Closing your company – tax efficiently
Decided to stop using a limited company? Or retiring? Or returning to permanent work?
Then you can close your company in a very tax efficient manner.
Closing your company using a Members Voluntary Liquidation (MVL) could be the most efficient option for you:
- Extract the reserved funds of the business in cash.
- Pay only 10% tax and also use CGT allowances.
- Very quick - can be completed within weeks.
Criteria to use an MVL
- Reserves over £35,000* - after paying all final liabilities
- Company has traded over 12 months
- Shareholders are directors or employees
- Unlikely to trade again via a company within 2 years
* The minimum statutory limit for using an MVL mechanism is £25,000 – but, when taking into account processing fees,
it’s not cost effective unless you have at least £35,000 reserves.
It’s important to seek current advice about using MVLs to ensure that it is the right option for you.
Our chosen partner specialises in the contracting sector and can offer the expertise necessary to swiftly
close your company using an MVL, giving you tax efficient access to the retained funds within a few weeks.
MVL Enquiry Form:
If you are ready to close your company and would like to speak to an expert, then please complete the enquiry form below. They will then contact you to explain how the process works and to move forward.
Through our chosen partners we have been providing specialist advice to contractors since 2004. More info
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