Hello All and apologies if the answer to this one is found elsewhere - I have spent some time browsing around MVL's on the forum but can't find quite the info that I was hoping for.
Basically, my situation is:
a) My end-client had outsourced assessment of my IR35 status to a 3rd party contractor/accountant/umbrella co (funnily enough, this 3rd party accountant are an approved umbrella to the agency that my contract is actually with).
b) The end-client had been pestering me since October about whether or not I would stay in my role if I was deemed inside IR35 and they wouldn't increase my rate. I had stated to them that the legislation change was not their fault, and if the assessment were fairly conducted and it came back as "Inside", that I would continue in my role and complete their project for them (which would have been another 8-12 months).
c) My assessment came back as outside of IR35 (which I was reasonably sure it was going to from the outset), but only in late January and with no renewal contract finalized with my employer because they were waiting on the assessment.
d) My client then told me last week, with my renewal due next week, that they weren't going to offer a renewal of my contract after all (even though they had made me pay for the assessment) because the business environment had changed.
e) I have been offered an inside IR35 role with a different employer which I intend to take up next week.
f) I am about £5k short in my Ltd Co bank balance to pay my corporation tax in May, and my Ltd co will not now have any income stream to make provision for the shortfall.
Sorry for the slow build-up, but basically my question is:
If I use an MSV to wind up my company and I can't pay all of my tax, what happens? Also, do I really need to pay my lazy useless accountants to run the MSV process for me? All they seem to do is download forms, send them to me to complete and forward them to HMRC, Companies House etc etc and send me the output plus their eyewatering bills...
Basically, my situation is:
a) My end-client had outsourced assessment of my IR35 status to a 3rd party contractor/accountant/umbrella co (funnily enough, this 3rd party accountant are an approved umbrella to the agency that my contract is actually with).
b) The end-client had been pestering me since October about whether or not I would stay in my role if I was deemed inside IR35 and they wouldn't increase my rate. I had stated to them that the legislation change was not their fault, and if the assessment were fairly conducted and it came back as "Inside", that I would continue in my role and complete their project for them (which would have been another 8-12 months).
c) My assessment came back as outside of IR35 (which I was reasonably sure it was going to from the outset), but only in late January and with no renewal contract finalized with my employer because they were waiting on the assessment.
d) My client then told me last week, with my renewal due next week, that they weren't going to offer a renewal of my contract after all (even though they had made me pay for the assessment) because the business environment had changed.
e) I have been offered an inside IR35 role with a different employer which I intend to take up next week.
f) I am about £5k short in my Ltd Co bank balance to pay my corporation tax in May, and my Ltd co will not now have any income stream to make provision for the shortfall.
Sorry for the slow build-up, but basically my question is:
If I use an MSV to wind up my company and I can't pay all of my tax, what happens? Also, do I really need to pay my lazy useless accountants to run the MSV process for me? All they seem to do is download forms, send them to me to complete and forward them to HMRC, Companies House etc etc and send me the output plus their eyewatering bills...
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