Companies House Changes To Affect All UK Companies
Confirmation Statement to Replace Annual Return
From June 2016, the Annual Return is being replaced. Instead, companies will now file a ‘Confirmation Statement’ at least once a year. You need to ‘check and confirm’ the company information held by Companies House and let them know if there are any changes.
There will be a fee to pay with the Confirmation Statement. You can update your record as many times as you need to, but there will only be a charge once a year.
For most companies, this will be the first time notifying Companies House of People with Significant Control (PSC). New companies will also provide this information on their incorporation documents.
People with Significant Control (PSC) Register – April 2016
Companies, Limited Liability Partnerships (LLPs) and Societas Europaeas (SEs) need to keep a register of People with Significant Control (‘PSC register’) from 6 April 2016.
A PSC is anyone in a company, LLP or SE who meets one or more of the conditions listed in the legislation. This is someone who:
- owns more than 25% of the company’s shares
- holds more than 25% of the company’s voting rights
- holds the right to appoint or remove the majority of directors
- has the right to, or actually exercises significant influence or control
- holds the right to exercise or actually exercises significant control over a trust or company that meets one of the first 4 conditions.
Filing PSC information – 30 June 2016
Companies should already be keeping a ‘PSC register’ by this point. This information now needs to be filed with Companies House on incorporation and updated when you submit later ‘Confirmation Statements’.
If your company was incorporated before 30 June 2016, you will also need to provide this information on your first Confirmation Statement.
It is a criminal offence to not provide detail of PSCs. If you discover you do not have a PSC, or are still trying identify one, there will be forms you need to file to confirm this.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.