MVL and Hudson Weir - any reports? (and a note on MVL online)

[bcontractor]

Hi guys,

I'm looking at liquidating my limited company before the new tax year. I've narrowed down my options to a few firms. One of them is Hudson Weir. I found the person I spoke to very competent, reassuring, not pushy and they seem to have several good reviews on google.

Has anyone dealt with them? They're at higher the top end when it comes to fees, but they'd be very flexible around the timing of the second distribution, which could be an advantage depending on the news we'll get in the spring budget.

MVL Online is an obvious, much cheaper, highly recommended contender. However, my accountant wouldn't be able to complete all the necessary work before mid-Feb. MVL Online (@Maslins) do not do Day 1 distributions and deal directly with the bank to access the funds. Santander can be very slow in this and it could take up to 2 weeks for them to release the funds, which leaves me exposed to the risk of hitting the new financial year.

[Lance]

Hi guys,

I'm looking at liquidating my limited company before the new tax year. I've narrowed down my options to a few firms. One of them is Hudson Weir. I found the person I spoke to very competent, reassuring, not pushy and they seem to have several good reviews on google.

Has anyone dealt with them? They're at higher the top end when it comes to fees, but they'd be very flexible around the timing of the second distribution, which could be an advantage depending on the news we'll get in the spring budget.

MVL Online is an obvious, much cheaper, highly recommended contender. However, my accountant wouldn't be able to complete all the necessary work before mid-Feb. MVL Online (@Maslins) do not do Day 1 distributions and deal directly with the bank to access the funds. Santander can be very slow in this and it could take up to 2 weeks for them to release the funds, which leaves me exposed to the risk of hitting the new financial year.

have you asked MVLOnline when is a realistic completion?
Not sure why you'd do anything other then the much cheaper, highly recommended provider though.

[bcontractor]

have you asked MVLOnline when is a realistic completion?
Not sure why you'd do anything other then the much cheaper, highly recommended provider though.

I have spoken to them.

As you can see in this thread, some banks are taking a very long time to release the funds, which means that in my case I might receive the first distribution in the new financial year. The new budget will almost certainly include changes that will increase the amount of my tax liability.

[Maslins]

One option we've done in previous years and will likely offer again this year where warranted, is mock up the paperwork for the distribution before receiving funds. Generally accountants agree it's the date the distribution is declared that's relevant for CGT purposes. Same logic as declaring a dividend/doing all the dividend paperwork, but not taking funds until later.

So just to be clear with this option you would not get the funds any quicker. We would still be waiting on the bank to go through their normal processes (and sadly if it's Santander, I think 2 weeks is very optimistic). However we would be able to trigger the tax point for CGT by declaring the distribution potentially within a working day of our appointment, with funds to follow later.

If you need the cash ASAP, the above won't help. If it's just concern re possible CGT changes, it might.

[ChimpMaster]

Hi guys,

I'm looking at liquidating my limited company before the new tax year. I've narrowed down my options to a few firms. One of them is Hudson Weir. I found the person I spoke to very competent, reassuring, not pushy and they seem to have several good reviews on google.

Has anyone dealt with them? They're at higher the top end when it comes to fees, but they'd be very flexible around the timing of the second distribution, which could be an advantage depending on the news we'll get in the spring budget.

MVL Online is an obvious, much cheaper, highly recommended contender. However, my accountant wouldn't be able to complete all the necessary work before mid-Feb. MVL Online (@Maslins) do not do Day 1 distributions and deal directly with the bank to access the funds. Santander can be very slow in this and it could take up to 2 weeks for them to release the funds, which leaves me exposed to the risk of hitting the new financial year.

You say Hudson Weir is a preferred option but you don't specify the reason why, other than flexibility on timing of the 2nd distribution. What else attracts you to them? How can they do a day 1 distribution if they first need to get control of your bank account (and hence could be delayed by bank's admin teams).

If you looking at speed then consider FrostGroup or someone similar who would propose that you transfer the funds to yourself as a directors loan, which the liquidator then clears via a paper transaction.

[bcontractor]

You say Hudson Weir is a preferred option but you don't specify the reason why, other than flexibility on timing of the 2nd distribution. What else attracts you to them? How can they do a day 1 distribution if they first need to get control of your bank account (and hence could be delayed by bank's admin teams).

If you looking at speed then consider FrostGroup or someone similar who would propose that you transfer the funds to yourself as a directors loan, which the liquidator then clears via a paper transaction.

The flexibility of the 2nd distribution is certainly one of the most significant factors. The Day 1 distribution would happen with me operating the company's bank account before they get control. As per the other thread in which you've helpfully referred to HMRC's ruling.