Members Voluntary Liquidation (solvent)
This is a way of closing a company that is solvent, i.e. it has Assets and essentially no debts.
The directors can apply for entrepreneurs relief (which allows them to pay 10% tax on the funds that go to them rather than the standard rate of income and dividend tax). A licensed Insolvency Practitioner needs to be engaged and appointed to conduct the MVL and all accounts, corporation tax has to be up to date and paid so an accountant is needed in the process.Fees range from 1k-5k dependent on Insolvency Practitioner and these are paid from the assets of the company.
Things to be aware of:
> Speak to your accountant to see if you will be eligible for entrepreneurs relief. > Speed on how quickly it can be done will vary on each case and firm you appoint. >Ask your accountant to explore other alternative ways and tax implications so you can compare against an MVL.
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Things to be aware of:
> Speak to your accountant to see if you will be eligible for entrepreneurs relief. > Speed on how quickly it can be done will vary on each case and firm you appoint. >Ask your accountant to explore other alternative ways and tax implications so you can compare against an MVL.
The Directors Helpline prides itself on helping where we can, and sometimes another solution could be the best option
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