To speed up the MVL process and save costs, we have set out a hit list of things to do before we get involved;
- cease trading
- prepare and submit accounts up to the cessation of trade
- any assets should be converted into cash.
- any liabilities / debts should be paid (including any director’s loan accounts)
- any HMRC returns (CT, VAT, PAYE, CIS) should be submitted and the tax paid.
- VAT – de-register
- PAYE scheme – close
- CT – the CT return for the last accounting period should be submitted and the CT paid. A CT return will also need to be prepared for the period up to the date of liquidation.
- close any pension scheme
- any leases should be terminated / these liabilities settled.
- check whether you need run off PII cover?
Because we keep our overheads low and have put systems in place to deal with simple MVLs are from £995 + disbursements + VAT. Distributions of the funds are usually made within 6 weeks from the date of liquidation.