MVL and going back to work

[Cobaltcodd]

I'm on the offshore drilling side, and the North Sea rig utilisation is approximately 50% of what it once was. There are very few longer term drilling campaigns, and if you can get work then it is for only a few months at a time.

[oilboil]

Hi, Sorry to be a newbie here, but I could do with some help.

I worked as a consultant in the oil business through my own limited company for a couple of years. The contract came to a natural end, and as the oil business is in a very poor way, there was no further work.

Because of that I decided to wind my limited company up with an MVL (a process that is currently ongoing since the start of August).

Of course now there is the possibility of more work starting (in the same line of business) at the end of this year, or Q1 next year. This work would be PAYE though, and not as a Ltd Co.

So my questions are...

Can I do this work and just do PAYE and all is fine with the MVL process, even though it's been less than the 2 year criteria to go into the same business
or
Could I back-calculate and pay the taxes that would have been due to HMRC if I had not done the MVL process

Many thanks for any advice

The bigger question is how did you think the Oil business was "winding down" - I work in that area and contracting has been white hot since 2014/5

[eek]

PAYE is fine to continue work - you cannot create a new company in the same line of work but you could continue doing it for someone else.,

[Cobaltcodd]

Hi, Sorry to be a newbie here, but I could do with some help.

I worked as a consultant in the oil business through my own limited company for a couple of years. The contract came to a natural end, and as the oil business is in a very poor way, there was no further work.

Because of that I decided to wind my limited company up with an MVL (a process that is currently ongoing since the start of August).

Of course now there is the possibility of more work starting (in the same line of business) at the end of this year, or Q1 next year. This work would be PAYE though, and not as a Ltd Co.

So my questions are...

Can I do this work and just do PAYE and all is fine with the MVL process, even though it's been less than the 2 year criteria to go into the same business
or
Could I back-calculate and pay the taxes that would have been due to HMRC if I had not done the MVL process

Many thanks for any advice