Reporting MVL Earnings in Self Assessment Tax Return

[northernladuk]

Start a new thread with your questions would be best.

[mike78]

I am in inside IR35 as of now. I have a limited company which I am liquidating now. Couple of questions.

1. Entrepreneurs tax relief is affected if I am on high paying job ? Is this will be same 20 % CGT and 10% Entrepreneurs, tax, relief ?
2. Liquidator will help me to get necessary documents to get ETR as per Members Voluntary Liquidation (MVL) | Frost Group (section - Completion #5)
Does this mean that ETR is approved and now it is matter of submitting and myself/accountant can submit it without hassle ?


Regards
Mike

[MJa]

thanks northernladuk

[northernladuk]

I think this covers it.
How to Claim Entrepreneurs’ Relief - Ridgefield Consulting

When filling out your personal tax return you will need to use the supplementary section titled ‘Capital Gains Summary’. It is also sometimes referred to as pages SA108. A PDF of the section can be found here. The form allows you to clearly report what you have made gains on, how many disposals you have made in a tax year, include allowable costs that can be deducted from your gains as well as include other information. It is important that you complete the section which states “If you are making any claim or election, put the relevant code in the box”. The code you need to enter for ER is ERL. Alongside the Capital Gains Summary section you need to provide a completed worksheet which shows your computations (calculations) of how you have come to enter all the figures onto your tax return. We strongly advise that you seek the help of a professional chartered accountant to provide you with accurate computations. These documents are then all submitted to HMRC as part of your self-assessment tax return and payment for tax owed needs also to be paid by 31 January.

[MJa]

Hi Guys

I had got my company liquidated in 2019-20 financial year and need to report the earnings in my Self Assessment Tax Return.
Just wanted to check if it is a straightforward process of mentioning the amount received in one of the boxes, or will I need the specialist services of an accountant to help me with it?


Any links / guidance notes will be hugely appreciated.

Thanks