MVL query

[DDixon]

Well I am still looking to go ahead with the MVL soon and will obviously have to pay the CT due on the bill i have received but I have some questions:

1. I am fine to pay the CT due on the bill received but I am due a rebate as I previously paid extra CT (P11D) due to a loan from the co which I have paid off in full.

I've asked my accountant to check with HMRC and following his conversation with them, he states that the repayment has been deferred to 1st January 2014; the date by which I will need to pay them the outstanding liability (CT due on the bill) and the date on which they will repay you the outstanding repayment.

Does this mean the MVL process cannot be started until after 1st Jan 2014??

[Clare@InTouch]

That's normal - if you've paid s455 then HMRC won't repay it to you until the due date for the CT in the year you repay the loan. It shouldn't stop the MVL though, it'll just be requested to be repaid to you personally and taken into account during closure.

[DDixon]

That's normal - if you've paid s455 then HMRC won't repay it to you until the due date for the CT in the year you repay the loan. It shouldn't stop the MVL though, it'll just be requested to be repaid to you personally and taken into account during closure.

Hi Clare,

Thanks for clarifying that.

What about any CT due on company income this year - will this be calculated and sent to HMRC by my accountant as part of the wind-up procedure?

D

[Clare@InTouch]

Hi Clare,

Thanks for clarifying that.

What about any CT due on company income this year - will this be calculated and sent to HMRC by my accountant as part of the wind-up procedure?

D

Yes. The closure will crystallise the CT liability and it will need to be paid before the CT scheme can be shut down. Which has to happen or HMRC will object to the striking off.

It depends on who handles what part of the process for you. We prepare final accounts and advise on final liabilities/close schemes before the case is passed over to an MVL company as it then keeps the MVL fees lower & the process quicker. If you haven't had final accounts prepared yet, or they are being done by the MVL company, then they will likely settle the CT as part of their process.

[DDixon]

I don't suppose anyone knows how to close PAYE using Moneysoft Payroll Manager?

[Clare@InTouch]

I don't suppose anyone knows how to close PAYE using Moneysoft Payroll Manager?

Go to Employer, add in the Cessation Date on the bottom of the first tab. Ensure you've answered the end of year declaration questions on the final tab. Then just file the final RTI.

This is assuming you've already filed a P45 for the employees.

[DDixon]

Does anyone know if I can get a pro-rata refund for PCG Membership and Randell Dorling Insurances? Or should I leave them as is (active until next June in case things go belly-up with my plan B - could I transfer them?).

[northernladuk]

Does anyone know if I can get a pro-rata refund for PCG Membership and Randell Dorling Insurances? Or should I leave them as is (active until next June in case things go belly-up with my plan B - could I transfer them?).

You can still be investigated after the contracts have ended and possibly after the company has ceased to exist so for the few pounds you are going to get back it would be better to keep them. I saw a post somewhere saying that if you had the QDOS one it was worth renewing that for a year or two to cover all eventualities.

[DirtyDog]

Does anyone know if I can get a pro-rata refund for PCG Membership and Randell Dorling Insurances? Or should I leave them as is (active until next June in case things go belly-up with my plan B - could I transfer them?).

You should be able to get something from the insurance back, not sure about the PCG though.

HMRC can still go back six years, though, so you may be penny wise and pound foolish to be looking for a refund at this stage.

[malvolio]

Sorry but PCG Membership costs are non-refundable (and always have been), they are for the year from your payment date.

You can get investigated on the back of an SAR for the previous tax year. Therefore regardless of who provides it, you should keep your cover for the tax year you close down and the next one. After that you should be OK.