New Rules

No…I’m not referring to Dua Lipa’s hit song but a change in the way a PSC notification is made at Companies House.

As you may remember when the annual confirmation statement CS01 was introduced and replaced the annual return AR01 from 29 June 2016, not only did the amount of time given for filing the form drop from 28 days to 14 days, information regarding People with Significant Control became a mandatory requirement. From 26 June 2017 there are new rules for recording and notifying information on PSC’s (People with Significant Control). This can no longer be updated on the form CS01 and is now event driven.

There are new forms PSC01 to PSC09 with time limits for updating and filing the information at Companies House.

From the date on which changes to the shares in the Company are made, the deadline to update the register is now 14 days, and the deadline for notifying Companies House is an additional 14 days.

With regard to the confirmation statement form CS01 this is still an annual requirement for a company with 14 days to file from the date of the form. As it stands there is no penalty for late filing of this form, as there is with accounts, but there could be other consequences for your company if the form is not filed timely. For example, the credit rating may be affected or Companies House may begin strike off proceedings to remove the company from the register.

Notices to file a confirmation statement are received at the registered office of the company and should be acted on promptly.

Article written by Sam Corse