis and myself, this is a business model which works, and the clients are happy.
Back to the day job !
I am the Liquidator for Optionis Group, which includes SJD Accountancy, Nixon Williams, Clearsky Accounting and First Freelance, and yes, I am still active. I don't normally post here as I have no time to get involved in marketing activities - and actually wouldn't want to anyway.
A lot has been said about SJD charging £2K for a liquidation and this being twice that of another well-known poster on this site , however when SJD Insolvency was set up as a joint venture I agreed with Simon Dolan 6 years ago it was better to charge an all-inclusive fee which would include the closure work that they were already charging for clients, whether this was for a strike-off or a liquidation, and they'd also get a free personal tax return in the year of distribution of funds in the liquidation so they knew their capital distribution and Entrepreneurs' Relief claim was being handled. We'd also reclaim the VAT incurred on the cost of the liquidation, which is a simple process, but does mean for the vast majority of our clients, who are or have been VAT-registered even if on flat rate, they don't need to factor in VAT on the cost of their liquidation.
I don't view it as a "golden handcuff" to charge a closure fee to clients who are choosing an outside Liquidator, as this work (final accounts and CT600 to liquidation, deregistration from PAYE and VAT and submission of final returns), is something that is necessary to go through as part of the process. It's merely that we quote the liquidation fee as inclusive of these costs which we can do through the joint venture agreement. Of course, that part of the fee which accrues to myself for doing the liquidation side of things is only a part of the total.
Although an outside contractor I am a trusted member of the Optionis team, so have access to all their confidential tax logins to check everything is up to date. We therefore also took the decision that we would distribute client funds in full one month into the liquidation after deduction of costs rather than pay an interim distribution, then waiting 3-4 months to get HMRC clearance to pay the rest. It's only in a small minority of cases that it turns out there's any additional tax to pay, and then it's almost always for a small amount anyway
The simple fact is most clients choose to stay with Optionis for their liquidations because it's a one-stop service with an all-inclusive fee like an all-inclusive holiday rather than booking a self-catering, flights separately, getting a taxi and going out for meals. For Optionis and myself, this is a business model which works, and the clients are happy.
Back to the day job !
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