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My Awkward Accountant - MVL Process

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    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 where my liquidator can take control as soon as possible. My liquidator asked for the usual items, specifically accounts, so that he can reasonably soon distribute X% of the funds to me which we want to make sure is this FY. However my accountant said they will not do anything until the company has been deregistered for VAT and PAYE (which they insist on doing themselves), which means my liquidator is sat twiddling his thumbs for what I've heard could now be a number of months worst case.

    I explained to my accountant that doing it this way could have a huge impact on me (receiving funds next FY), so please can the liabilities and accounts be formed soon so my liquidator can get started. They said nope, we have our process and that's that, we won't do anything until you're registered for VAT and PAYE. I could literally beg and they'd not be interested.

    My liquidator said they've never known an accountant to be so unhelpful and insist on that, so I've found another accountant who's happy to provide my liquidator with what they need and work with them.

    Has anyone gone through similar? And has anyone switched accountants as I'd be interested in typical timescales? (I'm no longer trading and a fairly simple consultancy ) I can imagine my current accountant coming back and saying it will take 3 - 6 months (seriously).

    #2
    Can't say I've been through this and I certainly wouldn't have let an accountant (or anyone) delay my plans for months. Sounds awful.

    I am planning to MVL early next year and it's going to be a tight timeframe for me to get the distribution for April 6th. I asked my accountant how long it would take him to prepare and submit MyCo's final CT/VAT/PAYE returns, deregister for VAT and deregister as an employer. He said 3 days. With no additional fees, just the usual £90 monthly sub.

    I've been with this accountant for a long time, so I trust him. Unfortunately switching accountants at your late stage will not be easy for the new accountant and it could well take him some time and extra cost to do everything.

    The liquidator I have found will also act very quickly.

    Can I ask which insolvency firm you are using?
    Last edited by ChimpMaster; 5 December 2020, 10:15.

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      #3
      Originally posted by ChimpMaster View Post
      Can't say I've been through this and I certainly wouldn't have let an accountant (or anyone) delay my plans for months. Sounds awful.

      I am planning to MVL early next year and it's going to be a tight timeframe for me to get the distribution for April 6th. I asked my accountant how long it would take him to prepare and submit MyCo's final CT/VAT/PAYE returns, deregister for VAT and deregister as an employer. He said 3 days. With no additional fees, just the usual £90 monthly sub.

      I've been with this accountant for a long time, so I trust him. Unfortunately switching accountants at your late stage will not be easy for the new accountant and it could well take him some time and extra cost to do everything.

      The liquidator I have found will also act very quickly.

      Can I ask which insolvency firm you are using?

      Hey Chimp. Thankfully things are progressing but nothing like the 3 days you mentioned, that's impressive.

      Please PM me and I'll let you know who I'm using. Cheers!

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