Reply to: Money in the bank - now what?

[chucklebutty]

I'm in a similar boat, very happily used a paid for monthly service (may already be the subject of another thread for a recent price hike) and their in house liquidator. As Maslins says, the liquidator advised to keep the 10% ready for the next personal CGT tax bill (due Jan 2017).

My business accountancy service is now over, [by] next January I have to account for the CGT tax and present payment via a self assessment. I could appoint an accountant for just for this task - I did many many previous years before contracting this years assessment myself - but some guidance on where to plonk the numbers in the SA would be helpful.

I am sure when I get around to reading the SA CGT area it will be fairly self evident, I have seen the HRMC HS275 form but will use SA, any pointers on where to put the numbers would be very useful as this is a one off event.

[MrMarkyMark]

So is your point that this forum, and all others like it, should not exist ?

Really ?

Boo

No, of course not

The point was he gave virtually no details, therefore advice is difficult to give.
He has paid for both accountancy and liquidation services, therefore he should use them, as advised.

Hardly rocket science.

[Boo]

So you want to trust a few random guys, on the internet, that do not know anything, regarding your actual situation, in detail.

Really?

So is your point that this forum, and all others like it, should not exist ?

Really ?

Boo

[Maslins]

Hello.

Completion of your personal tax return is a task for your accountant, NOT the liquidator (PS at this stage I have no idea who you are hence whether you used MVL Online or another firm...my answer would be the same either way).

Liquidators liquidate companies. Accountants do accounts and tax returns. The liquidator should have given you paperwork for the distributions which gives all the details your accountant needs.

[SlipTheJab]

You have both a Liquidator AND an accountant on the job and it appears you missed some very fundamental points so I don't think a quick chat on a forum is really going to help you through this one.

Your first action is to get hold of your liquidator to get him to explain the process he's carried out in great detail so you fully understand what's happened and what taxes (and savings) and costs are coming your way and why.
Second is to speak to your accountant to get his view on what's happening to a big amount of money.

I don't think we are a good option at this point in time looking at what you are asking.

If you do want to persue it drop Maslins a PM. He may get alerted to a PM so is more likely to answer. He was the guy that gave you some advice about liquidation in the two threads you asked about it. He's also involved in MVLOnline which is the solution I believe was suggested so he should know everything there is to know.

This... or buy a canoe and start paddling for Panama!

[northernladuk]

Hello.

I have already asked the questions but want to know from people who have gone through a similar process or the liquidation companies here that can advise.

You have both a Liquidator AND an accountant on the job and it appears you missed some very fundamental points so I don't think a quick chat on a forum is really going to help you through this one.

Your first action is to get hold of your liquidator to get him to explain the process he's carried out in great detail so you fully understand what's happened and what taxes (and savings) and costs are coming your way and why.
Second is to speak to your accountant to get his view on what's happening to a big amount of money.

I don't think we are a good option at this point in time looking at what you are asking.

If you do want to persue it drop Maslins a PM. He may get alerted to a PM so is more likely to answer. He was the guy that gave you some advice about liquidation in the two threads you asked about it. He's also involved in MVLOnline which is the solution I believe was suggested so he should know everything there is to know.

[MrMarkyMark]

Hello.

I have already asked the questions but want to know from people who have gone through a similar process or the liquidation companies here that can advise.

So you want to trust a few random guys, on the internet, that do not know anything, regarding your actual situation, in detail.

Really?

[kesm]

Do you just pay people to do things for you and don't ask any questions?

Seriously, talk to the guys that know your situation, not just a bunch of fools on the internet.

HTH.

Hello.

I have already asked the questions but want to know from people who have gone through a similar process or the liquidation companies here that can advise.

[northernladuk]

Who did you go with in the end? MVL or the other company we hadn't heard of?

What are you doing next? Gone permie?

[I just need to test it]

Great assumption... You my friend are going to go far....

This has brightened my afternoon no end.

[MrMarkyMark]

Thanks! Yes I did liquidate the company. How do I take the enterpreneurs relief? Is this what the liquidation company does or the accountant?

Do you just pay people to do things for you and don't ask any questions?

Seriously, talk to the guys that know your situation, not just a bunch of fools on the internet.

HTH.

[kesm]

Oh lordy....

Perhaps you can be helpful instead of making nasty bullying comments that do not help!
You are always the first person to make such comments!

[northernladuk]

Thanks! Yes I did liquidate the company. How do I take the enterpreneurs relief? Is this what the liquidation company does or the accountant?

Oh lordy....

[kesm]

Did you liquidate the company and take entrepreneurs relief?

As far as having to incur a massive tax bill, there is no "best way" to deal with this, you will just have to pay whats due.

Thanks! Yes I did liquidate the company. How do I take the enterpreneurs relief? Is this what the liquidation company does or the accountant?

[northernladuk]

I assume I have to pay personal tax on all the money that has come out of my company bank account to my personal bank account?

Great assumption... You my friend are going to go far...

If yes, what is the best way to do the personal tax return so I don't incur a massive tax bill?

Properly

I asked my accountant - who is from a well known accountancy firm - but the response was totally useless!

Ask him again.. and again.. and again until you get your answer.