What is the new ‘Confirmation Statement’ and how will it affect your company?

New Confirmation Statement

Until June 2016, companies registered in the UK had to file an Annual Return with Companies House, giving a snap shot of the company’s structure and shareholdings on a set date every year.

From June 2016 this is being replaced with a Confirmation Statement, which contains much of the same detail as the Annual Return, but with one major difference. Companies are now required to record and report People with Significant Control (PSCs).

For most companies these will be individuals who:

  • Hold more than 25% of the company’s shares
  • Hold more than 25% of the company’s voting rights
  • Have the right to appoint or remove the majority of directors

If an individual does not meet the above conditions, you need to check to see if you have anyone who:

  • Has the right to, or actually exercises, significant influence or control over the company
  • Has the right to, or actually exercises, significant influence or control over a trust or company that meets one of the above condition

Whereas previously the Annual Return only showed shareholdings and Director/Secretary positions, the PSC definition is now extended to include finance providers, family members or anyone else who asserts significant influence on the business.

Companies are required to maintain the list of PSCs with their statutory records and update Companies House with any changes as they occur, although you will still only be charged once as with an Annual Return.

For advice and information on the best way to plan speak to a specialist accountant who will help you to be prepared. Call our team today on 02030049303 or write us at contactnexa@localhost.

2 Replies to “What is the new ‘Confirmation Statement’ and how will it affect your company?”

  1. Normally I do not learn article on blogs, but I would like to say that this write-up very compelled me
    to check out and do it! Your writing taste has been amazed me.
    Thanks, quite nice post.

  2. My husband and i ended up being ecstatic Ervin managed to round up his investigations
    using the precious recommendations he gained while using the
    weblog. It’s not at all simplistic to just possibly be freely giving secrets and techniques that a number of people could have been trying to sell.
    And now we take into account we now have the website
    owner to appreciate for that. Those explanations you’ve made,
    the simple web site menu, the friendships you assist to foster – it’s got everything impressive, and it’s really letting
    our son and us know that that subject is
    entertaining, which is very essential. Many thanks for all the pieces!

Leave a Reply

Your email address will not be published.