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  1. Replies
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    Google "MCINOCOT". Basically if the losses were...

    Google "MCINOCOT". Basically if the losses were made by you contracting, then unless you make profits in future from you contracting, via the same company, then those losses are dead.
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    You can potentially extend the company's year end...

    You can potentially extend the company's year end if you like, so it's got a 14-15 month period. However, CT periods cannot be longer than 12 months. Therefore whilst doing this can mean just one set...
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    A thought I've had re MVL then returning to...

    A thought I've had re MVL then returning to contracting. Firstly, of course, no reason why people can't use an umbrella for the 2-3 year window to make any MVL distributions safe.

    However, if the...
  4. Thread: Selling ltd co

    by Maslins
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    The above would be my thoughts. It doesn't cost...

    The above would be my thoughts. It doesn't cost much to send out a load of letters.

    Every now and then they'll come across someone who is interested and underestimates the value of their...
  5. 2 & 5 are surely the same thing. 6 doesn't...

    2 & 5 are surely the same thing.
    6 doesn't exist.

    I'd suggest the real options are your 1, 3, 4 & 5. Going forwards if you opt for Ltd Co, it'll be the client who decides if it's 3 or 4.
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    You're right there will be a bunch of things to...

    You're right there will be a bunch of things to unwind/de-register/cancel etc when looking to close your company.

    You mention "equipment leases"...certainly it's one thing we'd mention when people...
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    Nobody I know has been busted for robbing a bank....

    Nobody I know has been busted for robbing a bank. Therefore I should be able to rob a bank and be safe. That kind of logic?
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    Depends what you're happy justifying if pushed....

    Depends what you're happy justifying if pushed. "I only realised late that it didn't suit my tax situation too well" isn't a valid reason IMHO.

    In your shoes I think something like a late pension...
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    No...but that's certainly not me condoning it.

    No...but that's certainly not me condoning it.
  10. Thread: MVL scenarios

    by Maslins
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    Your process 2 must involve either: a) you...

    Your process 2 must involve either:
    a) you voluntarily transferring all your company's funds to a 3rd party that has no legal relationship with you/your company at the time of the transfer, or
    b)...
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    As long as you can justify that any "dividends"...

    As long as you can justify that any "dividends" you take now, weren't taken in anticipation of the winding up (ie whereas the remaining ~£24k were), then yeah, you're likely fine. By that I mean the...
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    The theory is that there's two separate things,...

    The theory is that there's two separate things, which should be based around facts rather than personal choice:
    - distributed funds whilst the company was trading, which will be taxable as...
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    2) You should be considering what fair market...

    2) You should be considering what fair market value is for each asset at cessation. If at their current age they're worth £tens, definitely ok to consider them scrapped. If they're still worth...
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    1) Yes. It would be the company's final net asset...

    1) Yes. It would be the company's final net asset position that's critical. This will include all assets, so fixed ones (like the things you mention), as well as cash at bank, and any possible...
  15. Thread: MVL advice

    by Maslins
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    1,006

    As you've heard, it depends on when your company...

    As you've heard, it depends on when your company ceased/ceases to trade. To some extent this can be open to debate. Eg was the last sales invoice you sent always meant to be the final one (as trade...
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    Yeah I recently had this with interactive...

    Yeah I recently had this with interactive investor. Wanted to change the amount of a monthly direct debit from employer into the SIPP (from/to same account, just amount changing). Only way they could...
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    @MonkeysUncle - have to admit those two options...

    @MonkeysUncle - have to admit those two options seem negligibly different to me. Sounds like just for (1) the accountant will still do annual submissions for a very modest fee (more regular...
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    I think there's a fair bit of confusion over what...

    I think there's a fair bit of confusion over what dormancy means.

    If you stop invoicing for 6 months, that doesn't in itself mean your company is dormant. HMRC will still expect monthly payroll,...
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    Yes but as with anything a bit like this, some...

    Yes but as with anything a bit like this, some cheeky gits will (if something goes wrong) try to make anyone in any way involved with it responsible.

    It's one reason we've drifted away from doing...
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    By definition if your company is dormant, then it...

    By definition if your company is dormant, then it isn't trading. This means it can't have any expenses that are incurred wholly and exclusively for the benefit of the trade...as there is no trade....
  21. Thread: IR35 Myths

    by Maslins
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    Sticky: There is no such proportion. Theoretically you...

    There is no such proportion. Theoretically you could have a one day/month contract that was inside IR35. Part time employees don't stop being employees just because they're part time.

    In practice...
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    Your latter suggestion might superficially fool...

    Your latter suggestion might superficially fool some who don't look at all carefully...but if it was looked into, to my mind doing so without good commercial reason would hurt your case. In my eyes...
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    @hlds impossible for anyone to give you a cast...

    @hlds impossible for anyone to give you a cast iron answer re that. Would the "on the side" work you did going forwards be significantly different to the contracting work you'd done before? Purely...
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    Just to chuck in my own experience: - set things...

    Just to chuck in my own experience:
    - set things up with Hargreaves Lansdown, they made things very easy.
    - switched to Interactive Investor about a year ago (based largely on recommendations on...
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    I'm guessing where you say "you" in the above you...

