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Attention!! Company reporting rules are changing

If you are a director, administrator or member of a UK private limited company or Limited Liability Partnership (LLP), you have since June 2016 been obliged to keep a register of people with significant control over it (PSC Register).

What is a person with significant control? Commonly it will be a shareholder who exercises a majority voting power over a company (or a member with such power in an LLP). For example, if a shareholder holds more than 50% of the shares of a company, he is a person with significant control.

Traditionally this information had been provided on incorporation of the company or LLP and annually when the confirmation statement (previously called Annual Return) was filed.

However – the rules are changing  with effect from 26 June 2017. Companies and LLPs will be required to report any changes to their PSC information as they happen rather than in their annual confirmation statement. Companies House has stated that where there is a change to the information, you will have 14 days to update the PSC register and another 14 days to notify Companies House. Standard  Forms PSC01 to PSC09 will need to be used to notify Companies House and these should be available on their website.

If you require further information, please contact Robin Koolhoven on 01926 674544 or email:  RobinK@moore-tibbits.co.uk

 

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