MVL fees accountant and liquidator

[philgo]

Hi everyone,

I'm trying to assess the rough cost of doing a MVL. I know it depends of many factors but getting a rough idea and advises would be much appreciated.

I'm with my accountant for more than 2,5 years. I pay them £175+ VAT so £210 every month including all insurances and services.
I'm a contractor in IT using my limited company to trade. I'm using common accountancy services like expense, quarterly VAT return, weekly invoice, monthly payroll, monthly dividend, corporation tax, personal tax, end year account etc...
I'm 100% shareholder, have got 3 small loans, cash in company current account and cash in 2 business saving accounts.
I'm going to stop trading in mid December and my company tax year end is end of March 2021.
So from mid December not a lot is going to happen in my company account and I'll pay in January 2021 the full monthly accountancy fee for December 2020

Accountant fee:

My accountant charges £1000 + VAT so £1200 as part of the MVL fee.
The fee is justified to me by the below work to be done:
Preparation of Form 4.25 Statement of Assets & Liabilities
Preparation, issue, and ultimate submission of liquidation accounts
Preparation, issue, and ultimate submission of final CT600
Preparation and submission of final VAT Return
Liaison with liquidators until final distribution and liquidation completion

To me it sounds expensive and it's also like paying them 6 months of monthly accountancy fees in one shot.
I don't say I shouldn't pay anything and that's obviously easier to handle the MVL with my current accountant rather than appointing someone else but I have the impression it should cost me more like £500 max.
Does this sounds fair?

Liquidator fee

At this stage, I only have a rough estimation of 2k + VAT so £2400 for a "basic service".
Again based on informations I have provided above, any thoughts?
I'm thinking about making various quotes anyway.


Finally

Any other recommendations? Any liquidator company to recommend?


Thanks a lot

[ChimpMaster]

Your accountant is ripping you off but it's probably too late to shift away from them now.

I pay < £90 (inclusive of VAT) a month and there is no additional charge for anything, not even for the MVL. Note, this service does not include personal tax returns, only company stuff.

For the liquidation you should try to simplify the situation as far as possible so that it works out easier for the insolvency firm, and hence cheaper to you. Try to get the small loans repaid and move the funds into one savings account (or one bank I mean).

MVLOnline charge much less than the estimate in your post, as do Frost Group.

[philgo]

Yes agree that the service provided is too expensive but as you said too late and I need something easy including insurances (there is £50 ish for insurances) when I started contracting. Also the service has been perfect for the newbie I was so cannot really complain.

Yes I can surely move the money from saving accounts to current account. Not a big deal.
Same for loans I can refund them.


Have you been using them? MVLOnline and Frost Group ? All good ?

Thanks