MVL Products and Costs
Sometimes an MVL can be a straightforward and simple process, on other occasions the detail to complete the process may be more complex. Frost Group understand that there is not a standardised 'one size fit's all' MVL product for our clients. We want to provide a product to help you unlock the cash from your limited company as easily and tax efficiently as possible and so we have branded our product into three categories, and the price will depend on the complexity of the service required.
Bronze Product £850 fixed fee
Our Bronze product is a fixed fee of £850 and is our most popular service level.
- Fast (into liquidation within 24 -48 hours)
- Quick access to your company money (24 hours from engagement if you wish)
- Distribution on day one of liquidation
- All meetings paperwork provided
- Friendly and efficient service
.Disbursements for bonding and advertising are additional costs but the VAT charged on these costs is recovered by us for you during the course of the liquidation. This product suits simple contractor MVL's and also companies who have a cash at bank only figure on their balance sheet.
If company accounts are finalised, all CT and VAT liabilities are paid and there is a cash at bank only figure (no assets or liabilities) then your company should fit into our Bronze Service.
The disbursements for an MVL comprise three statutory advertisements at a cost of £69.00 each plus VAT in the London Gazette, together with a statutory bond which represents a specific charge against the case for professional indemnity cover. The quantum of the bond paid will depend upon the amount of assets held in the Company when it is placed into MVL. I have attached a copy of our specific bond rates for your information. There is a further 20% discount for non-cash appointments and the majority of our bronze clients fall into this category, as there is no requirement to transfer your company funds into our client account, instead the distribution is treated as a distribution in specie. (The funds are taken as a director's loan and distributed on day one of liquidation). There will clearly be a requirement for an indemnity but we have a standard document for this purpose
It really is simple, either you or your accountant provide the paperwork and we complete the whole process for you.
We will provide the Declaration of Solvency and all of the Meetings paperwork to you, which will be emailed to you prior to appointment. Once these are completed and returned to us, we then draft the initial letters to Companies House and the various HMRC offices for VAT, CT and PAYE complying with our statutory and regulatory duties.
This is most definitely our most popular service, if you are thinking about an MVL call us on 020 8915 1012 (0845 260 0101) and we will talk you through the steps. We have an Insolvency Practitioner in our office most days and they are happy to discuss any questions or queries you may have.
Suitable for consultant and contractor firms or firms with a cash only balance sheet.
Silver Product from £2,000
This is an advice driven service whereby we ensure there will be no comeback from HMRC. In partnership with your tax accountant we will ensure that the tax is correct and you will have complete peace of mind that any difficulties that may arise are resolved.
Our Silver Service starts from £2,000 although if liquidating more than one company please speak with our Insolvency Practitioner, Jeremy Frost, who will discuss the options available.
Suitable for consultant or larger companies where the Board has already dealt with all the asset realisation.
Gold Product from £5,000
This is our bespoke and advice driven service for complex MVL's requiring a higher degree of expertise and skill. From the start, Frost Group will be proactive in discussions with a company's professional advisors particularly in cases of restructuring and realisation of going from a live business to a liquidation. We will take a commercial approach to asset realisation and deal with all creditors and contingent liabilities.
Suitable for complex closures where a commercial approach is required.
To find out about the fixed priced disbursements please click the link here - MVL Disbursements