From April 2016, the vast majority of UK limited companies have been required to create and maintain a register of people with significant control. Commonly known as the PSC register, this includes details of who ultimately controls or exercises significant influence upon the company.
From 30 June 2016, every company has also needed to submit their PSC details as part of their confirmation statement (which replaced the annual return). So the confirmation statement has been the means by which new PSCs, changes to existing PSCs, someone ceasing to be a PSC and associated statements become part of the public record at Companies House.
Just as our clients and ourselves had got to grips with the PSC requirements, things are changing.
From 26 June 2017, PSC information is no longer updated annually on the confirmation statement. Instead, companies need to report PSC changes to Companies House as and when they happen and no later than 14 days. Alongside reporting changes to Companies House, companies are still required to maintain their Register of People with Significant Control.
For the majority of our clients the detail of this is not relevant as we are engaged to manage your company secretarial matters, however, we are reliant on you to advise us of any changes within the 14 days.
If you have any queries please do not hesitate to contact Julie McVicar, email@example.com