17 June, 2016
The 6th April 2016 saw the introduction of the Persons with Significant Control ('PSC') Register, under the Small Business, Enterprise and Employment Act 2015 ('the Act') and from the 30th June 2016, all companies will be required to file the information contained in their PSC register at Companies House.
The current Annual Return which is filed at Companies House through the AR01 form, and which details information regarding a company's statement of capital, directors, and shareholders amongst other things, is to be replaced by the new Confirmation Statement as of the 30th June 2016.
Where a company is due to file its Annual Return before 30th June 2016, it can still do this by way of the AR01 and it will not be required to disclose the information contained in their PSC register. However, when that company comes to submit its next Annual Return it will have to do this by submitting the new Confirmation Statement and it is at this point that the company's information regarding their PSC register will be made public at Companies House. After the 30th June all Annual Returns must be made by way of the new Confirmation Statement.
Once the Confirmation Statement has been submitted, a company can resubmit the Confirmation Statement throughout the year, at no additional fee, if certain information changes. This may be beneficial to companies who wish to align all their filing dates, as the renewal date for submitting the Confirmation Statement will change to the date that it was re-submitted, and will not run from the date that the Confirmation Statement was originally submitted. Therefore, a companies could file its Confirmation Statement on the date that it is due, in accordance with the last Annual Return date, and then re-submit its Confirmation Statement on the day that their accounts are due so that each year they can deal with all filing requirements at the same time.
When a company files its first Confirmation Statement, information relating to the PSCs of the Company, the capital, SIC Codes and shareholders of the company will need to be detailed. Once the first Confirmation Statement has been submitted at Companies House, the Company is required to 'check, notify of changes and confirm' the information which was provided in the initial Confirmation Statement, at least once a year. If no changes have occurred, the company will just be required to click "confirm" and the Annual Return will be completed for that year. If any changes have occurred, the company will first be required to make such changes at Companies House by way of the relevant forms, for example a change of directors must be submitted by way of forms AP01 and TM01, it is only then can the company submit the Confirmation Statement.
Although there are no financial penalties for late filing of the Confirmation Statement, there are criminal offences contained within the Act for failure to comply. Even if the company is in the process of establishing its PSCs, the information within the Confirmation Statement cannot be left blank and this must be documented, until the PSCs have been established. Therefore, it is important that companies are aware and fully understand their obligations under the Act and how and when the Confirmation Statement needs to be filed.
The criteria for being a PSC is complex and Forbes' Corporate and Restructuring team are able to provide advice and assistance on identifying your PSCs and the new filing requirements that you are obliged to comply with from the 30th June 2016.
If you are looking for any more information with regards to our services view our Corporate section. You can also contact Nick Pickup in our Corporate department via email or phone on 0333 207 1132. Alternatively send any question through to Forbes Solicitors via our online Contact Form.
Forbes Solicitors delivers 'fast response times' and demonstrates 'impressive industry knowledge'.
2018-19 edition Legal 500
Very thorough and precise with each contract and have made it very easy for us to feel very confident going into new territories, whether it being a different country or a different manufacturer.
Forbes was instrumental in ensuring Electric Coffee Co is able to meet its growth ambitions.
Electric Coffee Co
It is always a pleasure to deal with true professionals and specialists in their area and this is what you can expect when dealing with Forbes and, in our case, specifically Nick and Gemma.
Gareth & Janet Watson
The team not only provides professional and practical advice, but also takes a personal interest to understand the business and the matter at hand.
Leonard Curtis Business Solutions Group
The advice and service that we receive from Pauline and her colleagues is consistently professional, knowledgeable and efficient. They have a great ethos and are a pleasure to work with.
Focus Insolvency Group
What a pleasure to do business with Forbes - Pauline Rigby & Nick Pickup both understood my personal objectives and requirements
Former Business Owner
I would like to thank Jayne and the Business Law team for being so friendly, professional and patient throughout the sale.
We have been very happy with the professional service from Pauline Rigby and her colleagues in the Business Law team and the ease of purchasing our new business
Andrew M Jones
Internet Trading Ltd
I and the UCLan team wanted to acknowledge the support from your team, including Nick Pickup and Pauline Rigby. Their contribution has been much appreciated by both clients and our staff.
Head of Innovation and Enterprise
Sincere thanks for all the time, patience and professionalism from Pauline and Tricia in the completion of MAP12 contract terms and conditions.
Jayne & Anthony Mellor
It's a One Stop Shop as a legal entity, whatever problem we've got you've got someone to come and advise us or fix it
The Northcote Group
We have always found Forbes to be approachable and helpful and we look forward to a continuing professional relationship
Child Action Northwest
I have been extremely pleased with the legal team at Forbes and all their help
South Lakes Veterinary Centre
The team at Forbes have been professional, thorough, friendly and efficient from day one through to completion. We will certainly be using them again as we look to move our business forward.
S & L Wilson