Budget Briefing 2020 – Members Voluntary Liquidations (“MVLs”)
MVLs have often been considered a tax efficient method of bringing a company’s trading to a close. MVLs are the solvent method of liquidation whereby the company is not in debt and has enough funds to pay off all its liabilities, leaving a residual balance of funds and/or assets to be returned to the shareholders. […]
Understanding The Administration Process
Placing a company into administration is often a complex process and it is vital for every business owner to understand how it all works. To begin with, a Licensed Insolvency Practitioner is appointed as Administrator to the company. This appointment may be by: Any creditor The holder of a Qualifying Floating Charge (or QFC), such […]
What is a Director’s Loan Account?
What is a Director’s Loan Account? As a director of a limited company, you can both withdraw and lend money to your business, the record of these transactions is called a director’s loan account (DLA). These particular transactions do not include salaries and dividends. DLA’s can become complex so it is vital that company directors […]