Hi siddzy,
Re your specific queries, to be honest I don't really understand what you're asking:
1) certainly doesn't need to be immediate, no. Unsure why you might be asking this. Your company would typically need to enter liquidation within 3 years of ceasing to trade if you wanted to qualify for entrepreneurs relief (assuming you met the other criteria), but no urgent rush.
2) unsure what you mean by "status"? The status of your cash at bank doesn't change after you've submitted final tax returns etc.
3) MVL Online suggest 4-6 weeks from liquidator appointment to first distribution (~75% of your company's funds), and 4-6 months from liquidator appointment until you get the balance.
Whilst inevitably each liquidator will do things slightly differently.
Hope that's of some use.
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MVL queries
Hello All.
Seeking some feedback on my MVL plans - as accountant has not been very helpful
My ltd company ceased trading end of March this year and I have determined MVL as my most preferred route - don't see myself getting an outside-IR35 contract in near future. At present, my pre-closure process is underway but a few questions I had were (some of which are quite rookie)
1. Once my company and VAT account is de-registered, do I immediately need to start the liquidation process ?
2. Once final CT/VAT/PAYE returns are submitted, what is the status of the assets of the company ie cash in the business bank account ?
3. Any indication of real world time frames for final disbursements to happen
(I have been told final disbursement can take upto 6 months from start of the process)
Any tax efficiency tips would me much helpful.
Note : I have read (and re-read) recent threads on MVL which have been helpful.
Cheers.
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