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  1. Replies
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    Those assets will typically live at the office...

    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...
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    430

    If you're currently working via an umbrella, is...

    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...
  3. Replies
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    696

    We can't give any guarantees of time to get your...

    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...
  4. Replies
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    You've mentioned some of the downsides. ...

    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...
  5. Distribution in specie from what? Unless the OP's...

    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...
  6. Replies
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    696

    Plenty of time to still get a first distribution...

    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...
  7. Replies
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    720

    If the OP opts for their suggestion, then there...

    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...
  8. Replies
    16
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    720

    Certainly no reason why you can't drip feed...

    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...
  9. Replies
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    442

    Both those do sound high...but especially the...

    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...
  10. Thread: CGT Review

    by Maslins
    Replies
    17
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    1,079

    This (no disrespect to posters on this forum...

    This (no disrespect to posters on this forum :wink)
  11. This certainly should be the case. Ie if your...

    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,...
  12. Thread: FreeAgent

    by Maslins
    Replies
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    12,053

    Yeah FA have done that for a while now. Again...

    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...
  13. Thread: FreeAgent

    by Maslins
    Replies
    72
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    12,053

    The lines are becoming blurred as time goes on,...

    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...
  14. In practice I doubt much will change. ...

    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...
  15. Replies
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    I imagine most accountants will back away from...

    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...
  16. Replies
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    314

    Normally we'd suggest whichever accountant...

    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...
  17. I don't think you're missing anything, that's...

    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...
  18. We have a Monzo account which gives immediate...

    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...
  19. TRON - re-read my earlier post. You and your...

    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...
  20. I've I've understood correctly, your balance...

    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...
  21. Not an area I'm 100% confident on...but I think...

    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...
  22. I don't think the ICAEW will get involved in fee...

    I don't think the ICAEW will get involved in fee disputes. That's a commercial issue, rather than one of potential misconduct.
  23. Replies
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    Re backlog, yes. It's painfully slow. Sounds like...

    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...
  24. Replies
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    Our (MVL Online's) processes aren't the fastest,...

    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...
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    1,902

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

    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...
  26. The 16.5% (or 15.5% for first year) is on the...

    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...
  27. If you buy a £1k+VAT = £1.2k gross PC today,...

    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...
  28. Replies
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    This. If you want to keep your company fully...

    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...
  29. Replies
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    Historically we've done I think 3 cases that...

    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...
  30. Replies
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    Often the "cheap" providers aren't necessarily...

    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...
  31. Thread: ER relief

    by Maslins
    Replies
    3
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    272

    What your accountant says does hold some...

    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,
    -...
  32. The entrepreneurs relief (or business asset...

    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...
  33. Is the £2k for a formal members voluntary...

    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...
  34. If they're making lots of other mistakes as your...

    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,...
  35. Personally I wouldn't agree with this. If your...

    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...
  36. If you discovered the error and are voluntarily...

    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...
  37. This. Remember that by appointing a liquidator,...

    This. Remember that by appointing a liquidator, you're signing over control and responsibility of the company to them. Hence why for most of the low cost offerings they'll insist on you dealing with...
  38. I don't think a "certificate of confirmation" is...

    I don't think a "certificate of confirmation" is a standard/official thing. I imagine they'll just mean they want confirmation from an accountancy firm/individual (perhaps one with suitable...
  39. Replies
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    I'm on holiday at the moment, so wouldn't be...

    I'm on holiday at the moment, so wouldn't be around to take a call on Monday, however thought I'd put a few comments here which may provide some comfort.

    Re Lance's/GhostofTarbera's comments,...
  40. Covid-19 has significantly impacted HMRC, which...

    Covid-19 has significantly impacted HMRC, which is indirectly causing MVL Online problems with closure timescales. HMRC reassigned their team dealing with MVL clearances to other departments deemed...
  41. Thread: MVL Question

    by Maslins
    Replies
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    690

    I would guess the 2 year thing is so your...

    I would guess the 2 year thing is so your accountant can better justify you qualify for ER.

    I'm part owner of MVL Online, so inevitably biased(!), but fee is £995+VAT plus disbursements at cost....
  42. Thread: MVL queries

    by Maslins
    Replies
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    573

    Hi siddzy, Re your specific queries, to be...

    Hi siddzy,

    Re your specific queries, to be honest I don't really understand what you're asking:
    1) certainly doesn't need to be immediate, no. Unsure why you might be asking this. Your company...
  43. Sticky: I would assume the client (and indeed whoever...

    I would assume the client (and indeed whoever mentioned the term to them) won't mean a formal audit, they'll just mean full statutory accounts prepared by a qualified firm of accountants that comply...
  44. Sticky: This. Cynic in me thinks firms will rely on...

    This.

    Cynic in me thinks firms will rely on you having the above attitude (which makes 100% sense) whilst waiting for the work to be done...but then once it is done, hope lethargy kick in and you...
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    Do be aware that there's two very separate things...

    Do be aware that there's two very separate things involved here:
    1) liquidation fees. These are nothing to do with the accountant. If your company ends with net assets above £25k, and you want CGT...
  46. Replies
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    2,856

    Ditto for me as FTB. Base rate was something like...

    Ditto for me as FTB. Base rate was something like 5.5%. Just pre credit crunch when lenders were handing out mortgages like sweeties.

    We had cash for just a 5% deposit. Opted for a lifetime...
  47. Replies
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    Indeed. Perhaps lenders with a self fulfilling...

    Indeed. Perhaps lenders with a self fulfilling prophecy here!
    - they think property prices will fall, so want more equity to consider lending,
    - they stop offering mortgages to those with small...
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    If you've got 2+ years trading history for your...

    If you've got 2+ years trading history for your company, then that should open up the market to all the main providers (eg high street banks/other big name lenders). If you don't, especially if you...
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    I agree with jamesbrown, and also WTFH. It's...

    I agree with jamesbrown, and also WTFH.

    It's fairly clear that a Ltd Co business restarting as a sole trader can be caught by the rules.

    Why can't you keep the Ltd Co open a few months longer,...
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    I feel my post above answers this. In practice,...

    I feel my post above answers this. In practice, assuming you have taken and continue to take reasonable care, and the liquidator is legitimate, you should be fine. It's only if things were to go...
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