Winding up - Personal Tax Implications

[knowsey]

Hi

After running myself as a contractor through a ltd. company for eight months, I currently just joined a company as an employee and want to cease trading as a ltd co. I have about £18k left in the company bank account after everything is cleared off to distribute. I am trying to see...

[mike78]

Hi All,
I am about to start liquidation and need to submit final returns. and my current accountant is not responding since few days now.

I think I don't have any other option than going to other accountant .

Any issues I can face please ?

Rega...

[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...

[mfh17]

Hi all ... I closed a one-man tech consulting business (SIC: 62020) using an MVL and got Entrepreneurs Relief (ER). Under TAAR, I am not allowed to work in the same or similar trade for 2 years, else I lose my ER. I now want to co-found a new business in application service provisioning (SIC: 63110)....

[JPL]

I will very soon be beginning the MVL process, and I have an outstanding DLA of around £20k. I borrowed some money from the company about 3 years ago, and have slowly been paying it back, but there is still ~£20k remaining. The company paid s455 tax of around £10k when I borrowed the money (or...

[gh22]

I'm having frustrations with my accountant (they are one of those cloud accountants which lack that personal touch), and wondered if anyone else has gone through similar.

I've recently ceased trading and informed my accountant that I'd like to close the company via MVL and get to the...

[MurexSME]

Hi all. Would really appreciate thoughts on a situation I’m in.

Had the same accountant for 15 years but he sold his company to a large firm that has various services.

I started an MVL with their liquidator and he sent a deed of indemnity which covers not only his service...

[spindrift]

I’m planning on retiring next year and have sufficient funds for MVL to make sense. Even with entrepreneurs relief this is still quite an expensive process and I’m wondering if it is really necessary when I don't need all the funds immediately.

Is there a legal reason why I cannot...

[parvatik]

Hi,
I am about to close down my Ltd company via MVL as i have lost my contract and have taken up a permie role.


My accountant (DNS Accountants) is quoting a fee of 2500+VAT for closing down formalities. He will also introduce to an MVL company who will charge separate fees...

[DaaaaaaaaaaN]

I am looking for recommendations on an accountancy firm to take care of the MVL process of my Ltd company. Unfortunately my current accountants are beyond useless.

Any suggestions would be greatly appreciated!

[foxyy]

Has anyone went through an MVL before for closing their ltd co.

Did you pay the liquidators invoice from company money after submitting final company accounts and CT, or before (including the liquidation costs)?

Unsure of the typical order to follow before finalising all...

[aoc]

Morning all,

My contract ends shortly, and the plan is to immediately go the wind-up, MVL, ER route. My future plans are to go permanent at the client, but not for several months while I'm taking a break.

During those months, my client is asking if I can support some post-project...

[AnotherGuy]

Hello,

I will be doing a MVL of a solvent LTD with considerable retained profit to distribute to just one director i.e. me.

I've communicated this to my accountant and they've cancelled the monthly DD for their services and asks for £200+VAT for cessation procedures....

[Scoooby]

Hello,

Just wondering what the typical warchest amount is for people who've been contracting for a while (say more than 10 years) , especially in relation to a potential MVL?

I've built up a large warchest over the years and contemplating closing my limited company via...

[mrdarcey]

Liquidating my company via MVL. I am 80% share holder, my wife 20% with hers being ordinary-b shares with dividends rights.

Based on the advice I recieved from my accountant, she is not entitled to capital distribution as per the shares allotment document on company house, it only mentions...

[skysies]

I'm thinking of starting the liquidation process of my company before the entrepreneur's relief is abolished next week in the Budget.

Will it make any difference if I start the process now?

[bul]

Hi guys,

Last year I created an UK LTD, for a promising/long term contract, well giving the contract finally was not that long term, and the involved hassel in managing the LTD I decide to Wind up it.

On my LTD account book There is only 4 invoices and some VAT return... ...

[ewokuk]

Just after some recommendations for a good MVL liquidator. I have seen several advertising flat rates somewhere around £800+vat and timescales of around 7 days. Being a relatively simple sole director sole shareholder I expect I would fit into that category. I don't want to spend 2-3k on it and...

