Can I transfer HMRC MLR licence?

Can I transfer HMRC MLR licence?

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Due to vastly diminishing client base considering ceasing to trade as (one man) limited company and continuing as sole trader. Can I transfer my MLR name from company to sole trader or do I need to cease registration and reapply as sole trader

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By Healthpay
14th Nov 2015 15:58

It's complicated
They never make it easy! You have to register a new entity but as long as it is the same business and the same person/people before and after then they will discount the new registration fee by what was left unexpired of the old registration fee

Thanks (1)
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By bstock
16th Nov 2015 09:53

Aways seems to be complicated

Thanks healthpay

Since you mention that I have to register a new entity I presume  this means I will also be liable for the new application charge?

Very tireing, intention would be to make things simpler and more economical by trading as a sole trader and it seems I would have to pay an additional £100 for the priviledge. - I do detest these MLR's

 

 

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By Tim Vane
16th Nov 2015 10:20

Why is it more economical for you to operate as a sole-trader? Surely all the associated costs of switching will outweigh any benefit?

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By bstock
16th Nov 2015 10:38

Not just economic reasons...

Hi Tim,

Can see the switching is not going to be painless, another reason is I am not as young as I was and, being a one man band, if anything where to happen to me (god forbid) the costs and compexities  in winding up my business would be far less onerous if I was a sole trader than a limited company.

Please correct me if I'm wrong, 

Still contenplating things over at the moment........

 

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