MVL or Dissolution

£60K net assets, 50/50 shareholdings, continuing in similar trade

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Recent client for us, a number of steps taken before our time, we're producing Accounts and Tax for long period to cessation of trade.

Company traded for a few years, will have cash, Corporation Tax creditor and retained profits on the balance sheet, net assets about £60k.

Both 50/50 shareholder/directors are higher rate taxpayers and continue on with their individual PSCs in similar trades.

They have cross-invoiced instead of paying dividends.

VAT de-registered and Payroll closed, directors weren't on this Payroll.

 

Looking for recommendations for MVL, remote OK.

This is outside my usual bog standard compliance work.

Moneybox?

Has fee protection cover proved worthwhile in this scenario?

What else?

Thank you.

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By Portia Nina Levin
18th Sep 2017 10:23

Complete sentences. Thank you.

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By Maslins
18th Sep 2017 16:47

I'm partly behind MVL Online who may be able to help, though you'd need to simplify the balance sheet right down to just cash at bank first.

I would hope that what was previously one jointly owned company changing to be two independently owned companies would be sufficient to not fall foul of the transactions in securities.

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