New changes that affect all companies
The Small Busines Enterprise and Employment Bill came into force last year and we’ll be seeing some of the changes rolled out over 2016.
One of the first changes will be the introduction of the new People of Significant Control (PSC) register in June. The register will be required to be kept and maintained by all companies and there’ll be criminal convictions awaiting directors who don’t comply.
You’ll need to:
- Identify the people with significant control (PSCs) over the company and confirm their information
- Record the details of the PSC on the company’s own PSC register
- Provide this information to Companies House as part of the annual Confirmation Statement (formerly the Annual Return)
- Update the information on the company’s own PSC register when it changes, and update the information at Companies House when the next Confirmation Statement is made.
A PSC is an individual who meets any one of the following:
- Holds more than 25% of the company’s shares
- Holds more than 25% of the company’s voting rights
- Holds the right to remove or appoint the majority of the company’s directors.
- Exercises significant influence or control over the company.
There’s additional rules in place situations where it’s a company or trust that controls the company.
For further help in making sure you’re meeting all your obligations then don’t hesitate to get in touch.
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