Problems getting MVL started before emigration

[Cucumber]

I am leaving the United Kingdom in a few months to move to New Zealand and I have a UK registered limited company with substantial cash assets that I want to wind down when I leave. I am the sole director and shareholder.

However, I am currently contracting through this company (in the UK) and I would like to continue working for as long as practical up to leaving date.

I have spoken to a UK/NZ specialist accountant and he claims that due to the double tax agreement between the countries that the tax residency of the limited company would automatically migrate to NZ at the same time that I do due to the director (me) controlling it from there (even if just to close it).

From what I've read this appears to be true (though I haven't found a second opinion yet). This must be avoided at all costs due to nightmare complexity and HMRC exit taxes etc etc. Just do not want to contemplate going there.

I believe the solution is to trigger a MVL and have a liquidator appointed _before_ I leave the UK, then I no longer control the company, so it would remain resident in the UK while the MVL is being carried out. I have tried speaking to my UK (large online) accountants about timelines and they are saying they can only guarantee to get the cessation accounts completed within three months of ceasing trading!

Which is totally ridiculous. Even if I had that much time that's three months of lost income waiting for them.

The MVL insolvency practitioners I have spoken to so far have said they will need the cessation accounts, VAT de-registration etc completed to in order to appoint a liquidator. I believe it's legally possible to do so without, but I haven't found anybody willing and able to so far.

I feel like I'm stuck between a rock and a hard place and it's doing my head in. What's the solution?

Fire the accountants and replace them with somebody that can move faster?

Or keep looking for an MVL outfit that will take on the extra work involved in closing the (fairly simple) company without cessation accounts yet done? Happy to pay extra money if it solves the problem.

I know MVLOnline are praised highly here, but their website says cessation accounts required.

[northernladuk]

Can't you just switch to umbrella and start the process immediately?

[Jeremy @ Silva Insolvency]

Finalise accounts during MVL

Hi Cucumber.

Naturally it minimises work for the IP if accounts and returns are complete pre-liquidation which it turn reduces the fees.

[Maslins]

Naturally it minimises work for the IP if accounts and returns are complete pre-liquidation which it turn reduces the fees.

This. Remember that by appointing a liquidator, you're signing over control and responsibility of the company to them. Hence why for most of the low cost offerings they'll insist on you dealing with all these accounting/tax things before they get involved.

You can appoint a liquidator earlier, but that then means they'll be liaising with the accountant over final accounts, CT return, VAT/PAYE de-registrations, any final balance sheet tidy up. The liquidator will need to pay any final creditors and collect in any debtors. They need to keep detailed notes on all this to put into a report to you at the end. This is all extra work you'd be putting onto the liquidator, which many firms will be happy to do, but means you're likely looking at several thousand pounds rather than the cheaper ~£1k outfits.

Equally yes you could potentially move accountants, but it will likely add a fair bit in cost. The "pay monthly" accountants often work nicely when you're with them a while. However if you want to move to a new accountant, get them to do some work in the space of a couple of months, then have no need for them, expect to pay over and above 2 months worth of fees. Equally your existing accountant is highly unlikely to give you a refund if you choose to voluntarily leave now.

As NLUK suggests another option might be to cease trading via the Ltd Co now, several months before you leave the country, and work via an umbrella whilst your accountant does their bits and pieces.

[Jeremy @ Silva Insolvency]

Apologies

I'd intended my previous post to be a little more helpful but breached the message board rules so it was edited down - sorry CUK.

Anyway, what I can perhaps (I hope) say is that you can get an MVL done without first completing cessation accounts/VAT deregistration etc. The IP can work with your current accountants to complete that. You can obtain an instant estimate for a reasonably priced fixed fee MVL including these services. There's no need to stop trading the company several months prior to MVL.