Voluntary Liquidation Voluntary Liquidation
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  1. #1

    Nervous Newbie


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    Default Voluntary Liquidation

    Hello everyone,
    I've been contracting for 3 years and I am looking to go into voluntary liquidation as I am changing the nature of my contract work, going from consultancy to design and after I go into design, I'll be selling my own products (on a small scale) and selling my services to more clients. I'm in fashion.
    Would a change of my contact work be sufficient to convince HMRC that it's a legitimate reason for liquidation, and not because of anything dodgy.
    I do have an accountant, but I'm keen to hear from more people.
    Thank you!

  2. #2

    Banned


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    Quote Originally Posted by Isobel1988 View Post
    Hello everyone,
    I've been contracting for 3 years and I am looking to go into voluntary liquidation as I am changing the nature of my contract work, going from consultancy to design and after I go into design, I'll be selling my own products (on a small scale) and selling my services to more clients. I'm in fashion.
    Would a change of my contact work be sufficient to convince HMRC that it's a legitimate reason for liquidation, and not because of anything dodgy.
    I do have an accountant, but I'm keen to hear from more people.
    Thank you!
    Just dont file an annual return and dont submit accounts - The company will be struck off by HMRC for free

  3. #3

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    Quote Originally Posted by Isobel1988 View Post
    Hello everyone,
    I've been contracting for 3 years and I am looking to go into voluntary liquidation as I am changing the nature of my contract work, going from consultancy to design and after I go into design, I'll be selling my own products (on a small scale) and selling my services to more clients. I'm in fashion.
    Would a change of my contact work be sufficient to convince HMRC that it's a legitimate reason for liquidation, and not because of anything dodgy.
    I do have an accountant, but I'm keen to hear from more people.
    Thank you!
    Listen to your accountant.

    You're just closing the company down (?) and, providing all taxes are accounted for and paid, hmrc should have no reason to object.

    Dont do what that fool aussie suggests.
    I couldn't give two fornicators! Yes, really!

  4. #4

    Contractor Among Contractors


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    Presumably you say liquidation rather than striking off because there's >£25k in the company? If not, just get it struck off, much cheaper.

    If there is >£25k, and your concern is that you'll be starting up again straight after, then I think provided it's pretty clear the business is different, you should be absolutely fine.

    Rules that could catch you out if the business would essentially be the same are "Transactions in securities", so google that together with "liquidation" and you should find a few useful articles.

  5. #5

    Nervous Newbie


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    Default

    Thank you. Yes there is >25k. And my accountant is a bit nervous.

  6. #6

    Still gathering requirements...


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    Quote Originally Posted by Isobel1988 View Post
    Thank you. Yes there is >25k. And my accountant is a bit nervous.
    I have just completed a members voluntary liquidation with MVL Online. They were very efficient, they kept me informed at each step and the whole process took under 2 months, and most of that time was in waiting for HMRC approval. I would strongly recommend them to you.

  7. #7

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    Quote Originally Posted by Retro View Post
    I have just completed a members voluntary liquidation with MVL Online. They were very efficient, they kept me informed at each step and the whole process took under 2 months, and most of that time was in waiting for HMRC approval. I would strongly recommend them to you.
    And it cost you how much?
    Never has a man been heard to say on his death bed that he wishes he'd spent more time in the office.

  8. #8

    Contractor Among Contractors


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    Quote Originally Posted by Retro View Post
    I have just completed a members voluntary liquidation with MVL Online. They were very efficient, they kept me informed at each step and the whole process took under 2 months, and most of that time was in waiting for HMRC approval. I would strongly recommend them to you.
    Cheers :-) (NB as CUK usernames rarely relate to director/company name I'm clueless to who you are!)

    @Scrag Meister, MVL Online fee is fixed £995+VAT. The disbursements on top are typically £500-600, so for an average case it works out at £1,700-1,800 all in inc VAT.

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