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  1. This.

    This.
  2. There's no requirement for a qualified accountant...

    There's no requirement for a qualified accountant to prepare and submit your accounts. Legally you can DIY, or any Joe Bloggs can call themselves an accountant and get set up to do it for you.
    ...
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    @katdan your accountant will be best placed to...

    @katdan your accountant will be best placed to help with this, as they'll have access to all relevant info. We can only go based on what you post, so potentially could be missing significant and...
  4. Whilst companies can of course de-register for...

    Whilst companies can of course de-register for VAT, and potentially re-register later on, I wouldn't recommend it for short periods of reduced activity. If you're a FreeAgent user, as things stand,...
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    Can't disagree with any of that, especially that...

    Can't disagree with any of that, especially that my point was an "excellent" one :laugh

    In practice I'm sure the government are going to be very flexible on this given the circumstances, and...
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    If someone is claiming job seekers allowance,...

    If someone is claiming job seekers allowance, they need to be able to demonstrate they're seeking a job. Yes it's in the name, but some posters above are seeing it as effectively the same thing as...
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    The latter. The liquidator typically won't have...

    The latter. The liquidator typically won't have anything to do with your personal tax. They're just liquidating the company.


    You'll need to decide whether you're entitled to it or not, and...
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    I've been reading this thread with interest....

    I've been reading this thread with interest. We're a (very small) firm who previously had always been in one office, but recently forced to fully remote work.

    One thing that hasn't really got a...
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    The declaration of solvency needs to be witnessed...

    The declaration of solvency needs to be witnessed by a solicitor, or commissioner of oaths. Afraid this is a strict legal requirement for the company to enter liquidation, not an arbitrary thing...
  10. I highly doubt this is something FreeAgent would...

    I highly doubt this is something FreeAgent would change. I think perhaps your previous thoughts re how it operates were wrong.

    The date of the invoice is the date the income is recognised, not...
  11. As other posters have said, this is reasonably...

    As other posters have said, this is reasonably normal. However, the dividend should have at least been formally agreed on at the date you post the journal, rather than it being a retrospective...
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    We've certainly had a few ethical conundrums re...

    We've certainly had a few ethical conundrums re this. However, I don't think it'd be appropriate to go into details/examples, even anonymously. Personally I wasn't aware of the size of a company's...
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    A reasonable number of our clients have/are, and...

    A reasonable number of our clients have/are, and we're helping them through the claim form (which just went live today) now.

    Mods - apologies if this is considered spammy, remove link if you...
  14. @Scooby you're overthinking this. It won't simply...

    @Scooby you're overthinking this. It won't simply be based on the last month or so. Otherwise on the flipside you could get every investment company mock up some sham trade to operate for a month or...
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    In case it's of interest, I just checked out the...

    In case it's of interest, I just checked out the net asset values of MVL Online appointments over the last few years:

    14% = £25k-50k
    32% = £50k-100k
    42% = £100k-250k
    10% = £250k-500k
    2% =...
  16. Replies
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    We did (and still do) that with 2 employee...

    We did (and still do) that with 2 employee companies (eg H&W) and the employment allowance. Quite often when we give clients a choice the response is along the lines of "just tell me what's best"....
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    On the whole I agree with this. The overall tax...

    On the whole I agree with this. The overall tax difference between ~£8,784 and ~£9,500 is very modest, and the latter will require the small hassle of an additional payment to HMRC not required for...
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    We had a debate in the office and opted for the...

    We had a debate in the office and opted for the slightly higher salary, so £791/month (so £9,500/year ignoring rounding). Think it ends up at circa a £50 saving over the year once all tax/NIC both...
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    The latter two you mention are savings/credit...

    The latter two you mention are savings/credit card accounts.

    The lion's share of "normal" current accounts now seem to work nicely with open banking. Only a handful don't, including Cater Allen...
  20. Re you needing to pay the corporation tax: 1)...

    Re you needing to pay the corporation tax:

    1) if the old accountant is suggesting you pay it to their own bank account and apparently they'll forward on to HMRC, be very concerned. Google "How to...
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    Be aware with £34k final net assets a strike off...

    Be aware with £34k final net assets a strike off would lead to dividend tax treatment on those funds for the shareholders. You'd need to put the company through a members voluntary liquidation (MVL)...
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    We should've copied Uber's "surge" pricing model,...

    We should've copied Uber's "surge" pricing model, then we'd be rich!

    At the absolute bargain price we do them for there's no money in it for poor old me :wink
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    Ask your accountant :wink

    Ask your accountant :wink
  24. Replies
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    Yup, and from MVLO's selfish perspective, it's...

    Yup, and from MVLO's selfish perspective, it's good news too! Haven't checked the small print yet, hopefully no nasties in there. If not, basically won't impact us (or the typical contractor looking...
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    Sadly Maslins is currently glued to his...

    Sadly Maslins is currently glued to his desk/phone explaining to person after person that if they're still contracting until the end of March we can't somehow have completed the liquidation of their...
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    I'm inclined to agree with this. I'm guessing...

