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.
Jonathan trained as a chartered accountant with Price Waterhouse (now PWC) in Liverpool before becoming a small business services manager for Grant Thornton in Warrington. He also spent three years as the financial controller for Brookside and Hollyoaks (not that he ever mentions it!).
Jonathan is recognised as a specialist in the entertainment industry and is often called upon to provide training courses and seminars for media professionals. He's also a bit of a technology geek and has been recognised with the accountancy industry as one of the most progressive accountants in the UK. Outside of work Jonathan is very proud to be the Treasurer of the Tim Parry Johnathan Ball Foundation for Peace and to be on the Council of the Liverpool Institute of Performing Arts (LIPA)