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Many contractors are still confused as to how exactly the IR35 tax changes for the private sector will impact their income and their business. The new changes are due to come into effect in April 2020, but recently UK pharmaceutical giant GlaxoSmithKline (GSK) has become the centre of a tax crackdown on so-called “disguised employment”. …

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A Members’ Voluntary Liquidation (MVL) is a very tax efficient way to close your solvent company. This typical situation for an MVL is when a company is no longer needed because the directors are retiring or taking up an employee role. At that point, they will be looking for the best way to take the…

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HMRC has published a 12-week consultation (“Off-payroll working rules from April 2020”) regarding the extension of IR35 off-payroll working rules to the private sector. The changes are likely to be introduced into the private sector in April 2020, with the new rules being similar to those already in place in the public sector. The main…

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Why contractors may consider an MVL There are many reasons why a contractor might decide to close down their company using the Members’ Voluntary Liquidation (MVL) process, including: retirement taking on an employee-role emigrating. The over-riding reason for choosing an MVL is that the directors no longer need their (solvent) company, and they want the…

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When we are arranging the distribution to shareholders in a Members’ Voluntary Liquidation (MVL), there are sometimes delays which are caused by the banks. These are out of our control and very frustrating for us and our clients. So, we have now have three options for distributing the funds of the company. 1. We will…

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