• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

TAAR - Condition C - Trading before the first distribution

Collapse
This topic is closed.
X
X
Collapse
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #11
    Originally posted by Lance View Post
    when there is insufficient information it's quite reasonable to try and read into things

    a) yes we know
    b) good as that's what you must do
    c) then what is the point of the question?
    Just to confirm that the way I read Condition C, reported below, is that trading is allowed until the day of distribution. I am not planning to invoice or trade up until the day before, but I was simply wanting to confirm the boundary.

    I know that there must be plenty of people on this forum and elsewhere whose intention is to cheat the chancellor (as documented in many thread), but you can't assume that every single person would want to do the same.

    Condition C: the individual receiving the distribution continues to carry on, or be involved with, the same trade or a trade similar to that of the wound up company at any time within two years from the date of the distribution
    Last edited by bcontractor; 14 January 2021, 17:41.

    Comment


      #12
      You're making no sense. The MVL process is a voluntary/solvent winding up process. Winding up means ceasing trading, so that the company's affairs can be put in order, so that the distributions can be made...

      I think you need to stop trolling the professional forums with pointless posts.

      Comment


        #13
        Originally posted by jamesbrown View Post
        You're making no sense. The MVL process is a voluntary/solvent winding up process. Winding up means ceasing trading, so that the company's affairs can be put in order, so that the distributions can be made...

        I think you need to stop trolling the professional forums with pointless posts.
        What a welcoming environment!

        I haven't invoiced a thing since April last year. I have been on permanent employment. Except for preparing the accounts the company is dead. I will start the liquidation process next month.

        There is a small piece of work, which probably wouldn't even be considered similar trade, which I'd quite like to do outside of the LTD in the next few days.

        Because I want to do the right thing, I was just trying to better understand where that would leave me. I'd rather not do the work if it meant hitting TAAR, but I would equally be happy to do it if it doesn't.

        Comment


          #14
          Originally posted by bcontractor View Post
          What a welcoming environment!

          I haven't invoiced a thing since April last year. I have been on permanent employment. Except for preparing the accounts the company is dead. I will start the liquidation process next month.

          There is a small piece of work, which probably wouldn't even be considered similar trade, which I'd quite like to do outside of the LTD in the next few days.

          Because I want to do the right thing, I was just trying to better understand where that would leave me. I'd rather not do the work if it meant hitting TAAR, but I would equally be happy to do it if it doesn't.
          Really confused now.
          You have a LTD. You have some work. Do the work. Then carry on and liquidate once finished.

          What is your question exactly?
          See You Next Tuesday

          Comment


            #15
            Your aim has been to liquidate before any potential tax changes come into play in April.

            Don't risk your primary objective over one last hurrah. It's not worth a few more £k in the bank if it could end up costing you much more in additional taxes.

            FWIW, my opinion is now that I do not expect changes to BADR this April, and also not to CGT. There is some noise being made about tax changes being postponed until Autumn. But if I was in a position to liquidate now, then I would do it and I would most certainly take on a quick job at the risk of missing this FY's deadline.

            Comment


              #16
              Originally posted by bcontractor View Post
              You guys need to chill a bit! You read too much into things.

              a) I haven't even started the liquidation process yet.
              b) I might want to complete and invoice for one last bit of trade before the liquidation even starts.
              c) I have no intention of cheating the system

              I am just trying to figure out what is the latest responsible moment to do that. I am not trying to find a way around the legislation.
              It's the moment you've given your kids, your dog and your deceased father in law a directorship and shares in the company.

              HTH
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #17
                Originally posted by bcontractor View Post
                What a welcoming environment!

                I haven't invoiced a thing since April last year. I have been on permanent employment. Except for preparing the accounts the company is dead. I will start the liquidation process next month.

                There is a small piece of work, which probably wouldn't even be considered similar trade, which I'd quite like to do outside of the LTD in the next few days.

                Because I want to do the right thing, I was just trying to better understand where that would leave me. I'd rather not do the work if it meant hitting TAAR, but I would equally be happy to do it if it doesn't.
                There are definitely a handful of individuals on here do pass on opinion and advice as facts without knowing what they are talking about.

                In order to start your MVL you need to have submitted all invoices, paid all liabilities and finalised & submitted your final accounts.

                Different liquidator firms would deal with you at different stages however before you get any distributions, all invoices and and outstanding liabilities need to have been sorted. This includes your Corp Tax to HMRC.

                I think you have a better chance of getting sensible answers from an actual liquidator, and not a cheap and cheerful types, but a more general practitioner. Find a couple and call them.

                Comment


                  #18
                  Originally posted by luxCon View Post
                  There are definitely a handful of individuals on here do pass on opinion and advice as facts without knowing what they are talking about.
                  For sure. Bit like this guy for example? https://www.contractoruk.com/forums/...ml#post2851394
                  'CUK forum personality of 2011 - Winner - Yes really!!!!

                  Comment


                    #19
                    Originally posted by northernladuk View Post
                    For sure. Bit like this guy for example? https://www.contractoruk.com/forums/...ml#post2851394
                    If you care to read the post properly I qualified my comment with a "... the way I understand it is the difference..."

                    I did not present it as a fact to rely on, and am happy to be corrected. After all thats the point of having posts on such forums

                    Comment


                      #20
                      Originally posted by luxCon View Post
                      If you care to read the post properly I qualified my comment with a "... the way I understand it is the difference..."

                      I did not present it as a fact to rely on, and am happy to be corrected. After all thats the point of having posts on such forums
                      If you know that you aren't 100% (or at least 80%) sure about what you are talking about, why post it in a professional forum?
                      merely at clientco for the entertainment

                      Comment

                      Working...
                      X