Posted by Stuart Christy on 24 Jun 2016

Changes Affecting all UK Limited Companies from 30 June 2016

If you are a director or shareholder of a UK Limited Company, you need to be aware of a number of changes. These are namely relating to the information you are required to submit regarding your Limited Company.

From 30th June 2016, UK Limited Companies will be required to submit a ‘Confirmation Statement’ and disclose ‘Persons with Significant Control’ on the PSC Register.

What is a Confirmation Statement?

The Annual Return is being replaced by a ‘Confirmation Statement,’ which will need to be completed at least once a year.

Unlike an Annual Return, the annual filing fee for submitting a Confirmation Statement will permit Limited Companies to update their Confirmation Statement more than once a year, and without incurring further charges. Companies House have not as yet notified the new filing fee.

Do I have to submit a Confirmation Statement even if there are no changes?

Yes, you must confirm even if there are no changes and it must be submitted within 14 days of the end of the Review Period. It is a criminal offence not to file your Confirmation Statement on time, and you could be prosecuted.

What is the PSC Register?

Rules relating to the PSC (Persons of Significant Control) Register came into force in April 2016.

Every UK Limited Company should now hold a PSC Register. Newly formed Limited Companies will be required to submit this information alongside their Confirmation Statement.

A guide as to who should be included on the PSC Register can be found here.

UK Limited Companies: How can we help?

Tax Innovations can create and update the PSC Register on behalf of your Limited Company and file your Confirmation Statement.

We can also guide you on the information that needs to be included on the PSC Register and who is affected.

If you want to ensure a worry free experience, please contact us to discuss your Limited Company’s needs. We provide a full range of accountancy and taxation services to ensure your business is compliant and correctly structured for your future development.