MVL Online

[alphadog]

Hello, thanks for the kind words. Distribution made today would fall in the tax year ending 5/4/2014 which would need paying 31/1/2015 (not 2016).

Re emigrating, can become complex...but generally speaking I think you're still UK tax resident for CGT purposes for up to 3 years after leaving. HMRC don't like the idea of people having a 1 year holiday somewhere to avoid hefty CGT bills. Not something I've seen in practice, so saying this from exam memory 5+ years ago...happy to be corrected if someone else knows better.

No worries! According to gov.uk/entrepreneurs-relief it would need paying on 31 Jan 2016?

[Maslins]

No worries! According to gov.uk/entrepreneurs-relief it would need paying on 31 Jan 2016?

That's the deadline to claim entrepreneurs relief (eg if you submitted a personal tax return without claiming it, paid the tax based on 18/28% CGT, then later realised you could have claimed entrepreneurs relief).

[alphadog]

That's the deadline to claim entrepreneurs relief (eg if you submitted a personal tax return without claiming it, paid the tax based on 18/28% CGT, then later realised you could have claimed entrepreneurs relief).

Oh I see. Nice little trap for young players!

Might be worth adding on this thread that if your MVL is happening nearish to the end of a tax year, you might want to consider receiving your first distribution in tax year A and your second in tax year B. Thus using your CGT tax free allowance in each year and reducing your overall tax bill.

[adamree]

Good Experience

spoke with Chris from MVL Online after extensive research. Although in the end I went with my accountants recommendation (purely due to some arm twisting) - I was very happy with the helpful and prompt advice throughout.

[ContractorNoMore]

Another happy customer

My company's MVL via MVLonline.co.uk has just completed. Wanted to share my positive experience with you to reduce the 'fear factor' around getting a good deal for what is a complex and critical process. In short, if you can simplify your company affairs before entering liquidation (settle all liabilities except HMRC, cash in any assets), Chris's offering is absolutely the way to go. He has managed to streamline the process and can offer a high level of service at a very reasonable cost.

The demands of my liquidation were actually non-standard and Chris worked around this as well. Coupled with a non-responsive bank on my end which seemed very keen to hold onto my cash until just after their end of financial year, there was a fair bit to deal with. Chris was responsive at all times and removed the potential stress of using a fully online solution for something as important as this.

My fiancee actually went through the process with a more expensive liquidator before we found out about MVLonline.co.uk. I can attest that the only difference between her experience and mine was that she had more trouble getting clear and simple responses through the process and she paid more.

Happy to provide more information to anyone considering the process via PM.

Top service!

Chris - thank you.

[hgllgh]

out of curiosity, what are your reasons for closing down your ltd co? is anyone closing down and still contracting?

[Maslins]

out of curiosity, what are your reasons for closing down your ltd co? is anyone closing down and still contracting?

Everyone has different reasons, but most common ones are that they:
- got a full time PAYE job
- are emigrating
- are retiring
- want to do something different

[satiated]

Another reference for MVLOnline. I started the process with them just before Christmas, which probably slowed the process down a bit. The final distribution came through in the last week, so it was a 4+ month process. Almost all this time was just sitting around waiting on other parties (mostly HMRC).

Chris was always prompt and helpful with replies over email, always within 24 hours. The process was about as pain free as it's possible to make it. I had no problems with MVLOnline, and their process was quite simple. They're a good option for typical contractor scenarios.

If you're considering liquidation, bring a lot of patience and get on top of your end quickly at the beginning. Then forget about it and it'll come through in a while - there's not much you can do to speed things up once the paperwork is filed.

[ContractorNoMore]

hgllgh - I stopped contracting, left the UK and wanted a clean break in my tax residency rather than having ties to multiple locations. No need for an Ltd anymore and MVL the best option to close it.

From what I know, going through MVL and then continuing contracting in the same industry would be seen as tax evasion.