From 30th June, the annual return is defunct, replaced by a Confirmation Statement. You will still use the Companies House (CH) online service to confirm the details held about your company, BUT there will be a number of differences which it’s really important to prepare for.
- You will be required to provide at least one industry SIC code
- The statement of capital will change with respondents only required to complete this if there have been any changes to shareholdings in the year
- The annual return could only be submitted once a year, but you can update the confirmation statement throughout the year, although only charged your £13 once.
- The confirmation statement will require, for the first time, reporting of Persons with Significant Control (PSCs)
Persons with Significant Control (PSCs)
Since 6th April 2016 all companies have been required to hold an additional register to the standard ones (registers of directors, members, charges etc) – a register of Persons with Significant Control.
A PSC is someone who meets one or more of the conditions below:
- Holds more than 25% of the shares
- Controls more than 25% of the voting rights
- Has a right to appoint or remove a majority of the board of directors
- Can exert significant influence or control over the company
There is no prescribed format for what this register should look like, but it is a legal requirement to have one.
Therefore all limited companies need to do the following:
1. Identify your PSCs
2. Compile a register with the required details
3. Provide the details to Companies House when called to on the confirmation statement.
For more guidance and support in complying with these requirements, please contact us direct.