    I'm guessing where you say "you" in the above you mean you as client? Realistically if the liquidator got HMRC clearance, HMRC would be hard pressed to raise an investigation into company affairs...
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    I believe Clarke Bell's charges are similar to...

    I believe Clarke Bell's charges are similar to MVL Online's (they quote "from £995").

    Re the 100% vs 75%, you do of course get the same amount in the long run, being the balance of your company's...
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    This. Remember that if your company trades for...

    This.

    Remember that if your company trades for just 6 weeks, even if you don't bother registering the company for VAT/as an employer, it will still need to do a full set of accounts and...
  28. The techies can probably go into more detail, but...

    The techies can probably go into more detail, but as I understand it it's more of an IT change than an accounting/tax one.

    There's a more permanent link between your bookkeeping data and HMRC's...
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    People may say I'm biased, but I'd suggest the...

    People may say I'm biased, but I'd suggest the above.
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    @Martin/Contratax - you're right that bold bit...

    @Martin/Contratax - you're right that bold bit does sound clear. Got a feeling I'd loosely seen that before but didn't read in detail, and thought it was just clarifying that it would be deemed...
  31. As NLUK suggests, the monthly fee is covering a...

    As NLUK suggests, the monthly fee is covering a variety of things. Glad you've been generally happy to date. When you say there's "no accounting work left" for us to do, we're still:
    - paying for...
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    We used to, reluctantly, and for a £200 premium...

    We used to, reluctantly, and for a £200 premium (ie £1,195+VAT+disbursements). However, there was an article in Taxation magazine circa 18 months ago that HMRC were starting to challenge these....
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    It will depend on the final situation with...

    It will depend on the final situation with regards to director loan/S.455. If those aren't resolved fully before you enter liquidation, expect a higher fee quote as the liquidator has to deal with...
  34. Yes...I'm on the fence whether it's a good thing...

    Yes...I'm on the fence whether it's a good thing overall (certainly part of me is inclined to think it is, even if it's accompanied by a big tax hike on dividends), but it does seem they'd be getting...
  35. This. Plus another joy we often see is HMRC amend...

    This. Plus another joy we often see is HMRC amend a tax code to collect a historic underpaid debt. The individual then does a personal tax return, where they don't mention the historic underpaid...
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    Naaa, don't speak to me(!) I wish small...

    Naaa, don't speak to me(!)

    I wish small company owners didn't take director loans! Always seems great in the short term, often causes problems further down the line. I didn't think there was a...
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    This. It is of course easy to muck up...

    This. It is of course easy to muck up bookkeeping, but that's (part of) why you have an accountant to periodically check in.

    FreeAgent's the market leader for contractors/freelancers. One beauty...
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    That case is statutory redundancy, which is only...

    That case is statutory redundancy, which is only a non-trivial sum if you've been employed somewhere a while. IMO entirely different kettle of fish to ex gratia payments (the up to £30k tax free)....
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    Hmmm...if you're thinking that the average...

    Hmmm...if you're thinking that the average contractor can say "my client insisted I went PAYE" as a valid reason for paying themselves £30k redundancy, claiming it's personal tax free whilst also...
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    From my understanding, there's no suggestion of...

    From my understanding, there's no suggestion of stopping people leaving profits in the company. It would suffer corporation tax but no personal tax (no different to now).

    Seems all the parties are...
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    My views coincide with this post...

    My views coincide with this post. Short answer is "no", I don't see that contractors can claim £30k tax free redundancy from their company (assuming that's what you're considering).
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    Yes, I imagine that's the point. People working...

    Yes, I imagine that's the point. People working day in day out in their businesses (whether they be contractors with questionable IR35 status or owners of bigger companies) who want to take an income...
  43. I think it's worth distinguishing between: -...

    I think it's worth distinguishing between:
    - what is legally possible,
    - what is likely.

    Companies can be resurrected, even after being fully dissolved. Main times you'll see that mentioned on...
  44. Cynic would suggest they're hoping to snap up...

    Cynic would suggest they're hoping to snap up lots of potentially nervous/desperate ex contractors as PAYE employees. They can then be "sold" back to the same big corporates they used to work for at...
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    That's how I (naively!) anticipated most...

    That's how I (naively!) anticipated most corporates would react. Sounds promising like you suggest.
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    Like you suggest if final net assets end up being...

    Like you suggest if final net assets end up being sub £25k, you can get CGT treatment via a cheap and cheerful strike off (no need for a formal MVL). The actual strike off costs about a tenner to...
  47. Agreed...so if lots of Ltd Co contractors are...

    Agreed...so if lots of Ltd Co contractors are already moving to umbrellas/permie anyway, it surely eliminates that motive?

    There will likely be lots of closures over the next 6-12 months. HMRC...
  48. *barrel? :wink I personally don't think you're...

    *barrel? :wink

    I personally don't think you're right on this. I've explained why in another thread recently, but in short, it's not worth their while. Lots of effort, for individually modest gains...
  49. My general view would be to keep the company...

    My general view would be to keep the company ticking over a short while, until you're more confident of the future of your umbrella role. If 3 months in you're happy with them, they're happy with...
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    I just think it relies on quite a few steps: 1)...

    I just think it relies on quite a few steps:
    1) I don't think HMRC will know who your Ltd Co's clients are, they'll just know overall turnover figures.
    2) I don't think HMRC will know who the end...
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