The Small Business, Enterprise and Employment Act 2015 provides for a range of measures which will affect the information businesses give to Companies House.
A number of the more significant measures in the Act came into effect on 30 June. These include the introduction of confirmation statements, the requirement for information on people with significant control (PSCs) to be filed with Companies House, changes to company registers and changes to statements of capital.
Perhaps the most significant of these changes is the replacement of annual returns with the requirement to file a confirmation statement on at least an annual basis. This will require companies to check the information held on them by Companies House and to update this if necessary.
Companies have been required to maintain a register of PSCs since April this year. Now this information must be submitted to Companies House with the first confirmation statement and updated in subsequent confirmation statements.
The rules governing company registers have been changed to allow companies, instead of holding statutory registers internally, to elect to keep information with Companies House on the public register.
Finally, statements of capital have been simplified to remove the requirement to declare the amounts paid and unpaid on each share. This has been replaced with a requirement to declare aggregate amounts unpaid on the total number of shares.
For advice on meeting the new requirements, please contact us.