Closing Your Business – Tax Efficient
Have you decided to stop using a limited company? Or retire? Or go back to permanent work? Then you can shut down your business in a very tax efficient manner.
Closing your business using a Voluntary liquidation of members (MVL) might be the most effective option for you:
- Extract the company’s reserved funds in cash.
- Pay only 10% tax and also use CGT indemnities.
- Very fast – can be completed in a matter of weeks.
Criteria for using an MVL
- Reserves greater than £ 35,000 * – after payment of all final debts
- The company has traded for more than 12 months
- Shareholders are directors or employees
- Unlikely to trade through a business again within 2 years
* The minimum legal limit for using an MVL mechanism is £ 25,000 – but, taking into account the processing costs, this is not profitable unless you have at least £ 35,000 in reserves.
It is important to seek current advice on using MVLs to make sure this is the right option for you.
Our chosen partner specializes in the outsourcing industry and can offer the expertise to quickly shut down your business using an MVL, giving you tax-efficient access to funds held within weeks.
MVL request form:
If you are ready to close your business and would like to speak to an expert, please complete the request form below. They will then contact you to explain how the process works and to move forward.
Thanks to our chosen partners, we have been providing specialist advice to entrepreneurs since 2004. More information
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