At the beginning of June, we posted an article drawing readers attention to the new requirement to build a “Persons with significant control” register – needs to be done before 30 June 2016 for existing companies and LLPs.
We have listed below two further reflections on control condition 4 which states that persons must be included on the register if they have the right to exercise or actually exercise significant influence or control over the company.
Apparently, directors are specifically excluded from this control condition.
We are troubled by the phrase “significant influence”. Does, or should this include professional advisors that take an active interest in the way a client’s business is run?
Leaving aside this aspect of the PSC requirements, has anyone considered the switch to the Confirmation Statement from 30 June 2016? This replacement for the Annual Return will need to be filed on the existing due date for the company’s Annual Return as follows:
- A company with a made up to date of 29/06 or earlier will have to file an old style Annual Return. Until the Annual Return is filed you will not see an option to file a Confirmation Statement.
- A company with a made-up-to date of 30/06 or later, a Confirmation Statement (CS) will need to be filed.
The CS will include the information from the PSC register. As this is a new process, it might be prudent to consider the early filing any clients’ Annual Return due in the month following the 29 June 2016 deadline. In this way, you might avoid getting tangled up in the inevitable chaos as Companies House computer systems are tested for the first time accepting the new returns.