British firms will face a number of shake-ups with Companies House from 30 June 2016, as the new ‘Confirmation Statement’ and ‘PSC Register’ changes take hold.
It has already been confirmed that the traditional Annual Return (AR01), which businesses across the UK have submitted for many years, will be replaced with a new ‘Confirmation Statement’, as part of the Small Business Enterprise and Employment Act 2015.
Differing only marginally from AR01, the new Confirmation Statement will be a snapshot of company information which businesses must submit once annually.
A large portion of such information provided will subsequently be placed on public record by Companies House.
The biggest change that the Confirmation Statement will bring is simplification.
This is because, unlike with the old AR01, businesses whose information does not change from year-to-year will be able to simply inform Companies House that there are no information changes, rather than having to re-submit each individual piece of information each year.
Additionally, once the new changes are implemented, UK companies will be obliged to identify, record, provide and update a People with Significant Control (PSC) Register.
Companies House have confirmed that companies, SEs and LLPs must all ensure that they identify, record, provide and update details of all people with significant control in, or affiliated with, their organisation.
This information, which will be compulsory for most firms, will form part of the new Confirmation Statement.