If you are running a business in the UK, then you should be aware of the following changes as these may require you change some of your existing procedures.
People with significant control (PSC)
From 06 April 2016, Companies, LLPs and SEs (European company Societas Europaea) need to keep a register of people with significant control (‘PSC register’).
You need to start keeping a record of the people who control your company. There are criminal penalties if you don’t do this.
For most companies these will be individuals who:
- hold more than 25% of the company’s shares
- hold more than 25% of the company’s voting rights
- have the right to appoint or remove the majority of directors
If an individual does not meet the above conditions, check to see if you have anyone who:
- has the right to, or actually exercises, significant influence or control over the company
It could also be an individual who:
- has the right to, or actually exercises, significant influence or control over a trust or company that meets one of the above conditions
Remember, from 30 June 2016 you will need to provide Companies House with the details of your PSCs.
From June 2016
From June 2016, Confirmation Statement will replace the old Annual Return.
At least once every year you’ll need to review the information Companies House hold about your company and confirm it’s correct or that you’re updating it at the time you make the statement.
To complete your confirmation statement, you need to:
- check the information Companies House hold on your registered office, directors and location of registers. If any of these need changing, then you need to update these by filling the right form
- update your shareholder information, statement of capital and your standard industry classification (SIC Codes). This can be done as part of making your confirmation statement
- check and confirm if your record is up to date
- pay the relevant fee
As part of your Confirmation Statement, you must also provide the information contained in your register of people with significant control (PSC).
If you need further information on the recent changes then please contact us now. At Morgan Reach, we can fully take care of any filing requirements for your business with Companies House so that you can focus on what really matters for you and that is your business.