Frost Group for MVL

[nzcontractor]

Afternoon all,

Yet another MVL post I'm afraid... tis the season obviously!

I'm looking to enter an MVL over the next few days, with a view to receiving distributions this financial year.

My first choice would obviously be MVL Online, but I've discounted them for two main reasons (I'm sure Chris will correct me if I'm mistaken on either of these points!)

- I'm a little nervous about the length of time the banks are taking to release the funds (I'm with HSBC, who appear to be one of the worst). There appears to be a significant risk that the funds won't be received before the new financial year, although I do appreciate from Chris' earlier comments it may be possible to declare the distribution 'early' to create the tax point this financial year.

- As MVL Online distribute 25% after receiving HMRC clearance (which I understand is taking months at the moment), it's almost certain that this distribution will take place in the new financial year.

My research has lead me to Frost Group who use a 'Distribution in Specie'; effectively I transfer the funds to my account under their instruction, alleviating my concerns around bank processing times.

However, despite a few recent passing references on this forum I've not been able to find any feedback on them.

So, I'm hoping perhaps someone has used them more recently, and are able to provide feedback?

I am in exactly the same situation as you and have been looking at Frost Group. Have you found any further feedback or made a decision on which company to go with? Cheers

[bcontractor]

NLUK - Pretty certain, on balance, that this is the best course of action. It will give me enough cash to buy a reasonable house up North, and depending on the market up there I can always go umbrella for a couple of years, making sure I put plenty into my pension!

This! And also, one could always just keep some money aside to pay income tax in case one changes their mind.

[bcontractor]

My research has lead me to Frost Group who use a 'Distribution in Specie'; effectively I transfer the funds to my account under their instruction, alleviating my concerns around bank processing times.

However, despite a few recent passing references on this forum I've not been able to find any feedback on them.

So, I'm hoping perhaps someone has used them more recently, and are able to provide feedback?

I've been speaking to Frost and I have been impressed. I don't know anyone who used them, but they have some good reviews on Trustpilot.

[SicsyBoy]

GhostofTarbera - I was considering opening an account with Barclays, but from my initial research it appears that opening Business Accounts is taking longer than usual due to the COVID situation. It also appears the 'Seven Day Switch' service applies if you already hold an account. Besides, opening another business account seem like avoidable hassle, not to mention the fact that Barclays might not be best pleased with this!

NLUK - Pretty certain, on balance, that this is the best course of action. It will give me enough cash to buy a reasonable house up North, and depending on the market up there I can always go umbrella for a couple of years, making sure I put plenty into my pension!

[northernladuk]

Are you sure you need to MVL? You won't be returning to contracting in the next two years? You are absolutely sure?

[GhostofTarbera]

I take it you read this post about HSBC

MVL: Metro Bank not releasing my funds for 2 months
https://www.contractoruk.com/forums/...-2-months.html


Can you not just switch to Barclays using 7 day service ?


Sent from my iPhone using Contractor UK Forum

[SicsyBoy]

Afternoon all,

Yet another MVL post I'm afraid... tis the season obviously!

I'm looking to enter an MVL over the next few days, with a view to receiving distributions this financial year.

My first choice would obviously be MVL Online, but I've discounted them for two main reasons (I'm sure Chris will correct me if I'm mistaken on either of these points!)

- I'm a little nervous about the length of time the banks are taking to release the funds (I'm with HSBC, who appear to be one of the worst). There appears to be a significant risk that the funds won't be received before the new financial year, although I do appreciate from Chris' earlier comments it may be possible to declare the distribution 'early' to create the tax point this financial year.

- As MVL Online distribute 25% after receiving HMRC clearance (which I understand is taking months at the moment), it's almost certain that this distribution will take place in the new financial year.

My research has lead me to Frost Group who use a 'Distribution in Specie'; effectively I transfer the funds to my account under their instruction, alleviating my concerns around bank processing times.

However, despite a few recent passing references on this forum I've not been able to find any feedback on them.

So, I'm hoping perhaps someone has used them more recently, and are able to provide feedback?