Following on from our Enews on the new rules for companies to keep a Register of Persons with Significant Control (29 April), so-called PSC registers, there are related new rules being introduced in relation to the law requiring companies to file annual returns.
From 30 June 2016 companies (including charitable companies) will no longer need to file an Annual Return with Companies House. Instead, companies will need to comply with the new procedure by filing a Confirmation Statement.
Important points to note about the new Confirmation Statements are as follows:
- A Confirmation Statement is essentially a statement confirming the information held at Companies House is up to date and accurate. This will need to be submitted every 12 months.
- The Confirmation Statement will detail any changes which have occurred in respect of the company’s shareholder information, PSC register information, statement of capital, trading status of shares and standard industrial classification or SIC code.
- As mentioned above, the Confirmation Statement will need to contain information in relation to a company’s PSC register e.g. the register of individuals or entities that have significant control over the company.
- The statement of capital will be simplified and there will be no obligation to show the amount paid or unpaid on shares. Instead, this will be substituted with the aggregate amount unpaid on the total number of shares.
- A company can update its records as and when it wishes and will only be charged one annual fee for doing so. The current charges of £13 for online filing and £40 for paper filing will continue to apply.
- A company will only have 14 days (reduced from 28 days) from its due date to submit the Confirmation Statement to Companies House.
- A company must file the Confirmation Statement whether it is a dormant company or active company.
- Failing to comply with the requirement to submit the Confirmation Statement could result in serious consequences including strike off of the company and/or the potential prosecution or fining of directors.
If you have any questions in relation to the new company filing requirements, please contact Sej Lamba in our Company Commercial team on 020 7288 4756 or firstname.lastname@example.org