Why pay high rates of tax when you close your business down? Company directors are entitled to use a formal legal process known as a solvent liquidation that allows them to effectively strike off the business at Company House whilst extracting their money in a highly tax efficient manner.
This process is often referred to as a member’s voluntary liquidation or MVL. All the remaining assets in the business are liquidated into capital and all creditors and shareholders are paid in full. Once these payments have been completed any remaining capital is paid to the directors at a reduced rate of tax.
McTear Williams & Wood has years of experience helping out company directors across a wide range of sectors to implement solvent liquidations successfully. Our smooth, streamlined service is focused on getting you the right result, with all the legal and accounting documentation correctly in place in a good time.
For company accounts less than £25,000 you may find that a company strike off provides less exposure to tax. For larger sums please discuss a potential solvent liquidation at our Southampton offices where we can give you all the advice you need on the best way forward.
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