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  • knowsey
    started a topic Winding up - Personal Tax Implications

    Winding up - Personal Tax Implications

    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
    ...
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    Last edited by knowsey; 19 May 2021, 16:12.

  • mike78
    started a topic Current Accountant is not responding

    Current Accountant is not responding

    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...
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  • Entrepreneurs tax relief after Liquidation even if i am employed

    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...
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  • mfh17
    started a topic MVL, TAAR and Condition C

    MVL, TAAR and Condition C

    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)....
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  • JPL
    started a topic MVL - Outstanding Directors Loan - s455

    MVL - Outstanding Directors Loan - s455

    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...
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    Last edited by JPL; 3 January 2021, 16:26.

  • gh22
    started a topic My Awkward Accountant - MVL Process

    My Awkward Accountant - MVL Process

    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...
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  • MurexSME
    started a topic MVL Deed of Indemnity - Covers accountant

    MVL Deed of Indemnity - Covers accountant

    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...
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  • spindrift
    started a topic MVL alternative?

    MVL alternative?

    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...
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  • parvatik
    started a topic Costs for closing the company (MVL)

    Costs for closing the company (MVL)

    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...
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  • DaaaaaaaaaaN
    started a topic Accountants For MVL - Recommendations

    Accountants For MVL - Recommendations

    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!
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  • foxyy
    started a topic Payment of liquidation MVL invoice

    Payment of liquidation MVL invoice

    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...
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  • aoc
    started a topic MVL + ER - and then self employment

    MVL + ER - and then self employment

    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...
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  • MVL, entrepreneur tax relief and dividends

    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....
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  • Scoooby
    started a topic Typical warchest amount and MVL

    Typical warchest amount and MVL

    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...
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  • MVL distribution shareholders entitlement

    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...
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  • MVL company liquidation before Budget next week

    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?
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  • Need to contract services for winding up my LTD

    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... ...
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  • ewokuk
    started a topic Recommendations for MVL liquidator

    Recommendations for MVL liquidator

    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...
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  • ahspooner
    started a topic Hypothetical MVL and Dividend scenario

    Hypothetical MVL and Dividend scenario

    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...
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  • awll25
    started a topic MVL and ER - Substantial Cash in the company

    MVL and ER - Substantial Cash in the company

    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...
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    Last edited by awll25; 11 February 2020, 01:37.

  • ahspooner
    started a topic Striking the company off - None MVL

    Striking the company off - None MVL

    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...
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  • ahspooner
    started a topic MVL scenarios

    MVL scenarios

    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...
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  • DrBungle
    started a topic MVL advice

    MVL advice

    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...
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  • Rictastic
    started a topic Company Wind Up

    Company Wind Up

    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...
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  • TechnoBob
    started a topic Closing LTD options

    Closing LTD options

    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...
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  • contractor goes perm with mvl and wants to go back to contracting

    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...
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  • Cautious Newbie
    started a topic MVL - Liquidators Bond Question

    MVL - Liquidators Bond Question

    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...
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  • Cyc1one
    started a topic Planning an MVL - preparation

    Planning an MVL - preparation

    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...
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  • carlosLondon
    started a topic MVL

    MVL

    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...
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  • kungfuman
    started a topic How long to get funds from MVL process?

    How long to get funds from MVL process?

    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...
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  • Company close down (via MVL) and moving into permanent role

    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...
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  • CKP Insolvency MVLs
    started a topic Introduction

    Introduction

    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...
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  • Can I liquidate my company with an MVL without repaying the director's loan?

    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...
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    Last edited by Guest22; 8 November 2015, 11:20.

  • Members Voluntary Liquidation Companies - Recommendations?

    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...
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  • ntronic
    started a topic Closing down company

    Closing down company

    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...
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