    I'm inclined to agree with this. I'm guessing someone who didn't really understand different share classes recommended them. They didn't bother to carefully think through what rights that new class...
  27. It is possible, though be aware it'll rule out...

    It is possible, though be aware it'll rule out most of the online/low cost liquidators who need your accounting/tax affairs to all be tidied up before they get involved. Remember by appointing a...
  28. The liquidator should make it fairly clear at...

    The liquidator should make it fairly clear at what stage they're legally appointed. Basically it will be a set of board minutes that the director/shareholder(s) sign, so yes, "general members...
  29. As you might have guessed, MVL Online is...

    As you might have guessed, MVL Online is currently extremely busy, which is of course kind of good, but it's not "fun" busy. It's hundreds of people asking us to somehow know what the chancellor will...
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    Have you been paying monthly as you go? If so, in...

    Have you been paying monthly as you go? If so, in my opinion that does sound very high. If not (ie you pay for accounting work only when done), then this doesn't sound too bad for a full set of...
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    In our experience there's two different things....

    In our experience there's two different things. What clients think dormancy means, and what dormancy actually means.

    Simply not invoicing for a few months does not make your company dormant....
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    This is basically my view too. Legal waffly...

    This is basically my view too. Legal waffly explanation from a non lawyer below:

    It's rarely as simple as "is it legal or not". There's primary legislation, reams of it, that covers loads of...
  33. Thread: Tide bank

    by Maslins
    Replies
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    I've only had negative experiences with Tide...

    I've only had negative experiences with Tide recently via business MVL Online. Currently have lodged a formal complaint with the financial ombudsman (first time I've done this...I'm not someone to...
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    Does the £2k include the actual MVL itself? If...

    Does the £2k include the actual MVL itself?

    If it does, that sounds pretty good value to be honest. Prices for liquidations vary, but including the associated disbursements even the cheapest we've...
  35. There's 4 x 20% tests. Does/is: - more than...

    There's 4 x 20% tests.

    Does/is:
    - more than 20% of the company income come from investment activities?
    - more than 20% of the company expenditure go on investment activities?
    - more than 20% of...
  36. I thought your comments sounded familiar,...

    I thought your comments sounded familiar, hopefully you've now got our (private email) response. Rather than repeat in full here, but for the benefit of others reading:
    - buying a BTL property...
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    Only thing I'd say to that is you still have a...

    Only thing I'd say to that is you still have a company, so still have obligations even if there's currently no income going into it. Creating a company is a bit like getting a dog. You've taken on a...
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    Typically there's also: - de-registration for...

    Typically there's also:
    - de-registration for VAT,
    - submission of final VAT return,
    - de-registration as an employer (typically a separate step to marking you personally as leaving hence issuing...
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    If you don't have an accountant, do not do this....

    If you don't have an accountant, do not do this.

    It is feasible to DIY stuff if you keep things simple, don't do out of the ordinary. Where it's almost guaranteed to go wrong is when people do...
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    Distributions would be formally declared by the...

    Distributions would be formally declared by the liquidator...it's just that you starting a new company soon after could mean the personal tax impact of those distributions is to treat them as...
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    I don't see why not? I'm assuming for this...

    I don't see why not?

    I'm assuming for this purpose the big pension contribution was for the primary fee earner? Ie I'd agree with your accountant's stance if a contractor wanted to put hefty sum...
  42. Yeah, and I'm reasonably confident that with...

    Yeah, and I'm reasonably confident that with hindsight we've had some accounts/CT returns that have gone via us, with TLC35 claims in, that haven't been disallowed. Generally the sums aren't too big,...
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    Yes, that would be fine. As you suggest, wouldn't...

    Yes, that would be fine. As you suggest, wouldn't be very tax efficient. You'd have paid for an MVL and got the same tax treatment you'd have got if either you struck the company off or kept it...
  44. QDOS's own guidance agrees with your accountant....

    QDOS's own guidance agrees with your accountant. See here.
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    I guess HMRC will likely look a bit more closely...

    I guess HMRC will likely look a bit more closely at personal tax returns with £800k receipts than those with £80k...but in itself it shouldn't pose a problem. Remember the lifetime cap for ER is...
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    Agree with most of what jamesbrown has said in...

    Agree with most of what jamesbrown has said in this thread.

    If you are indeed going to a country where there's zero tax on dividends (do triple check this as you misunderstanding things here could...
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    A letter won't really help anything get done...

    A letter won't really help anything get done swiftly. IMO letters can be useful if it's at the very serious "Final warning before court action" stage, and you send it recorded delivery. However,...
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    I guess, yeah. Would be surprised if that was...

    I guess, yeah. Would be surprised if that was viable for more than a tiny minority though.
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    If the individual is now in PAYE/working via an...

    If the individual is now in PAYE/working via an umbrella, then they're likely to have significant personal income. Hence paying out dividends above the £2k dividend allowance, would quite probably...
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    Not really, though some are panicking re rumours...

    Not really, though some are panicking re rumours of imminent entrepreneurs relief scrappage.

    Also, when you saying "maxing the dividend allowance", that's currently just £2k so quite modest. Most...
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