[ahspooner]

Hi,

Just a hypothetical scenario.

Let's say I went MVL and the distributions arrived in April/May, and then for whatever reason I was fired/made redundant in November time.

Could I then recreate a new limited company and trade via that, on the condition...

[awll25]

Hi all,

Appreciate everyone's view: Here's my situation.

My UK visa is unexpectedly coming to an end, therefore I have to leave the country in a couple of months. At that point, I will not be a resident of UK (but I assume I will still be a tax-resident).

Since...

[ahspooner]

Hi,

Just looking at all options at closing down my Limited Company, and although not tax efficient, would striking the company off rather than going down the MVL route also be tied to the 2 year "phoenixing" rule.

i.e if I took dividends to get company funds...

[ahspooner]

Hi,

Just got a couple of things I wanted to raise in regards to some MVL scenarios, and im interested in knowing peoples thoughts on both of them. You'll be able to figure out from these that Im one of life's worriers :-)

What happens if someone starts the MVL process off...

[DrBungle]

Hi,

I've been back in the world of permie for 3 years now, and still have a reasonable amount of funds in my limited company, my view was to leave the company open in the event that I had to go back to contracting. Now I've rather annoyingly only just found out about the 3-year rule...

[Rictastic]

Hi

Has anyone had experience with winding up a limited company and the most tax efficient method for doing this:

My last invoice/payment will come through mid October (2019) and I plan on moving back to NZ mid December, on the last payment I'll have around £90000 in my...

[TechnoBob]

I took a full time PAYE position a couple of years ago and haven't had any trading in my LTD for around 18 months. I've been slow to enter anything like dormancy / closure due to being super busy, I miss being my own boss

In my time running the LTD I amassed a war chest which...

[londondeveloper]

TL;DR;
I liquidated my LTD company and went for a permanent position. Unfortunately, it did not work out and I want to go back to contracting, but I can't open a new LTD for 1.5 year. What are my options?

I was a contractor for many years and around 1.5 year ago I decided to try...

[Cautious Newbie]

Hi there,

I've had a search on the forum and can’t find a definitive answer to my query, so can I ask the consensus of the board:

I’ve recently moved into permanent employment after a number of years contracting.

In order to get the 25k+ cash out of my...

[Cyc1one]

Hi,
This is my first post, but I did a search and can't find an answer to this question or a similar question already.

I've been offered the option to go permie with my current client, but there's a long lead time on it, like it's now January and we're talking about it being in...

[carlosLondon]

Good afternoon,

I will be starting a permanent job early next year, and I want to start the process to liquidate my company. I have checked with my accountants and they provide the service (via a 3rd party) and it costs around £2,000 (+VAT + disbursements...). I was checking online and...

[kungfuman]

I am looking to close down my ltd company as my contract is coming to an end and been offered a permie role. My final invoice is at the end of this month. I was wondering for those who went down the MVL route, how long did it take to get the funds issued to you personally? Some places quote 35 days...

[ukCon]

Looking to close down ltd company via MVL to take up a permie role. I'll be starting the permanent role pretty much straight after my contract ends and given the timing there'll be at least one invoice outstanding.

1) From what I understand, the MVL process can't begin until all invoices...

[CKP Insolvency MVLs]

Hi everyone

Having recently registered I wanted to introduce myself and also to make sure that my participation would be acceptable / welcome on the forum.

I'm a solvent liquidation (members voluntary liquidation or MVL) specialist which I'm able to carry out as a licensed...

[Guest22]

I am looking to close my company via an MVL but the DLA balance is £62,007. I understand many liquidators require that all debts be repaid before getting involved in case of unexpected liabilities. My company's retained profit is around £65,000, so it would be used to pay off the loan. Given that...

[swebb]

Hi after a fair while contracting I have finally decided to go back to a permanent role. I will use MVL to close my company and get the cash out of it, 25k+.

There are a fair few companies who offer MVL services, the prices vary a fair bit. I would love to hear some recommendations if...

[ntronic]

Hi,
Wondering if someone may be able to help here.

I have decided to close down my company and have been advised by my accountant to go down the MVL route with appointment of a liquidator etc. with corresponding costs.

I understand that there is a simpler option...