• 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!

MVL company liquidation before Budget next week

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #11
    Hi,

    I'm just waiting for first distribution now .If relief is scrapped on 11th March, I think it's unlikely to kick in until April 6th. For me I can live with potentially losing ER on the second distribution, but obviously that wouldn't be ideal.

    There are probably people out there who can do it quicker than MVLOnline, but for me it was about getting a quality service, which so far it has been. In addition a lot of their competitors that I spoke to introduced some potential risk into the process, which I didn't want to take on.

    Good luck with it all

    Originally posted by Heffsta View Post
    Unfortunately the process hasnt really started with them as I had to get accountants to do all the necessary work first. They said once that complete they could start. Now all the work is complete I want to start. I will call first thing tomorrow to see if I can speed things up.

    What are your thoughts to as to if they scrap the relief on 11 March (very likely) and you are half way through the process?

    What step are you in the process?

    Comment


      #12
      Originally posted by skysies View Post
      Well, I think I can start the process before March 11.
      <panto>Oh no you can't!</panto>

      Comment


        #13
        Hi all,

        I am considering liquidation too prior to the budget....

        Are we saying that if we look to start the process with Account/MVL now, it is unlikely to be able to be processed prior to the budget on the 6th of March if it does go ahead?

        Thanks

        Comment


          #14
          Originally posted by Northernlass View Post
          Hi all,

          I am considering liquidation too prior to the budget....

          Are we saying that if we look to start the process with Account/MVL now, it is unlikely to be able to be processed prior to the budget on the 6th of March if it does go ahead?

          Thanks
          You're taxed on when the ER distribution is made. It's almost entirely unlikely you can start tomorrow, Friday 6th, and have the distribution made before March 11th. You could perhaps get the first distribution in before April 5th, but we don't yet know when the rules come in. Given it's an easy date change on an HMRC system I wouldn't be surprised if the relief ceases to exist from March 11th onwards.

          Comment


            #15
            Maslins put up a post the other day saying he is up to his eyeballs with people asking him this and him telling them they cant.
            'CUK forum personality of 2011 - Winner - Yes really!!!!

            Comment


              #16
              Originally posted by northernladuk View Post
              Maslins put up a post the other day saying he is up to his eyeballs with people asking him this and him telling them they cant.
              He should hire some outside-IR35 contractors to help him do stuff fast.


              He could let them WFH, that would make them outside, right? Right?

              Comment


                #17


                Originally posted by WordIsBond View Post
                He should hire some outside-IR35 contractors to help him do stuff fast.


                He could let them WFH, that would make them outside, right? Right?

                Comment


                  #18
                  In the Telegraph today

                  "Scrapping tax relief for entrepreneurs
                  Likelihood: 8/10

                  The Conservatives said they would review Entrepreneurs Relief in their manifesto, but whether they commit to removing the capital gains tax (CGT) break or opt for further reform following the inquiry remains unclear. The relief allows entrepreneurs to sell their businesses while paying just 10pc in CGT, almost half the rate taxpayers typically pay when selling shares or other business interests."

                  If the relief was scrapped, can we still liquidate at 20% CGT? I'm looking at the extra tax thinking that could have been a brand new car and a few holidays. 15% would be more palatable.

                  Does anyone want to buy my business before the 11th March?

                  Comment


                    #19
                    Originally posted by SeededLoaf View Post
                    If the relief was scrapped, can we still liquidate at 20% CGT? I'm looking at the extra tax thinking that could have been a brand new car and a few holidays. 15% would be more palatable.
                    Yes, subject to the same TiS anti-avoidance provisions that apply now. Of course, they may increase the CGT rate too.

                    Comment


                      #20
                      Originally posted by rogerfederer View Post
                      You're taxed on when the ER distribution is made. It's almost entirely unlikely you can start tomorrow, Friday 6th, and have the distribution made before March 11th. You could perhaps get the first distribution in before April 5th, but we don't yet know when the rules come in. Given it's an easy date change on an HMRC system I wouldn't be surprised if the relief ceases to exist from March 11th onwards.
                      Hi Roger, apologies I meant prior to the budget the new financial year.

                      Thanks for your help.

                      Comment

                      Working...
                      X