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As Lance suggests, two very different things:

An MVL is for a solvent case. Ie the business is not in trouble, it has plenty of assets, just wants a formal liquidation to close. With offerings...

Yeah Monzo have a free version. There's a few things you only get with the paid account (something like £5/month), critical one for us was the multiple users. Do check you can do what you want from...

Maslins has a business bank account with Monzo. Mainly got it for the sharing facility (3 staff members can all make payments from it), and it works great. Admittedly it is, at least for now, a...

Obvious answer...but discuss with your accountant. They'll be best placed to advise what to do when to ensure a smooth process.

If you're DIYing it, ensure all taxes are settled, and critically...

Short answer - no.

Longer answer, if people are in a desperate rush to get their hands on the company cash, then there are options they can look at that other firms are prepared to accommodate. If...

Re opening a new bank account shortly prior to liquidation...I don't know. It may be quite a lot of faff, and possibly the "new" bank may not be best pleased!

Re the final point, that's a bit...

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...

If this is the case I can't see you qualifying for business asset disposal relief (what was entrepreneurs relief) anymore. You could still liquidate, but would likely be looking at 20% personal tax....

We do hear clients suggest this sometimes, but as a firm we're against it for a few reasons:
1) if you do it before the liquidator is legally appointed, you're voluntarily sending money to a third...

MVL Online have very much seen a split in banks since Covid started:

- Barclays/Cater Allen - brilliant, will turn round our requests typically within 1-2 working days (means first distribution in...

Sadly this is also fairly normal atm, and FWIW if you'd have been a client of our sister company MVL Online whilst I hope you might not have had some of the other issues, you'd likely still be having...

Just to add to what Craig has said, your accountant can probably give you SA302s themselves, but they won't be official HMRC ones on HMRC letterhead etc. They'll be ones generated by the accountant's...

I think your queries are more one for your accountant than a liquidator. Liquidators will only have very limited knowledge of personal tax, as it's not their role.

Ask your accountant to check re...

I imagine every liquidator will have an indemnity of some kind in their paperwork they'll require you to sign before they press ahead. The liquidadator is taking over legal responsibility for your...

Those assets will typically live at the office (not the director's home), and be available for all staff. It makes it far more plausible to justify they're bought to benefit the trade, rather than...

If you're currently working via an umbrella, is your Ltd Co actually doing anything? The basic rule for a business cost to be valid is it should be "wholly and exclusively for the benefit of the...

We can't give any guarantees of time to get your company's cash, as it's heavily reliant on your company's bank. However average time frame from our appointment to getting first tranche of funds in...

You've mentioned some of the downsides.

Another risk (you may consider very low risk) of putting your high value investments in the same entity as your trading business is risk of...

Distribution in specie from what? Unless the OP's company has some other high value assets not mentioned, I think the company is insolvent (or perhaps technically solvent but only by virtue of the...

Plenty of time to still get a first distribution (which would be the lion's share of your company's funds) before 5 April 2021. This would apply even if you didn't get them involved until circa...

If the OP opts for their suggestion, then there won't be a capital gain for BADR (what was ER) to be considered, hence trading vs investment not relevant for that purpose. I can't think of any other...

Certainly no reason why you can't drip feed salary/dividends/pension contributions over several years. A few things to mention:
- for the salary/pension, you'll likely have no issue getting CT...

Both those do sound high...but especially the accounting side. If you're a fairly typical contractor paying a monthly fee, I struggle to see a justification in being charged a significant extra one...

This (no disrespect to posters on this forum :wink)

This certainly should be the case. Ie if your year end is 31 March 2020, and you pay up to 31 March 2020, then that accountant should do that work. Potentially they may take multiple months to do it,...

Yeah FA have done that for a while now. Again some niche scenarios it might be significantly out, but in most cases it'll be pennies out from the final CT liability (potentially after tweaks made to...

