Anyone used mvlonline

[minstrel]

I have a ltd co that I would like to wind up when my current contract ends at the end of the month. MVL seems to be the most tax efficient way to extract the funds.

My accountant (after countenancing against liquidating, lest HMRC fine me £3k) tells me that I don't need to use a licenced insolvency practitioner to liquidate the company, as it is solvent. He says that he can do the liquidation. This is contrary to everything I've read on the internet.

Is he giving me bad advice?

It depends on your circumstances. If you have over £25k in your company that you want to extract as a capital distribution, then you need an IP. If you have less that £25k then you can do it yourself/use a standard accountant.

[contracted]

By the time my last invoice has been paid and my outstanding tax liabilities paid off, I will have around £100k to extract. My accountant obviously knows this, but still insists that I can undertake a voluntary liquidation and extract those funds as a capital distribution without resort to a licenced IP.

To be honest it wouldn't be the first time that taking their advice has resulted in a larger than anticipated tax bill.

[Maslins]

By the time my last invoice has been paid and my outstanding tax liabilities paid off, I will have around £100k to extract. My accountant obviously knows this, but still insists that I can undertake a voluntary liquidation and extract those funds as a capital distribution without resort to a licenced IP.

Not as far as I'm aware...wonder whether possibly they're out of date, don't mean a liquidation and are thinking of ESC C16 with strike off.

[captainham]

By the time my last invoice has been paid and my outstanding tax liabilities paid off, I will have around £100k to extract. My accountant obviously knows this, but still insists that I can undertake a voluntary liquidation and extract those funds as a capital distribution without resort to a licenced IP.

To be honest it wouldn't be the first time that taking their advice has resulted in a larger than anticipated tax bill.

And I'm certainly no expert but Companies House seems to agree with Maslins:

From FAQs - Liquidation and Insolvency FAQs

Q. What is the difference between a voluntary and a compulsory liquidation?

A. A voluntary liquidation, which can be either a members' voluntary liquidation or a creditors' voluntary liquidation, is brought about by resolution of the company and is conducted by a qualified practitioner. A compulsory liquidation is brought about by an order of the court and can be conducted by the Official Receiver or a qualified practitioner.

Q. Do the people in charge of insolvency proceedings hold any kind of qualification?

A. Anyone undertaking the duties of liquidator, administrative receiver, administrator or supervisor of a corporate voluntary arrangement must be a qualified insolvency practitioner. Those holding the position of receiver or manager do not need this qualification, nor does anyone who was already in office before the Insolvency Act 1986 (for England, Wales and Scotland) or the Insolvency (Northern Ireland) Order 1989 (for Northern Ireland) was implemented.

[contracted]

Thanks all. Bit worrying that my accountant is unaware of this. I guess I'll be asking him to prepare management accounts then handing off to MVL Online.

[Jessica@WhiteFieldTax]

Thanks all. Bit worrying that my accountant is unaware of this. I guess I'll be asking him to prepare management accounts then handing off to MVL Online.

Sounds sensible...

[AlmostGone]

Thanks that's reassuring to know how far are you through the process ?.

hi Biggiebig...sorry for the delay getting back to you on this (I don't really use the forums that much)...but in response to your question, I just finished the process today and money is in the bank

I kicked it all off on Sept 10th I think so the whole process took just over 2 months.
Well pleased with that.

I posted more here:
http://forums.contractoruk.com/accou...vl-online.html
It should be post number 10 or after (moderators have to approve it yet).

You might have already started with MVL, but if you haven't all I'll say is you don't need to pay big money to feel safe doing this. I was quoted some outrageous prices and found it hard not to laugh into the phone when calling around. Just my 2 cents.

[Lazylobster]

I have and my process is completed and all is well in the world.

I took the liberty of meeting Chris to discuss the process. Like a lot of people considering this avenue, its only natural to have concerns. Especially when it's your hard earned at stake.

However, despite my bank being completely useless with dealing with the liquidation ( Lloyds, idiots !) All was completed in good time and with the minimum of input by myself.

Happy to take PM's from prospective users of this method if you have other questions.

Best
LL

[mrGA]

I used mvlonline

I just liquidated my company with MVL. These guys are good. Very patient and they make a point of letting you know how each and every bit of the liquidation works, no smoke and mirrors and no hidden extras. I was quoted by a liquidators recommended by my accountant and they worked out about 3x more expensive and wouldn’t put a figure on some of their expenses. The MVL guys work online (e.g. e-signatures/ e-docs) to make sure the process is clear, fast and efficient. Can’t recommend these guys highly enough. Probably like you I was a bit nervous about turning over the company to these guys (after all they’re internet based) but gave these guys a go after checking their credentials (they’re companies house registered, Estate’s gazette for their previous liquidations, Insolvency Practitioners registered etc) and it worked out very well.

I’ve got no association with the company just happy to share feedback when I come across something worth shouting about!!

[BiggieBig]

As the initiator of this thread I felt the need to come back and share my experience with MVL online.

Firstly I reinforce the above statement

These guys were excellent throughout very professional and efficient. Also all disbursements made within the time scales initially quoted. No hidden extras very straightforward and painless process.