Self Assessment and MVL

[curio]

A newbie question, I had a Ltd company for a few years. I started the MVL process in Feb 2023. The VAT and Capital Gains and director loans have all been paid.
I received the 90% of the funds through SFP. My question is:- do I declare these funds in my Self Assessment?

[wattaj]

What does your MVL provider say on this?

[Lance]

errr..... how/why on earth have you paid capital gains tax for an MVL not yet finished??????

[jamesbrown]

errr..... how/why on earth have you paid capital gains tax for an MVL not yet finished??????

Yes, really makes little sense. I mean, MVL distributions can span two tax years in which case there will be two SATRs with gains recorded and potentially BADR requested, but the context of the question about what to record in the SATR also makes no sense. The order is: gain made, gain recorded in SATR along with BADR as appropriate, tax paid. Methinks the OP is in a world of confusion and potentially hurt too.

[Maslins]

Where you say "capital gains" (among other things) have all been paid, guessing this isn't what you mean, possibly you mean corporation tax? It's the capital gain that gets declared on your self assessment tax return.

Your liquidator's hopefully given you distribution notices with each distribution they've done (possibly "in specie", possibly an actual cash distribution). Pass those distribution notices to your accountant, they should be able to assist with the personal tax side. Whilst legally you could DIY this bit, we'd only recommend that if you're very confident you know what you're doing...

[mogga71]

A newbie question, I had a Ltd company for a few years. I started the MVL process in Feb 2023. The VAT and Capital Gains and director loans have all been paid.
I received the 90% of the funds through SFP. My question is:- do I declare these funds in my Self Assessment?

Once the MVL process has completed .... takes several months usually ... the funds are paid to you and you specify the amounts on your SA.

This thread covers it : https://forums.contractoruk.com/acco...ax-return.html