MVL Online Question MVL Online Question
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  1. #1

    Nervous Newbie


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    Default MVL Online Question

    I am planning on closing my company next year through a MVL process using MVL online (due to the positive reviews on this website). I stopped trading in June 2020 but have a term deposit, which doesn't expire until the 1 January 2021. My year end date is 28th Feb.

    I was wondering if its worth while changing my accounting period end date to the 1 Jan 2021 to try and lodge cessation accounts/tax return 2 months early or will this be pointless given I won't receive any distributions until the next tax year?

    Generally how long have people been waiting to get both distributions from MVL online? I want to try take advantage of the CGT allowance and ER relief before any potential budget changes next year but worried I have left it too late.

    I have a very simple company and will only have cash remaining on the balance sheet.

    Thanks
    Last edited by metallo; 23rd November 2020 at 14:25.

  2. #2

    bored now

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    Quote Originally Posted by metallo View Post
    I am planning on closing my company next year through a MVL process using MVL online (due to the positive reviews on this website). I stopped trading in June 2020 but have a term deposit, which doesn't expire until the 1 January 2021. My year end date is 28th Feb.

    I was wondering if its worth while changing my accounting period end date to the 1 Jan 2021 to try and lodge cessation accounts/tax return 2 months early or will this be pointless given I won't receive any distributions until the next tax year?

    Generally how long have people been waiting to get both distributions from MVL online? I want to try take advantage of the CGT allowance and ER relief before any potential budget changes next year but worried I have left it too late.

    Thanks
    Why change your year end - you do a final set of accounts up to the date of company closure (so January X 2021).
    merely at clientco for the entertainment

  3. #3

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    Quote Originally Posted by eek View Post
    Why change your year end - you do a final set of accounts up to the date of company closure (so January X 2021).
    For the past 4 years I have been lodging my accounts and tax return through the online portal on HMRC. It wont allow me to change the date. I tried to put in the 30 September 2020 as a test and got an error message 'We have been unable to match your outstanding Accounting Periods to the Accounts you are filing'.

  4. #4

    My post count is Majestic

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    Get an accountant to do it?
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  5. #5

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    Quote Originally Posted by northernladuk View Post
    Get an accountant to do it?
    Why would I pay them hundreds of pounds when I have already done all the work in preparing them? I will contact HMRC regarding the issue about not being able to update the date, just thought I would ask in here first.

    Would be good to hear some feedback from others on how long it has taken lately due to the increase in the number of people closing.
    Last edited by metallo; 23rd November 2020 at 14:54.

  6. #6

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    I think you should stop 'planning on using MVL online' and start using them.
    It's going to cost you to do this anyway, so why bother trying to guess what you don't know?
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  7. #7

    Prof Cunning @ Oxford Uni

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    Quote Originally Posted by metallo View Post
    Why would I pay them hundreds of pounds when I have already done all the work in preparing them? I will contact HMRC regarding the issue about not being able to update the date, just thought I would ask in here first.

    Would be good to hear some feedback from others on how long it has taken lately due to the increase in the number of people closing.

    Didn't you used to claim you were a chartered accountant?
    I'm perfect, in a very specific and limited way.
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  8. #8

    Fingers like lightning


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    Quote Originally Posted by WTFH View Post
    Didn't you used to claim you were a chartered accountant?
    Not every pathway to being a chartered accountant is the same. You can be a chartered accountant with only take a couple accounting classes and a couple years experience doing something loosely related to what you think an accountant would do.

    I mean OP probably isn't a chartered accountant but just wanted to mention that anyway.

  9. #9

    Contractor Among Contractors


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    Plenty of time to still get a first distribution (which would be the lion's share of your company's funds) before 5 April 2021. This would apply even if you didn't get them involved until circa January 2021.

    With current run rate it's unlikely they'd have full clearance to distribute the balance this tax year too (whether appointing them imminently or in a couple of months time). Time will tell whether there will be any changes to CGT, and if so, what they will be...but yeah most funds should be this tax year anyway.

    Unsure exactly how you do it with whatever software you're using, but yes, should be able to do a short final CT return and accompanying accounts.

  10. #10

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    Quote Originally Posted by Maslins View Post
    Plenty of time to still get a first distribution (which would be the lion's share of your company's funds) before 5 April 2021. This would apply even if you didn't get them involved until circa January 2021.

    With current run rate it's unlikely they'd have full clearance to distribute the balance this tax year too (whether appointing them imminently or in a couple of months time). Time will tell whether there will be any changes to CGT, and if so, what they will be...but yeah most funds should be this tax year anyway.

    Unsure exactly how you do it with whatever software you're using, but yes, should be able to do a short final CT return and accompanying accounts.
    Thanks very much, that's great.

    I will get in touch soon to start the process

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