{"id":5208,"date":"2017-01-27T15:35:47","date_gmt":"2017-01-27T15:35:47","guid":{"rendered":"https:\/\/www.qualityformations.co.uk\/blog\/?p=5208"},"modified":"2024-05-01T01:16:54","modified_gmt":"2024-05-01T00:16:54","slug":"understanding-confirmation-statement-psc-register","status":"publish","type":"post","link":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/understanding-confirmation-statement-psc-register\/","title":{"rendered":"Understanding the confirmation statement and PSC register"},"content":{"rendered":"
The confirmation statement and PSC register are two statutory obligations that apply to every limited company and limited liability partnership (LLP) registered in the UK. If you are a company director or designated LLP member, you are personally responsible for sending a confirmation statement to Companies House at least once a year and maintaining an up-to-date PSC register.<\/p>\n
The confirmation statement (Companies House form CS01) is a reporting requirement that replaced the annual return (form AR01). It serves exactly the same purpose, which is to provide Companies House with up-to-date key information about your business.<\/p>\n Our Confirmation Statement Service - never miss another filing deadline<\/span><\/a>\n \n The information on the statement is made available to the public on the Companies House register<\/a>. Anyone can view this information at any time, thus ensuring that the public, other businesses, and government agencies have open access to important data about any company they may have dealings with.<\/p>\n The confirmation statement was introduced on June 30th 2016 to replace the annual return. The last date on which an existing company could file an annual return was June 29th 2016.<\/p>\n There\u2019s not a great deal of difference between the two forms. The confirmation statement asks for the same information, it costs the same amount to file, and it must be delivered to Companies House every 12 months.<\/p>\n However, the new confirmation statement is more simplified than the annual return. Furthermore, there\u2019s no need to re-enter the same information year after year if the company details are the same.<\/p>\n You simply need to \u2018check and confirm\u2019 that the details held at Companies House are correct and then submit the form. Only when there are changes do you need to provide additional information to Companies House, either before or at the same time as submitting the statement.<\/p>\n The details you will be required to check and confirm before filing a confirmation statement are as follows:<\/p>\n It\u2019s quite an easy form to complete and shouldn’t take long if you have all of the necessary information on hand. For small companies with only one or two directors and shareholders, for example, it should only take you a few minutes to complete.<\/p>\n How to file a confirmation statement<\/span><\/a>\n \n If you need to report any changes, you can use the confirmation statement to update the following information:<\/p>\n However, if you need to update other details (e.g. the registered office or information about directors), you must use separate Companies House forms<\/a> to do this. You can complete and file the necessary form(s) before or at the same time as the confirmation statement.<\/p>\n There is a different process if you need to update your company\u2019s registered email address<\/a>.<\/p>\n You will only need to complete a statement of capital if your company is limited by shares. Companies limited by guarantee and LLPs don\u2019t need to enter this information because they don\u2019t have shares.<\/p>\n If a statement of capital is required, you will be asked to provide the following:<\/p>\n For each class (type) of share, you\u2019ll also need to provide the following details:<\/p>\n A confirmation statement should be submitted once every 12 months, usually by the same date each year. The first confirmation statement date is 12 months after your company\u2019s registration (date of incorporation) at Companies House. This date will be stated on your certificate of incorporation.<\/p>\n Example:<\/p>\n You have 14 days after the confirmation date to send the statement to Companies House. So, in the above example, the statement must be filed no later than 15 May 2025.<\/p>\n It doesn\u2019t matter if any information changes between the confirmation date and the date you send the statement to Companies House. You can update the details at any time afterwards, or you can wait until your next statement is due the following year.<\/p>\n I filed a confirmation statement with incorrect information \u2013 what should I do?<\/span><\/a>\n \n You can send your confirmation statement early, but there\u2019s no need to do this unless you want to report a change of company details before your statement is due. Just remember, if you do file the statement early, the due date for your next one will change accordingly.<\/p>\n You can complete and file a confirmation statement online and submit it electronically. This is the easiest option it only costs \u00a334. Watch this confirmation statement demo video<\/a> from Companies House to see how to complete it online.<\/p>\n If you can’t file online, you can complete the paper version of the confirmation statement and send it to Companies House by post. This costs \u00a362.<\/p>\n The really good thing about the confirmation statement is that you can update it at any time throughout the year, as many times as you like and for no additional charge.<\/p>\n This was not possible with the annual return. If you wanted to change or update any details, you also had to complete a new annual return in full and pay the \u00a334 filing fee again. This new option is great if you make a mistake, or if your company details change frequently.<\/p>\n Only businesses that are registered with Companies House have to send a confirmation statement. This includes public limited companies (PLCs), private companies, unlimited companies, and LLPs.<\/p>\n Dormant companies<\/a> and dormant LLPs must also complete a confirmation statement each year, even though they’re not trading.<\/p>\n Sole traders do not have to send one because they are not registered with Companies House. Sole traders are only required to register with and report to HMRC.<\/p>\n The register of people with significant control is often referred to as the \u2018PSC register\u2019. The requirement to keep this register and provide PSC information to Companies House came into effect on April 6th 2016.<\/p>\n The PSC register records information about any person or business who owns, directly or indirectly, more than 25% of the company or its voting rights, or otherwise has the power to exert a certain level of influence or control over the way the business is run.<\/p>\n Our Fully Inclusive Package - the perfect way to form a company<\/span><\/a>\n \n Information relating to a company’s PSC is required at the point of incorporation. When a company’s PSC changes, the PSC register must be updated accordingly within 14 days. Within a further 14 days, the changes should be reported to Companies House using the PSC01-09 forms. This is known as the “14+14 day” rule.<\/p>\n For most small companies, it\u2019s relatively easy to identify PSCs, particularly when you are the sole director and shareholder of your own company. In this case, you would be the only PSC.<\/p>\n A PSC is identified as someone who:<\/p>\n It can get a bit more complicated if company shares are held by a person on behalf of someone else, for example. In this situation, the person who holds the shares is registered as the shareholder, but they may not be a PSC.<\/p>\n The person whom the shares are held on behalf of may actually also be the PSC who has control over the company. So, PSCs may not be glaringly obvious in every situation.<\/p>\n The first thing you need to do before entering information on the PSC register is to confirm the relevant details with each identified PSC, which are:<\/p>\n For conditions 1 and 2, this must include the level of their shares and voting rights, within the following categories:<\/p>\nConfirmation statement vs annual return<\/h4>\n
Information you need to verify in a confirmation statement<\/h4>\n
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Completing a statement of capital as part of the confirmation statement<\/h4>\n
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When to submit a confirmation statement<\/h4>\n
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How to send a confirmation statement to Companies House<\/h4>\n
Updating and changing information on the confirmation statement<\/h4>\n
Types of businesses that must send a confirmation statement<\/h4>\n
Overview of the register of People with Significant Control (PSC)<\/h3>\n
Identifying a Person with Significant Control<\/h4>\n
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Information you need to include in your PSC register<\/h4>\n
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