Winding up and emigrating

[Maslins]

yep, i was close :P

sorry to hijack the thread, but as i'll be going through a similar process later this year, is it worth me calling now and speaking to someone so i have an idea of the costs involved and how the process will work or should I just wait until such time as i want to shut the company down?

You should find all that info on our website:
- total cost to expect,
- the process (both before, during, and after liquidation process).

[moneymoney]

Guessing you mean me, Maslins Yeah our sister company MVL Online does MVLs reasonably affordably, lots of our clients are (were) contractors.

I'm guessing the OP perhaps doesn't need a formal liquidation and is just talking about accountancy fees to deal with final company accounting/tax matters. You only need one if final net assets are >£25k (and you want CGT treatment). Lots of caveats (if net assets ~£26k can probably find a better method, ensure don't revert to contracting within 2 years, do you qualify for entrepreneurs relief etc), so always best discussing with your accountant to check it makes sense for your personal situation. MVL costs would be over and above any final accounting fee to tidy up company affairs.

yep, i was close :P

sorry to hijack the thread, but as i'll be going through a similar process later this year, is it worth me calling now and speaking to someone so i have an idea of the costs involved and how the process will work or should I just wait until such time as i want to shut the company down?

[Maslins]

I plan on doing the same later this year....will be emigrating so just figuring out the best way to do things. I think there is a poster on here who handles the MVLs.....Maskins, I think, he might be able to provide more details

Guessing you mean me, Maslins Yeah our sister company MVL Online does MVLs reasonably affordably, lots of our clients are (were) contractors.

I'm guessing the OP perhaps doesn't need a formal liquidation and is just talking about accountancy fees to deal with final company accounting/tax matters. You only need one if final net assets are >£25k (and you want CGT treatment). Lots of caveats (if net assets ~£26k can probably find a better method, ensure don't revert to contracting within 2 years, do you qualify for entrepreneurs relief etc), so always best discussing with your accountant to check it makes sense for your personal situation. MVL costs would be over and above any final accounting fee to tidy up company affairs.

[moneymoney]

I plan on doing the same later this year....will be emigrating so just figuring out the best way to do things. I think there is a poster on here who handles the MVLs.....Maskins, I think, he might be able to provide more details

[Old Greg]

Hi,

Sorry for slow reply, thought I had subscribed to the thread and obviously hadn't.

I will probably do the same as you so and take all my tax free allowance over the next few months. Will probably end up with a very low tax bill so hopefully that won't raise any suspicions. Have you any other advice for closing up a business? Are there any extra closure costs involved? I think some accountancy firms quote large sums for this service..

I forget how much was charged, but to be honest emigrating is so much paperwork that I stuck with my accountant rather than shopping around.

[kilough]

Hi,

Sorry for slow reply, thought I had subscribed to the thread and obviously hadn't.

I will probably do the same as you so and take all my tax free allowance over the next few months. Will probably end up with a very low tax bill so hopefully that won't raise any suspicions. Have you any other advice for closing up a business? Are there any extra closure costs involved? I think some accountancy firms quote large sums for this service..

[Old Greg]

Hi,

I'm quite new to being self-employed having just completed my first year. For personal reasons, I will be emigrating in August/September. My accountant (small local firm) charged fees for a complete year last year and don't do monthly fees. Can anybody recommend whether I should stay with them and pay for the full 16/17 year like they are asking (£850+VAT) or go with one of the bigger firms and pay monthly? So maybe pay £80 +VAT for the 4 or 5 months I'm here. Will they charge big closure fees?

Another thing, slightly related, should I pay myself all of my tax free allowance in the 4/5 month period or pay it out over 12 months and keep my UK account open?

Thanks!

I did this last year, although after a longer stint contracting. It's worth phoning round some of the big firms and getting quotes, and maybe a bit of free introductory advice.

I used my entire 2015/16 allowance in April 2015, if that's any help.

Have a look here as well:

[kilough]

Hi,

I'm quite new to being self-employed having just completed my first year. For personal reasons, I will be emigrating in August/September. My accountant (small local firm) charged fees for a complete year last year and don't do monthly fees. Can anybody recommend whether I should stay with them and pay for the full 16/17 year like they are asking (£850+VAT) or go with one of the bigger firms and pay monthly? So maybe pay £80 +VAT for the 4 or 5 months I'm here. Will they charge big closure fees?

Another thing, slightly related, should I pay myself all of my tax free allowance in the 4/5 month period or pay it out over 12 months and keep my UK account open?

Thanks!