Things to do before MVL Online® get involved
- Cease trading.
- Sell off any remaining fixed assets/stock (to yourself if applicable)
- Prepare accounts, corporation tax and VAT returns at least up to the period your company ceased trading.
- Submit final CT/VAT/PAYE returns.
- Deregister for VAT.
- Deregister as an employer.
- Collect in any debts owed to the company.
- Settle all company liabilities, including tax liabilities.
- Director loans DO count as creditors/debtors of the company. These should be cleared before our involvement.
- Check you understand what’s involved and discuss with your accountant to ensure it’s best for your personal circumstances.
- Ask us any questions about things you may be unclear of in the service/process.
Step by step process of a members voluntary liquidation
- Start the liquidation, ticking to confirm your understanding, then complete online information request.
- We’ll check your details then send out a Declaration of Solvency, letter of engagement and our invoice.
- You get ID certified and the Declaration signed in front of solicitor. Post these to us, e-sign letter of engagement and pay invoice.
- Documentation to get the liquidation underway sent out by us to be e-signed by you (following this, your role is largely finished).
- Companies House filing and statutory advertising of liquidator appointment, and for creditors to submit claims.
- HMRC clearance requested for CT, PAYE, and VAT.
- Company funds transferred to liquidation estate account. Typically this is ~1 month into the process, but is dependent on your bank.
- Approximately 75% paid out as an initial distribution to the shareholder(s).
- Tax clearance received. Typically this is 4-6 months into the process, but is of course reliant on HMRC, and your affairs being tidy.
- Remaining funds paid out to your personal account(s).
- Final documents filed with Companies House.
- Company dissolved and struck off Register.
Things to do after the liquidation is complete
Declare the distributions on your personal tax return(s) as appropriate.