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Harlands_Accountants

Do the new changes at companies house affect you?

Thursday, 26 May 2016

As from 6th April, nearly all UK companies and LLP's will be required to keep a register of People with Significant Control (PSC) , and people who control companies or LLPs will be subject to new disclosure requirements.

 

Relevant companies and LLPs must keep the new registers from 6th April 2016 and file relevant details with Companies House from 30th June 2016.

 

The full guidance on this matter and other areas is actually around 86 pages long and includes alot of detail including what information is required to be kept on the register and what information is public. To save time we have listed below the main details to help you understand your requirements without having to read this exciting document!!

 

 

For companies a person of signifcant control can be deemed as someone who :

•owns 25% of the company shares

•owns 25% of the voting rights

•has the right to appoint or remove a majority of directors on the board

•has significant influence or control over the company

•has significant influence or control over a trust or company that meets one of the other conditions.

 

The following criteria apply for limited liability partnerships (LLPs) whereby a person :

•owns more than 25% of surplus assets on a winding up

•owns 25% of the voting rights

•has the right to appoint or remove a majority of people involved in management

•has significant influence or control over the company

•has significant influence or control over a trust or company that meets one of the other conditions.

 

Both companies and LLPs need to record this new information of individuals with significant control on a PSC register and file it with Companies House from 30 June 2016.

 

So what Information is required and how do you file it?

 

The following information should be checked with the PSC and included in the register:

•name and date of birth

•address (both residential and service)

•country of residence and your nationality

•which of the 5 conditions for being PSC are met

•date they became a PSC

•any restrictions on disclosing PSC information which are in place.

 

When will you need to file this information?

 

For companies and LLPs incorporated before 30 June 2016, you will need to provide a PSC register with your first confirmation statement to Companies House. It is therefore worthwhile checking out when that will be and making sure you have the relevant information prepared.

Blog by Phil Murray - read full article

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