Our Members’ Voluntary Liquidations start from a low cost fee of just £995 (+VAT & +disbursements) and take just 35 days to complete.
We have a range of options for our Members’ Voluntary Liquidation service. This means that we can help you close down your solvent company with an MVL, whatever your situation is.
If your company has assets, a Members Voluntary Liquidation (MVL) could be the most tax-efficient way to distribute those assets to its shareholders. By using a MVL, distributed funds are subject to Capital Gains Tax, rather than higher Income Tax, making it a tax efficient process.
If you qualify for Business Asset Disposal Relief (formerly known as Entrepreneurs’ Relief) you can even benefit from a lower 10% marginal rate on distributions.
There are some disbursements that have to be paid in a Members’ Voluntary Liquidation.
Clarke Bell charge all of these at cost, and we regularly review them to ensure we are getting the best prices available.
These are to provide any possible creditors the chance to come forward to lodge their claim.
Throughout the course of the MVL we have to take out 3 Statutory Adverts in the London Gazette.
The cost of these is (3 x £83.90 = £251.70 +VAT): £302.04
A compulsory bond needs to be taken out. This provides the directors with security whilst funds are under the control of Clarke Bell. The bond fee is dependent on the assets of the company. (The typical bond fee is between £80 – £240.)
For clients who are looking to demerge a business using Section 110 of the Insolvency Act 1986, our fee is £2,995 +VAT +disbursements
For more information about a s110 demerger, click here.
Some legal disbursements have to be paid as part of the MVL process, and we regularly review them to ensure the best prices. They include; statutory adverts to give creditors a chance to come forward and lodge claims and a compulsory bond that provides directors with security.
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Business Asset Disposal Relief / Entrepreneurs’ Relief offers a reduced tax rate of 10% rather than the 18% (for basic rate income tax payers) or 28% (for higher rate payers). To qualify for this you must be an individual not a company, work as an officer or employee of that company, own at least 5% of the company and have at least 5% of the voting rights.
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You may decide to close down your solvent company for a variety of reasons. The main ones are usually due to retirement, moving into full-time employment, or because you’re re-organising a group of companies. We can work with you to determine if an MVL is the best option, and discuss the precise timing to start the process.
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Using an MVL will mean that any funds can be distributed as capital, thereby reducing the tax burden. This can result in considerable tax advantages for you as the director of your company. If applicable, it allows you to close down your solvent company and take out your money in the most efficient and cost-effective way. An MVL is an HMRC-approved process.
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As a contractor, there will be many reasons why you might decide to close down your company using an MVL process. You may be preparing for retirement, taking on an employee-role or emigrating. Regardless, the crux is that you no longer need your (solvent) company, and therefore want the most tax-effective and HMRC-approved way to extract the assets.
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The MVL process is quite straightforward and involves your accountant making the relevant tax calculations to see whether an MVL is the best option for you. If it is, we will aim to distribute company assets after 35 days from the date of liquidation. Also, there is no need for a face-to-face meeting.
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Our standard cost for a Members’ Voluntary Liquidation is from £995 + VAT + disbursements; and we aim to distribute your company’s assets after 35 days from the date of Liquidation. Getting a quote with us is easy, just contact our team on 0161 956 8387 or [email protected].
Click here for more information, and find our how our MVL service compares to other UK providers.
Our low cost MVL service comes at a very affordable fee – from just £995 (+VAT + disbursements), and if your company pays our fee and is VAT-registered, it can claim back the VAT.
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The company bank account will be closed and funds forwarded to us for the Liquidation’s estate. Funds are held in a client-specific, interest-bearing account with Barclays and distributions to shareholders are transferred to the shareholders’ bank accounts. A compulsory bond also needs to be taken out, which provides directors/shareholders with security while the funds are under the control of Clarke Bell.
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Clarke Bell always aims to distribute the assets of the company after 35 days from the date of Liquidation. Getting a quote with us is easy, just contact our team on 0161 956 8387 or [email protected].
