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mvl

  1. K

    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 how to...
  2. M

    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 ? Regards
    • mike78
    • Thread
    • accountant corporate tax liquidation mvl new accountant
    • Replies: 8
    • Forum: Accounting / Legal
  3. M

    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 documents...
  4. M

    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...
  5. J

    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...
  6. G

    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 point...
  7. M

    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 but the entire firm...
  8. S

    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 run the...
  9. P

    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 for MVL process...
  10. D

    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!
  11. F

    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 accounts and...
  12. A

    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 adhoc remote...
  13. AnotherGuy

    MVL, entrepreneur tax relief and dividends

    Hello, :wave: 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. Still they will be...
  14. S

    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 an MVL due to the way...
  15. M

    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 her...
  16. skysies

    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?
  17. B

    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... 1. Do you know any...
  18. E

    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...
  19. A

    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 that I claimed the distributions from...
  20. A

    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 I have to leave the UK, I am...

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  1. Contracting
    1. General
      1. Brexit
    2. Business / Contracts
      1. Coronavirus Assistance
    3. Accounting / Legal
      1. Umbrella Companies
      2. HMRC Scheme Enquiries
      3. The Future of Contracting
      4. IR35 Reform
    4. Technical
    5. Welcome / FAQs
  2. Social
    1. Light Relief
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