Self Assessment Return for ER (MVL) - Extra work on SA return?

[Lance]

Yes I know. Let me be more precise.

My accountant Qaccounting propose two different closure road:
Normal closure where you shut down the company and extract money as dividend. No tax efficient if you have more than 25k in Bank. Charge is £250+VAT.
Closure via MVL. Charge is £1000+VAT for "facilitating the liquidation between the company and the liquidators"

Don't tell me that they are trying to put my pant down with the MVL fee, that's my impression as well.

When I asked why £1000 they said they had to do the below:

· Preparation of Form 4.25 Statement of Assets & Liabilities

· Preparation, issue, and ultimate submission of liquidation accounts

· Preparation, issue, and ultimate submission of final CT600

· Preparation and submission of final VAT Return

· Liaison with liquidators until final distribution and liquidation completion

But I am guessing that the above should also be done with a normal closure except liaising with the liquidator isn'it? Any thoughts?

No idea. Talk to a liquidator like MVL Online. They'll know more.
I run successful businesses so have never had to consider an MVL

[philgo]

A liquidator is different to an accountant.

Yes I know. Let me be more precise.

My accountant Qaccounting propose two different closure road:
Normal closure where you shut down the company and extract money as dividend. No tax efficient if you have more than 25k in Bank. Charge is £250+VAT.
Closure via MVL. Charge is £1000+VAT for "facilitating the liquidation between the company and the liquidators"

Don't tell me that they are trying to put my pant down with the MVL fee, that's my impression as well.

When I asked why £1000 they said they had to do the below:

· Preparation of Form 4.25 Statement of Assets & Liabilities

· Preparation, issue, and ultimate submission of liquidation accounts

· Preparation, issue, and ultimate submission of final CT600

· Preparation and submission of final VAT Return

· Liaison with liquidators until final distribution and liquidation completion

But I am guessing that the above should also be done with a normal closure except liaising with the liquidator isn'it? Any thoughts?

[Lance]

2500£ fee for the MVL....gosh.. Qaccounting my accountant is charging 1000£ for MVL which is already a lot.
So have you decided to pay SDJ closure fee and take another accountant for the MVL?

A liquidator is different to an accountant.

[philgo]

MVL. The closure fee applies if I don’t use them for the MVL. If I do the cost is approx £2500.

2500£ fee for the MVL....gosh.. Qaccounting my accountant is charging 1000£ for MVL which is already a lot.
So have you decided to pay SDJ closure fee and take another accountant for the MVL?

[ChimpMaster]

I pay my (very good) independent £88/month inclusive of VAT. He charged me £120 extra to work a couple of nights and a weekend to get my final accounts done in a rush for the liquidators.

[MLB]

Re pants down, yes to some degree but mitigated a little by quite a low monthly fee based on a price match (due to poor service a couple of years back) - which coincidentally they are now withdrawing...

[MLB]

MVL. The closure fee applies if I don’t use them for the MVL. If I do the cost is approx £2500.

[northernladuk]

I’m also an SJD customer and was quoted £450 + vat for closure accounts etc including the SA - so no additional £300. I hope they’re not going to reveal this later!

They pulled your pants down on your monthly cost though so they've made it already
IS that normal closure or via MVL?

[MLB]

I’m also an SJD customer and was quoted £450 + vat for closure accounts etc including the SA - so no additional £300. I hope they’re not going to reveal this later!

[northernladuk]

I stopped contracting last year and do not intend to return in next 2 years. I am on PAYE at the moment and would stay that way for some forceable future.
.

Thought they'd banned slave labour and human trafficking?

It does sound a little steep although I seem to think it was £150 for SJD to do your yearly returns early so anything sub £500 doesn't come as a surprise.

[NoviceContractor]

You don't' pay your accountant monthly per se. It's a yearly charge spread over the year. You pay him to do the work required in one year. People would just pay 75 quid a month at year end and quit other wise.

Some accountants charge extra for doing returns early as they tend to do them all at the same time at the end of the year. SJD used to charge if you wanted it quicker. Your terms of reference will probably explain when they do it so anything different could come at a charge and then there is some extra effort calculating the extra ER that isn't standard as well.

Good luck getting it done by 3rd March though.

You given up contracting now? Don't intend to do it again (outside) for two years?

Thanks Northernladuk. Thanks for your comments. I understand its annual charge so I have already paid it. I was just checking for ER calculation on SA. Is £300+VAT really justifiable?

I stopped contracting last year and do not intend to return in next 2 years. I am on PAYE at the moment and would stay that way for some forceable future.
I have already initiated liquidation process and would liquidate on 1st Mar using spicie route.

[northernladuk]

You don't' pay your accountant monthly per se. It's a yearly charge spread over the year. You pay him to do the work required in one year. People would just pay 75 quid a month at year end and quit other wise.

Some accountants charge extra for doing returns early as they tend to do them all at the same time at the end of the year. SJD used to charge if you wanted it quicker. Your terms of reference will probably explain when they do it so anything different could come at a charge and then there is some extra effort calculating the extra ER that isn't standard as well.

Good luck getting it done by 3rd March though.

You given up contracting now? Don't intend to do it again (outside) for two years?

[Lance]

Hi,

I am currently going through MVL of my business and plan to liquidate it before 3rd March. My accountant is charging me for the remaining tax period (£450+VAT) as they are filing my CT return early. They are saying that they would have charged me this much money if I was operational for a year so tax return can be filled only when payment for a year is made.

My accountant has now asked for extra £300+VAT to file my self assessment return with ER disclosures saying there would be additional work.

Does anyone know what additional work may be required in Self Assessment return for my accountant to charge me extra?
I have been paying £75+VAT a month to my accountant for last 5 years and that included Self Assessment return too but now that I am liquidating he is asking for money to file SA. This is equivalent to fees of 4 months that my business would have been paying to him.

Thanks.

I don't think it's a huge amount of work. £300 seems excessive IMO.
You could google it and get this How to Claim Entrepreneurs’ Relief - Ridgefield Consulting

My accountant does my SA as part of the bundle but to be honest I could do it myself easily enough. So why not tell him to do the normal and add to the online portal and you'll do the extra?
Or tell them how easy it is and that'll accept £50 for them to do it not £300.

[NoviceContractor]

Hi,

I am currently going through MVL of my business and plan to liquidate it before 3rd March. My accountant is charging me for the remaining tax period (£450+VAT) as they are filing my CT return early. They are saying that they would have charged me this much money if I was operational for a year so tax return can be filled only when payment for a year is made.

My accountant has now asked for extra £300+VAT to file my self assessment return with ER disclosures saying there would be additional work.

Does anyone know what additional work may be required in Self Assessment return for my accountant to charge me extra?
I have been paying £75+VAT a month to my accountant for last 5 years and that included Self Assessment return too but now that I am liquidating he is asking for money to file SA. This is equivalent to fees of 4 months that my business would have been paying to him.

Thanks.