I am leaving the United Kingdom in a few months to move to New Zealand and I have a UK registered limited company with substantial cash assets that I want to wind down when I leave. I am the sole director and shareholder.
However, I am currently contracting through this company (in the UK) and I would like to continue working for as long as practical up to leaving date.
I have spoken to a UK/NZ specialist accountant and he claims that due to the double tax agreement between the countries that the tax residency of the limited company would automatically migrate to NZ at the same time that I do due to the director (me) controlling it from there (even if just to close it).
From what I've read this appears to be true (though I haven't found a second opinion yet). This must be avoided at all costs due to nightmare complexity and HMRC exit taxes etc etc. Just do not want to contemplate going there.
I believe the solution is to trigger a MVL and have a liquidator appointed _before_ I leave the UK, then I no longer control the company, so it would remain resident in the UK while the MVL is being carried out. I have tried speaking to my UK (large online) accountants about timelines and they are saying they can only guarantee to get the cessation accounts completed within three months of ceasing trading!
Which is totally ridiculous. Even if I had that much time that's three months of lost income waiting for them.
The MVL insolvency practitioners I have spoken to so far have said they will need the cessation accounts, VAT de-registration etc completed to in order to appoint a liquidator. I believe it's legally possible to do so without, but I haven't found anybody willing and able to so far.
I feel like I'm stuck between a rock and a hard place and it's doing my head in. What's the solution?
Fire the accountants and replace them with somebody that can move faster?
Or keep looking for an MVL outfit that will take on the extra work involved in closing the (fairly simple) company without cessation accounts yet done? Happy to pay extra money if it solves the problem.
I know MVLOnline are praised highly here, but their website says cessation accounts required.
However, I am currently contracting through this company (in the UK) and I would like to continue working for as long as practical up to leaving date.
I have spoken to a UK/NZ specialist accountant and he claims that due to the double tax agreement between the countries that the tax residency of the limited company would automatically migrate to NZ at the same time that I do due to the director (me) controlling it from there (even if just to close it).
From what I've read this appears to be true (though I haven't found a second opinion yet). This must be avoided at all costs due to nightmare complexity and HMRC exit taxes etc etc. Just do not want to contemplate going there.
I believe the solution is to trigger a MVL and have a liquidator appointed _before_ I leave the UK, then I no longer control the company, so it would remain resident in the UK while the MVL is being carried out. I have tried speaking to my UK (large online) accountants about timelines and they are saying they can only guarantee to get the cessation accounts completed within three months of ceasing trading!
Which is totally ridiculous. Even if I had that much time that's three months of lost income waiting for them.
The MVL insolvency practitioners I have spoken to so far have said they will need the cessation accounts, VAT de-registration etc completed to in order to appoint a liquidator. I believe it's legally possible to do so without, but I haven't found anybody willing and able to so far.
I feel like I'm stuck between a rock and a hard place and it's doing my head in. What's the solution?
Fire the accountants and replace them with somebody that can move faster?
Or keep looking for an MVL outfit that will take on the extra work involved in closing the (fairly simple) company without cessation accounts yet done? Happy to pay extra money if it solves the problem.
I know MVLOnline are praised highly here, but their website says cessation accounts required.
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