The lines are becoming blurred as time goes on, but over the last 20 or so years there's been two very different things, with very different markets:

- Bookkeeping packages are marketed at all...

In practice I doubt much will change.

Currently if it's a B2B sale to a client inside the EU, you don't charge UK VAT.

Currently if it's a B2B sale to a client outside the EU, you don't charge...

I imagine most accountants will back away from giving much guidance on the pensions side of things, and unsure what your "possibly a few other things" are.

My view would be:
- get accountant that...

Normally we'd suggest whichever accountant assisted with your Ltd Co would also make sense to do the personal tax return(s) shortly after closing the company. They'll have all your normal details...

I don't think you're missing anything, that's what I meant. I guess I was just stressing you'll be taxed on £280k worth of distributions, even though you'll only get cash of £220k from the...

We have a Monzo account which gives immediate mobile notifications (not an email) for payments made/received. As per a couple of the comments above, I imagine most of the "new"/"challenger" banks...

TRON - re-read my earlier post.

You and your Ltd Co are two separate legal entities. You personally are not working for the US client. Your Ltd Co is doing work for the US client. Therefore what...

I've I've understood correctly, your balance sheet will look sort of like the below:

£200k cash at bank
£60k overdrawn DLA
£20k S.455 tax
------
£280k total assets

(for this purpose I'll...

Not an area I'm 100% confident on...but I think when considering the income you're considering the wrong entity. I think it's the Ltd Co that's relevant in terms of what its income is, not you...

I don't think the ICAEW will get involved in fee disputes. That's a commercial issue, rather than one of potential misconduct.

Re backlog, yes. It's painfully slow. Sounds like your liquidator was happy to release all company funds prior to receiving clearance. Nothing wrong with that, just can lead to a more awkware...

Our (MVL Online's) processes aren't the fastest, as we rely on the bank to process transfer of funds before being able to do first distribution, and wait on HMRC clearance before paying out the...

Like Amanensia said, ours changed quite a few months ago.

It's not the greatest online banking experience, no. In particular simes's point (6) grates with me. If making lots of payments it's very...

The 16.5% (or 15.5% for first year) is on the GROSS amount, so you don't pocket anywhere near 4.5%.

Simple example:
You invoice £1,000+VAT = £1,200.
15.5% of £1,200 = £186 VAT paid to HMRC.
So...

If you buy a £1k+VAT = £1.2k gross PC today, register for VAT tomorrow, then even if you go on FRS immediately you'd still be able to reclaim the VAT on your PC purchase.

Irrespective of what you...

This.

If you want to keep your company fully ticking over for what's anticipated to be a brief stint between contracts, then don't expect accountancy fees to plummet. Payroll will still likely...

Historically we've done I think 3 cases that individually were over £1m. However, we no longer offer liquidations that high (combination of insurance costs increasing, the higher risk, and the...

Often the "cheap" providers aren't necessarily any worse, they're just less flexible. They'll insist you get your company into a certain state first. Typically this means you/your accountant tidying...

What your accountant says does hold some validity, however personally I think they're being overly cautious. There are four "20% tests".
- assets of the company,
- turnover of the company,
-...

The entrepreneurs relief (or business asset disposal relief, BADR, as its now called) is a grey area. Had you done an MVL a few years ago, it would have been fairly clear cut. The company's history...

Is the £2k for a formal members voluntary liquidation (MVL)? Be aware that's different, and is over and above what I think the OP is talking about in this thread, which is just the accounting/tax...

If they're making lots of other mistakes as your final sentence suggests, totally appreciate you'll want to move.

If this is the only mistake of significance though, they've made a mistake,...

Personally I wouldn't agree with this. If your existing accountant has prepared figures, you've signed them off, and all that is waiting on is them submitting them, it would be a lot of extra hassle...

If you discovered the error and are voluntarily highlighting it to them, unlikely to be a penalty at all. Bit different if they spotted it and highlighted to you, as then suggests maybe you never...