MVL / Claiming ER / Company Year End

[Sonicboom]

Hi all,

I have decided to move away from the contracting world and back to a permeant role.


I'm wondering how I start closing my company and start the MVL process (I've seen people have used and recommended Maslins)

My current position:

My Company year end is on the 30th June 21
I'm submitting my final invoice on the 30th June 21 (payment will be in 15 days)
My final VAT return is due on July 31st.

Is it worth me getting my accountant (Crunch) to complete my year and vat payment before engaging with Maslins? Or do I just tell Crunch I am leaving???

[eek]

Hi all,

I have decided to move away from the contracting world and back to a permeant role.


I'm wondering how I start closing my company and start the MVL process (I've seen people have used and recommended Maslins)

My current position:

My Company year end is on the 30th June 21
I'm submitting my final invoice on the 30th June 21 (payment will be in 15 days)
My final VAT return is due on July 31st.

Is it worth me getting my accountant (Crunch) to complete my year and vat payment before engaging with Maslins? Or do I just tell Crunch I am leaving???

You need a set of accounts for 30th June 2021
and a second final set of accounts after your final invoice and all other transactions have been paid.

So yes you want to keep Crunch going at the moment...

[Maslins]

Hi all,

I have decided to move away from the contracting world and back to a permeant role.


I'm wondering how I start closing my company and start the MVL process (I've seen people have used and recommended Maslins)

My current position:

My Company year end is on the 30th June 21
I'm submitting my final invoice on the 30th June 21 (payment will be in 15 days)
My final VAT return is due on July 31st.

Is it worth me getting my accountant (Crunch) to complete my year and vat payment before engaging with Maslins? Or do I just tell Crunch I am leaving???

I know I cause the confusion on this due to username...but I'm guessing you're considering engaging MVL Online, rather than Maslins. The former is a liquidator firm who would do a separate job to your accountant, the latter is an accounting firm.

You'll defo need Crunch to do accounts/CT return to 30 June 2021. Assuming that will reflect your final sales invoice (and they can do things like factor in you buying any computer equipment from the company if required), then you shouldn't need a further set of accounts/CT return done after that. I can't comment for all liquidators, but MVLO would expect to do a £nil CT return for the brief dormant period between the final one your accountant does and formal liquidation start date.

Again if you were to use MVLO, they'd need you to de-register for VAT too, and submit final VAT return. No reason why you couldn't do that before 31 July 2021 though.

In practice it will likely take Crunch a while to do their bits and pieces (I don't say that to criticise them, more that there's quite a few accounting bits and bobs to do). If you're lucky they might get it all done in a month or so.

[JHamp82]

You need to get your accounts done before going to the liquidator. Also, I think you only need to go through MVL if your retained profits are above 25k which I am assuming are as you would have done your research but depending on your other income and retained profits MVL may not be the best route. Its best to speak to your accountant to ensure you are closing the company in a tax efficient manner.

[Smartie]

I know I cause the confusion on this due to username...but I'm guessing you're considering engaging MVL Online, rather than Maslins. The former is a liquidator firm who would do a separate job to your accountant, the latter is an accounting firm.

You'll defo need Crunch to do accounts/CT return to 30 June 2021. Assuming that will reflect your final sales invoice (and they can do things like factor in you buying any computer equipment from the company if required), then you shouldn't need a further set of accounts/CT return done after that. I can't comment for all liquidators, but MVLO would expect to do a £nil CT return for the brief dormant period between the final one your accountant does and formal liquidation start date.

Again if you were to use MVLO, they'd need you to de-register for VAT too, and submit final VAT return. No reason why you couldn't do that before 31 July 2021 though.

In practice it will likely take Crunch a while to do their bits and pieces (I don't say that to criticise them, more that there's quite a few accounting bits and bobs to do). If you're lucky they might get it all done in a month or so.

Crunch offer an expedited service for £500 which is a business expense.
I can recommend Clarke Bell for MVL as they are low cost, efficient and provide 100% of business cash as soon as the MVL is done.

[Maslins]

Just to mention as of about a month ago MVLO have changed how they deal with client funds. New clients do get 100% of the company's cash at the start of the process.

[crack_ho]

I'm in a very similar position. Needing my final accounts to be prepared before liquidation.
My accountant is not able to do them until next year.
So are there any recommendations for a liquidator that offers a fuller service that would encompass the final accounts and CT calcs.

[northernladuk]

I'm in a very similar position. Needing my final accounts to be prepared before liquidation.
My accountant is not able to do them until next year.
So are there any recommendations for a liquidator that offers a fuller service that would encompass the final accounts and CT calcs.

Try the company one post above yours?

[Lance]

thin out the herd

[Maslins]

I'm in a very similar position. Needing my final accounts to be prepared before liquidation.
My accountant is not able to do them until next year.
So are there any recommendations for a liquidator that offers a fuller service that would encompass the final accounts and CT calcs.

Next year as in 6+ months from now?! Frankly that's pathetic.

I doubt many liquidators will want to do much in the way of accounting/corporation tax work. Often where they have to as part of their role they'll subcontract it out to accountants (and the company being liquidated, ie the client, will be paying for it).

Realistically if you want/need them done earlier than that, I'd suggest your first port of call would be to more aggressively prod your existing accountant. It will be less effort for them to do it than anyone else, as they'll already have all the data, everything set up, know your situation etc. If that doesn't work, then worth looking at other accountants who may be happy doing this as a one off. Downside of this is the "new" accountant will have to do a lot of stuff that you won't feel adds much value to you (ie gather info, do AML checks, learn your situation etc) before then being ablel to do the tasks you want. Hence expect a non trivial fee. The size will at least partly depend on how savvy you are, how good your bookkeeping data is etc. Realistically if your existing accountant says it'll be 6+ months before they can do accounts/CT return for you, then they're unlikely to have a lot of time to provide a helpful handover to any new accountant.