Anyone used mvlonline

[Maslins]

In order to prepare the company for the MVL we would need confirmation from the liquidators that were able to proceed with preparing the final set of accounts and to close down any VAT and PAYE accounts that you hold with HMRC.

Two things:
1) once you've stopped trading (ensure you stop little direct debits etc too), pay off any liabilities, then management accs can be prepared.
2) your accountant doesn't need to close off the PAYE/VAT. In particular I'd recommend leaving VAT registration open so VAT can be reclaimed on our fee.

Don't try to rush things unless you really need to. Take it step by step so you don't miss out on things.

[BiggieBig]

still confused over which accounts I need....

This is their response..

Management accounts are not needed to be prepared at the moment as the last set of accounts that were prepared for your company was 31st August 2011. We will need to prepare the next set of accounts up to the date that your last sales invoice was paid, which would be to the end of July 2012, as you have traded since the last statutory accounts

[Maslins]

still confused over which accounts I need....

This is their response..

Management accounts are not needed to be prepared at the moment as the last set of accounts that were prepared for your company was 31st August 2011. We will need to prepare the next set of accounts up to the date that your last sales invoice was paid, which would be to the end of July 2012, as you have traded since the last statutory accounts

Given how close the date you ceased trading is to the next company year end, if I were you I'd be inclined to get them to prepare full statutory accounts & CT return as normal to 31 August 2012.

If you stopped trading in July 2012, hopefully any little recurring expenditures can be stopped pre 31 August, so the only accounting movements post 1 Sep 2012 will be you settling the CT liability.

[BiggieBig]

Given how close the date you ceased trading is to the next company year end, if I were you I'd be inclined to get them to prepare full statutory accounts & CT return as normal to 31 August 2012.

If you stopped trading in July 2012, hopefully any little recurring expenditures can be stopped pre 31 August, so the only accounting movements post 1 Sep 2012 will be you settling the CT liability.

ok starting to make sense
thanks for all your help

will be in touch soon once they have prep my accounts

[Maslins]

ok starting to make sense
thanks for all your help

will be in touch soon once they have prep my accounts

It isn't meant to be complicated, basically as long as there's movement (ie the company's doing something) it's the accountant's responsibility. Once you've stopped trading, collected in any trade debtors and paid off any creditors, then we get involved.

[satiated]

Hi, thanks for all the info so far.

Just wondering how the process of transferring funds to you, and then from you to us goes?

Does the company make a bank transfer of funds directly to your account? Or does the company hand over control of the existing bank account to you?

Once the money's in the hands of the liquidator, how long before it is distributed to the shareholders? Is this done by a bank transfer, cheque in the post, duffel bag under a bridge at midnight?

[Maslins]

Just wondering how the process of transferring funds to you, and then from you to us goes?

Does the company make a bank transfer of funds directly to your account? Or does the company hand over control of the existing bank account to you?

Once the money's in the hands of the liquidator, how long before it is distributed to the shareholders? Is this done by a bank transfer, cheque in the post, duffel bag under a bridge at midnight?

Exactly how the funds are transfered (eg check/bank transfer) isn't really important. It would however be a new account which we'd set up that you'd need to transfer funds into, rather than us taking control of your existing account.

Perhaps worth stressing at this point we will (have to) set up an individual account for each client...so your company's money won't be intermingled with our own funds at any point.

We can't pay out everything until we've had confirmation from HMRC that they're happy all taxes (CT, PAYE, VAT) are clear. This is the potentially slow part of the process.

However, we will review on a case by case basis, and if we're confident that any possible tax liabilities arising will be negligible, then we can often transfer some of the funds out to you before we've received formal HMRC clearance.

[ELBBUBKUNPS]

Exactly how the funds are transfered (eg check/bank transfer) isn't really important. It would however be a new account which we'd set up that you'd need to transfer funds into, rather than us taking control of your existing account.

Perhaps worth stressing at this point we will (have to) set up an individual account for each client...so your company's money won't be intermingled with our own funds at any point.

We can't pay out everything until we've had confirmation from HMRC that they're happy all taxes (CT, PAYE, VAT) are clear. This is the potentially slow part of the process.

However, we will review on a case by case basis, and if we're confident that any possible tax liabilities arising will be negligible, then we can often transfer some of the funds out to you before we've received formal HMRC clearance.

What happens if your dont recieve clearence from HRMC, do I get the cash back - your fees ?

I had alook at your website couldnt find any contact numbers, do you provide phones based customers services ?

thanks

[Maslins]

What happens if your dont recieve clearence from HRMC, do I get the cash back - your fees ?

I had alook at your website couldnt find any contact numbers, do you provide phones based customers services ?

thanks

HMRC clearance just means they're happy your Co doesn't owe any tax. Occasionally your records and theirs might disagree so they think you still owe £X in VAT/PAYE/CT in which case they'll want it settled before they'll allow the liquidation process to finish.

Phone number on credentials/about page but most things will be done via email.

[sbakoola]

To Maslins I have a couple of questions,

a) I read on your MVL Online Ltd website that it can take up to 3-6 months for the entire process to complete, that seems like a long time but given HMRC etc. its sort of understandable, how long into the process would it take to receive the moneys after either CGT or Entrepreneurs Relief has been paid ? One Voluntary Liquidation Company is claiming around 8 days or so wait until you get your money after liabilities have been paid (is this realistic ???), they are charging around 6x more than yourselves though and going through their list of staff I couldn't find a single licensed person with the insolvency register which I thought to be strange given their company report / bank balance which was quite high and number of years they've been trading.

also b) The question of the insurance bond, will I get a copy of it BEFORE the money in my bank account is transferred to yourselves for liquidation purposes ? where can I check to see if its authentic ?

thanks, I'll pm you with this also but note I posted on the 'Anyone used mvonline' thread if you want to go public with your answers ...