Originally posted by Taro
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Reply to: MVL Online Question
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Previously on "MVL Online Question"
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MVL and Final Accounts
Originally posted by eek View PostWhy change your year end - you do a final set of accounts up to the date of company closure (so January X 2021).
Regardless of when the accounting date is.
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Originally posted by luxCon View PostMaslins, In order to get the 75% distribution before 5th April whats the latest engagement date with MVL Online to guarantee that please?
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@Maslins, Elapsed time
Maslins, In order to get the 75% distribution before 5th April whats the latest engagement date with MVL Online to guarantee that please?
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Originally posted by Maslins View PostPlenty of time to still get a first distribution (which would be the lion's share of your company's funds) before 5 April 2021. This would apply even if you didn't get them involved until circa January 2021.
With current run rate it's unlikely they'd have full clearance to distribute the balance this tax year too (whether appointing them imminently or in a couple of months time). Time will tell whether there will be any changes to CGT, and if so, what they will be...but yeah most funds should be this tax year anyway.
Unsure exactly how you do it with whatever software you're using, but yes, should be able to do a short final CT return and accompanying accounts.
I will get in touch soon to start the process
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Plenty of time to still get a first distribution (which would be the lion's share of your company's funds) before 5 April 2021. This would apply even if you didn't get them involved until circa January 2021.
With current run rate it's unlikely they'd have full clearance to distribute the balance this tax year too (whether appointing them imminently or in a couple of months time). Time will tell whether there will be any changes to CGT, and if so, what they will be...but yeah most funds should be this tax year anyway.
Unsure exactly how you do it with whatever software you're using, but yes, should be able to do a short final CT return and accompanying accounts.
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Originally posted by WTFH View PostDidn't you used to claim you were a chartered accountant?
I mean OP probably isn't a chartered accountant but just wanted to mention that anyway.
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Originally posted by metallo View PostWhy would I pay them hundreds of pounds when I have already done all the work in preparing them? I will contact HMRC regarding the issue about not being able to update the date, just thought I would ask in here first.
Would be good to hear some feedback from others on how long it has taken lately due to the increase in the number of people closing.
Didn't you used to claim you were a chartered accountant?
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I think you should stop 'planning on using MVL online' and start using them.
It's going to cost you to do this anyway, so why bother trying to guess what you don't know?
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Originally posted by northernladuk View PostGet an accountant to do it?
Would be good to hear some feedback from others on how long it has taken lately due to the increase in the number of people closing.Last edited by metallo; 23 November 2020, 14:54.
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Originally posted by eek View PostWhy change your year end - you do a final set of accounts up to the date of company closure (so January X 2021).
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Originally posted by metallo View PostI am planning on closing my company next year through a MVL process using MVL online (due to the positive reviews on this website). I stopped trading in June 2020 but have a term deposit, which doesn't expire until the 1 January 2021. My year end date is 28th Feb.
I was wondering if its worth while changing my accounting period end date to the 1 Jan 2021 to try and lodge cessation accounts/tax return 2 months early or will this be pointless given I won't receive any distributions until the next tax year?
Generally how long have people been waiting to get both distributions from MVL online? I want to try take advantage of the CGT allowance and ER relief before any potential budget changes next year but worried I have left it too late.
Thanks
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MVL Online Question
I am planning on closing my company next year through a MVL process using MVL online (due to the positive reviews on this website). I stopped trading in June 2020 but have a term deposit, which doesn't expire until the 1 January 2021. My year end date is 28th Feb.
I was wondering if its worth while changing my accounting period end date to the 1 Jan 2021 to try and lodge cessation accounts/tax return 2 months early or will this be pointless given I won't receive any distributions until the next tax year?
Generally how long have people been waiting to get both distributions from MVL online? I want to try take advantage of the CGT allowance and ER relief before any potential budget changes next year but worried I have left it too late.
I have a very simple company and will only have cash remaining on the balance sheet.
ThanksLast edited by metallo; 23 November 2020, 14:25.Tags: None
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