Hello. There seem to be a lot of threads recently about MVL so I'll try to keep this short. Also, I will discuss this with my accountant but I still want to ask here since others have experience with it.
I'm considering a permanent role and what I need to do with my current business if I pursued that. From what I can gather, an MVL is ideal for my company. I've been studying the process on this page: Business Asset Disposal Relief (was Entrepreneurs Relief) | MVL Online(R) I think I heard about MVL Online on this forum.
My questions pertain to the section on the qualifying period. Earlier this year, I gifted my spouse 30% of the business. I understand that she won't qualify for this relief until early 2022.
Here are my questions:
I've just started exploring what my options are so please let me know if I'm missing anything. Thanks.
I'm considering a permanent role and what I need to do with my current business if I pursued that. From what I can gather, an MVL is ideal for my company. I've been studying the process on this page: Business Asset Disposal Relief (was Entrepreneurs Relief) | MVL Online(R) I think I heard about MVL Online on this forum.
My questions pertain to the section on the qualifying period. Earlier this year, I gifted my spouse 30% of the business. I understand that she won't qualify for this relief until early 2022.
Here are my questions:
- If I took a permanent role, could we leave the company open and wait until two years has passed? If the company isn't invoicing, is that considered ceasing to trade or is that a formal process/declaration? What if the company is funding a joint project and I continue working on that (moonlighting)? It's not earning any money (yet...) but there are expenses.
- Can liquidators like MVL Online liquidate companies where one director qualifies for relief but the other doesn't? How can I find out how much more the non-qualifying director will be taxed?
- I suppose she could gift back the shares but this seems a bid dodgy. I'm not sure though... does anyone have thoughts on this?
I've just started exploring what my options are so please let me know if I'm missing anything. Thanks.
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