MVL Online Question

[mike78]

Just want to clarify ; When you hand over your company to the Liquidator do you also hand over a Final set of accounts?
Regardless of when the accounting date is.

yes, I understand all three (you , your accountant and liquidator) will finalize the date of liquidation and then your accountant will submit the final return till the date just prior to that.

[Taro]

MVL and Final Accounts

Why change your year end - you do a final set of accounts up to the date of company closure (so January X 2021).

Just want to clarify ; When you hand over your company to the Liquidator do you also hand over a Final set of accounts?
Regardless of when the accounting date is.

[Maslins]

Maslins, In order to get the 75% distribution before 5th April whats the latest engagement date with MVL Online to guarantee that please?

We can't give any guarantees of time to get your company's cash, as it's heavily reliant on your company's bank. However average time frame from our appointment to getting first tranche of funds in the client's personal bank account is currently 4-6 weeks. If your company banks with Cater Allen/Barclays, it'll likely be a week or two quicker than that. If your company banks with HSBC/Santander/Tide, it'll likely be a bit beyond the top end of that. Ie they're currently the best/worst banks we deal with from this perspective.

[luxCon]

@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?

[metallo]

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.

Thanks very much, that's great.

I will get in touch soon to start the process

[Maslins]

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.

[jayn200]

Didn't you used to claim you were a chartered accountant?

Not every pathway to being a chartered accountant is the same. You can be a chartered accountant with only take a couple accounting classes and a couple years experience doing something loosely related to what you think an accountant would do.

I mean OP probably isn't a chartered accountant but just wanted to mention that anyway.

[WTFH]

Why 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?

[Lance]

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?

[metallo]

Get an accountant to do it?

Why 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.

[northernladuk]

Get an accountant to do it?

[metallo]

Why change your year end - you do a final set of accounts up to the date of company closure (so January X 2021).

For the past 4 years I have been lodging my accounts and tax return through the online portal on HMRC. It wont allow me to change the date. I tried to put in the 30 September 2020 as a test and got an error message 'We have been unable to match your outstanding Accounting Periods to the Accounts you are filing'.

[eek]

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.

Thanks

Why change your year end - you do a final set of accounts up to the date of company closure (so January X 2021).

[metallo]

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.

Thanks