The Government have changed the reporting requirements for all limited companies, as of 30 June 2016 companies are no longer required to file an annual return, but a confirmation statement instead.
What does that mean for you as a business owner?
The difference between the confirmation statement and an annual return is that the former requires you to identify a person of significant control within the business (they should be identified from 6th April 2016). A person with significant control is:
-Anyone with more than 25% of a company or voting rights of more than 25%.
– Where two or more people together have the 25% or more interest.
– A company who has 25% or more control directly or indirectly in the limited company.
For the business owners, it means you need to identify those who fit into the criteria and add them to the PSC register on the companies house website. These will be publically available to see. The fee remains the same as the annual return (£13).
The deadline for the annual return was 21 days after the date the return was made up, however for the confirmation statement the deadline is now 14 days after the statement date.
The good news is once the PSC has been set up and identified the confirmation statement remains the same going forward, although an adminsterial burden right now, this is only short term until the first is filed.