Companies House Changes: June 2016
On the 30th June 2016, Companies House are bringing in some changes for small companies. We've previously covered one of these changes known as the People with Significant Control (PSC) register, but we'll take a look at an overview of these changes that may affect you.
People with Significant Control (PSC) Register
The register was introduced under a G8 agreement to ensure there was clear accountability and transparency within an organisation. The register will outline key decision makers and those who have control over a company.
This has actually been in effect since 6th April 2016, but a part of it falls under a change coming in on the 30th June 2016, which is the replacement for the Annual Return - the Confirmation Statement.
The Confirmation Statement (form CS01) replaces the Annual Return that a company would normally submit. The form, which acts as a declaration that records are up-to-date and correct at the time of submission, will also include space for information on PSC.
Formation of New Companies
Because of the changes with the PSC register, and the changes with the Confirmation Statement, Companies House have introduced a new version of the IN01 form for paper based incorporations. Online formations will now also ask for additional information to deal with the changes too.
When you try to incorporate a company online, you will now be asked for details of the PSCs and why they are classed as a PSC.
You will also now be asked for SIC codes and to describe the principal activity for the organisation. This is new for the incorporation process.
When you incorporate your new company, you can also opt to keep some or all of its statutory registers at Companies House. This is made up initially of the data submitted in the incorporation process.
If this is something you wish to take advantage of, you will need to inform Companies House by using forms EH01-05.
How we can help
The Company Wizard has updated all it's registration processes to take these changes into account. So when you now incorporate a new business, we'll help you along the way.
Have a question? As always, The Company Wizard is here to help with any queries. Just drop us an email, or give us a call.
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