How to start an MVL
- Cease trading
- Ask your accountant to prepare accounts for Corporation Tax and VAT up to the period your company ceased trading
- Ask your accountant to submit final Corporation Tax, VAT and PAYE returns
- De-register for VAT
- De-register your PAYE scheme
- Collect in debts owed to the company and pay all creditors of the company
- Make Frost Group aware of any Director’s loans
- Ask your accountant to provide Frost Group with your statutory books and records
- Ask your accountant to certify proof of your identity
- Phone / email Frost Group for advice or ask your accountant to do this, to ensure that an MVL best suits your personal circumstances or if you are unclear about any aspect of the service.
Remember that we do not offer tax advice on this product so please speak with your own tax advisor.
Silver Service and Gold Service
- The Company must be solvent (able to pay all debts in full) and a meeting of directors is held where a statutory declaration of solvency is sworn
- A meeting of shareholders is held to pass resolutions to put the company into liquidation
- The liquidator will review the company's books and records looking for any liabilities, will close any bank accounts and realise all assets
- All creditors' claims will be agreed and paid in full (with statutory interest). Any surplus assets will be distributed to shareholders
- Corporation tax, PAYE & NIC and VAT compliance will be concluded - with all clearances received before closure of the liquidation
- A final meeting is held to close the liquidation and dissolution of the company is approximately three months later.
Please call our offices on 0845 260 0101 to discuss your Members Voluntary Liquidation in more detail with an Insolvency Practitioner. All initial calls and advice are completely free of charge.