MVL company liquidation before Budget next week

[skysies]

I'm thinking of starting the liquidation process of my company before the entrepreneur's relief is abolished next week in the Budget.

Will it make any difference if I start the process now?

[jamesbrown]

I'm thinking of starting the liquidation process of my company before the entrepreneur's relief is abolished next week in the Budget.

Will it make any difference if I start the process now?

The answer could be yes or no. We’ll know next week

[jamesbrown]

But that yes possibility assumes you’re literally ready to go w/ all invoices paid, final accounts prepped etc. If not, then the answer is emphatically no because you won’t possibly be able to start in time, even if the triggering event were a liquidation in progress.

[skysies]

But that yes possibility assumes you’re literally ready to go w/ all invoices paid, final accounts prepped etc. If not, then the answer is emphatically no because you won’t possibly be able to start in time, even if the triggering event were a liquidation in progress.

Well, the process lasts for a couple of months, right?

[jamesbrown]

Well, the process lasts for a couple of months, right?

The MVL itself? No, you aren’t going to get approval to close for maybe 6-8 months. But, put all that aside, the logic of your question is that you can hand your company over to a liquidator before March 11. Realistically, you probably can’t.

[skysies]

The MVL itself? No, you aren’t going to get approval to close for maybe 6-8 months. But, put all that aside, the logic of your question is that you can hand your company over to a liquidator before March 11. Realistically, you probably can’t.

Well, I think I can start the process before March 11.

[GhostofTarbera]

Well, I think I can start the process before March 11.

Super keep us updated


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[Heffsta]

I am in same boat. I have deregistered and all vat and accounts paid. Have tried to contact mvlonline today. No answer. My damn luck is I will miss out on this relief and still pay the mvl fees for no benefit

[ahspooner]

Hefsta, when did you start the process with them? I started a couple of weeks ago with them, and things appear to be moving along at the pace at which they originally indicated. Maybe they were just really busy today. I've found them to be really quick at responding to all correspondance so far.

I am in same boat. I have deregistered and all vat and accounts paid. Have tried to contact mvlonline today. No answer. My damn luck is I will miss out on this relief and still pay the mvl fees for no benefit

[Heffsta]

Hefsta, when did you start the process with them? I started a couple of weeks ago with them, and things appear to be moving along at the pace at which they originally indicated. Maybe they were just really busy today. I've found them to be really quick at responding to all correspondance so far.

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?