Any recommendations for an Insolvency Practice to do a MVL?

[Neenor]

I've been contracting for a couple of years and am the sole director of my company. Now that it's time to wind up, thanks to the dissolution of ESC16, the most tax efficient way of taking the cash out is to apply for a members voluntary liquidation, thereby qualifying for a 10% capital gains tax rate. I was wondering if anyone else had any experience of doing this and if they had any recommendations for which Insolvency Practice to use? Some practices are willing to do simple cases (like mine) for £2,500 (sometimes even less)... I hoping you get the same service as the ones charging a lot more. Any advice is welcome!

[JamJarST]

I know I am going to sound like NLUK, but have you asked your accountant? I believe from previous posts on here that many accountants can recommend a practitioner or are in fact practitioners themselves.

[Neenor]

I know I am going to sound like NLUK, but have you asked your accountant? I believe from previous posts on here that many accountants can recommend a practitioner or are in fact practitioners themselves.

Hi JamjarST,

Thx for your post.

I have asked my accountant, but the quote was for £5k, and given that my accounts are extremely simple and some Insolvency Practices seem to charge half that, I'm trying to look for something more reasonable and preferably a practice that someone has already had a good experience with.

[northernladuk]

Hi JamjarST,

Thx for your post.

I have asked my accountant, but the quote was for £5k, and given that my accounts are extremely simple and some Insolvency Practices seem to charge half that, I'm trying to look for something more reasonable and preferably a practice that someone has already had a good experience with.

How come I don't get a thanks for my post when I say ask accountant

Am watching you Jamjar!!!!

[northernladuk]

It seems £2.5-3.5k (depending on disbursements) is going to be about the norm...

Post below from Alan at Nixon Williams mentions they can do it

http://forums.contractoruk.com/accou...ml#post1490933

ThePuma who is also very helpful on the boards mentions a bit less

http://forums.contractoruk.com/accou...ml#post1492327

Looks like shopping around is certainly worthwhile but certainly going to be a hard limit until someone starts offering it to us on a budget service (if that is possible!!)

[Neenor]

It seems £2.5-3.5k (depending on disbursements) is going to be about the norm...

Post below from Alan at Nixon Williams mentions they can do it

http://forums.contractoruk.com/accou...ml#post1490933

ThePuma who is also very helpful on the boards mentions a bit less

http://forums.contractoruk.com/accou...ml#post1492327

Looks like shopping around is certainly worthwhile but certainly going to be a hard limit until someone starts offering it to us on a budget service (if that is possible!!)

This is great! Thank you too
Yep I'm hoping that some bright IP will start offering a cheap and reliable service for MVL's soon given that a lot of contractors will be going down this route in the future (hint hint - for any of them reading!).

[JamJarST]

How come I don't get a thanks for my post when I say ask accountant

Am watching you Jamjar!!!!

Its my sunny disposition

[Nixon Williams]

It seems £2.5-3.5k (depending on disbursements) is going to be about the norm...

Post below from Alan at Nixon Williams mentions they can do it

http://forums.contractoruk.com/accou...ml#post1490933

ThePuma who is also very helpful on the boards mentions a bit less

http://forums.contractoruk.com/accou...ml#post1492327

Looks like shopping around is certainly worthwhile but certainly going to be a hard limit until someone starts offering it to us on a budget service (if that is possible!!)

This new regime is in its early stages at the moment but I do believe that eventually the costs will come down, however this will not help anyone wanting this done now.

As soon as we have done a few MVL's, we will approach the insolvency practitioner we use with the aim of reviewing their costs with the hope that the price will fall.

Alan

[sbakoola]

Isn't the Voluntary Liquidation route slightly dodgy in that the company doing the Liquidation work has power over your Company Bank account and can write cheques and access your account and debit the account with impunity ? What happens if the company performing the Liquidation process goes under or runs away with your money ? or does the company merely instruct you on what amounts to pay and who to write cheques to ?

[northernladuk]

Isn't the Voluntary Liquidation route slightly dodgy in that the company doing the Liquidation work has power over your Company Bank account and can write cheques and access your account and debit the account with impunity ? What happens if the company performing the Liquidation process goes under or runs away with your money ? or does the company merely instruct you on what amounts to pay and who to write cheques to ?

Missed you Sbakoola... never thought I would say it be I have.....