Very important changes affecting company directors from 01.07.2016

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Very important changes affecting company directors from 01.07.2016

Every year on the anniversary of company registration, either you or your accountant submits “Companies House Annual Return“. From 30 June 2016, it’s changed.

Now the Annual Return has been replaced with a “Confirmation Statement” as a means to providing Companies House up to date information.

You may be thinking what a Confirmation Statement is and how is it different from the Annual Return. Here is a brief explanation.

  1. The annual return and Confirmation Statement are intended to serve the same purpose however the Confirmation Statement has been replaced as a means to provide Companies House with “up to date information” for inclusion on the public register.
  2. This new legislation is aimed at reducing duplication of information filed at Companies House.
  3. One difference is instead of providing a brief review of our company data at a set date you will just have to check and confirm the information that Companies House hold is correct.
  4. From now onwards companies will have to keep a “People of Significance Control Register” (PSC register). Initially the Confirmation Statement needs to be included in the PSC register. This PSC register has to be kept up to date and any change has to be amended in the next Confirmation Statement.
  5. From the anniversary date we now have 14 days instead of 28 to file the Confirmation Statement. Yes you guessed correct, there is a fine for late submission. You can be fined up to £5000 and your company may be struck off if you don’t send your Confirmation Statement.
  6. The fees for filling the Confirmation Statement will remain the same. This fee is paid the company is covered for a 12 month period and can file multiple confirmation statements in that period.

Sterling Finance UK Limited provides in house compliance services for Companies’ House requirements. For further advice please call our office on the details provided below.