Time for MVL or not and IR35

[northernladuk]

OK - so if decide to keep the LTD open while I'm doing that Brolly contract are you suggesting that I should keep my current accountancy service at its maximum level? i.e. accounting, insurances, IR35 service ? Cause I was thinking to put the company INACTIVE as this is cheaper. Or is there any specialised insurance to contract?

You need to keep your insurances going just in case anything historic crops up. Most accountants will offer a reduced rate for non trading periods

[philgo]

You need to keep your insurances going just in case anything historic crops up. Most accountants will offer a reduced rate for non trading periods

Okay thanks - will speak with my accountant

[philgo]

On the MVL topic with slow banks. Has someone tried to open a faster bank pre MVL?
I'm with Metro Bank and thinking opening another business bank account with Starling.

[northernladuk]

On the MVL topic with slow banks. Has someone tried to open a faster bank pre MVL?
I'm with Metro Bank and thinking opening another business bank account with Starling.

I'm not sure there is a guide as to which banks are faster than others is there? Maybe some anecdotal evidence on here but nothing that would give you enough confidence who you move to will do the needful?

[ChimpMaster]

On the MVL topic with slow banks. Has someone tried to open a faster bank pre MVL?
I'm with Metro Bank and thinking opening another business bank account with Starling.

Barclays are good.

But it's probably easier to find an insolvency firm that doesn't need to take control of your funds during liquidation.

[philgo]

Barclays are good.

But it's probably easier to find an insolvency firm that doesn't need to take control of your funds during liquidation.

Sorry what do you mean by that?
On another note why do liquidator has to receive a bank transfer from the bank itself? Is not possible just to do a bank transfer to myself via director loan or simply transfer myself the money to the liquidator?

[northernladuk]

Sorry what do you mean by that?
On another note why do liquidator has to receive a bank transfer from the bank itself? Is not possible just to do a bank transfer to myself via director loan or simply transfer myself the money to the liquidator?

Ask them.

[ChimpMaster]

Sorry what do you mean by that?
On another note why do liquidator has to receive a bank transfer from the bank itself? Is not possible just to do a bank transfer to myself via director loan or simply transfer myself the money to the liquidator?

Yes exactly that. There are options and the insolvency firm can advise accordingly.

[Lance]

Sorry what do you mean by that?
On another note why do liquidator has to receive a bank transfer from the bank itself? Is not possible just to do a bank transfer to myself via director loan or simply transfer myself the money to the liquidator?

When you appoint a liquidator you cease to have control of the LTD company.
As others said, there are options, but the liquidator will be in control of the company, and its cash, and its bank account.

[philgo]

Yes exactly that. There are options and the insolvency firm can advise accordingly.

Ok got you, didn't know they were called insolvency firm. I'll do some researches. Thanks