Annual Return replaced by Confirmation Statement

The annual return is being replaced from June 2016 under the Small Business, Enterprise and Employment Act 2015. In its place a Confirmation Statement will need to be filed annually.

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What is the fee for the new confirmation statement?

The fee is likely to remain the same as currently for filing an online annual return, £13, but this is yet to be confirmed.

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People with significant control (PSC) register – April 2016

As of 6th April 2016 Companies and LLPs need to keep a register of people with significant control (‘PSC register’). A PSC is someone who meets at least one of the following conditions:

• owns more than 25% of the company’s shares
• holds more than 25% of the company’s voting rights
• holds the right to appoint or remove the majority of directors
• has the right to, or actually exercises significant influence or control
• holds the right to exercise or actually exercises significant control over a trust or company that meets one of the first 4 conditions

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Can I update my confirmation statement after it’s been filed?

Once your confirmation has been submitted you can updated it as many times as needed.

This change is welcome because, currently, companies must pay a £13 filing fee per annual return which becomes costly if multiple annual returns need to be filed within a 12 month period.

There will now only be a charge annually for the filing of a confirmation statement, regardless of how many times you update it throughout the year.

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