From 30 June 2016, the Companies House annual return is being replaced by a confirmation statement which requires information about those who control the company.
There is also a new requirement that companies maintain records of all Persons with Significant Control (PSC). This exercise can be done alongside maintenance of statutory books and records which will be used when preparing the company’s statutory accounts.
The confirmation statement can be done online and once the first statement is submitted, this can be reviewed annually to identify if any changes are necessary.
How to identify PSCs
For the majority of companies, PSCs will be individuals who:
- Hold in excess of 25% of the company’s voting rights
- Own more than 25% of the company’s shares
- Have the right to appoint or remove the majority of directors
However, even if an individual does not meet the above conditions, you’ll still need to consider if there is anyone who:
- Has the right to, or actually exercises significant influence over the company
- Has the right to, or actually exercises significant influence over a company or trust that meets one of the conditions above
This is something we can help you with and we would be delighted to discuss your requirements. Please contact Anna Madden at [email protected] or call Anna on 01527 558539 to understand your new reporting requirements to Companies House.