Tuesday, 20 January 2015

Changes To Company Filing Requirements

Small Business, Enterprise & Employment Bill (“the Bill”) that is proposed to come into force in April 2015.

Part 8 of the Bill provides for an alteration to Part 24 of the Companies Act 2006 such that instead of filing an Annual Return, a company will only be required to file a statement confirming that all duties (to notify changes to registered office address, directors, company secretaries etc) have been adhered to and to file a Statement of Capital only where changes have occurred. These requirements are slightly expanded or altered in respect of listed companies and non-trading companies.

This is a useful amendment to the Companies Act legislation, as the filing duties have become onerous in recent years and we often see prosecutions and directors disqualified for failing to file a return which merely repeats what is already on the register. Conversely, there will still be a requirement to file an annual “Confirmation Statement” and the reduction in filings, which may lead to aged information registered at Companies House, will mean that it will become more difficult to place the blame on inaccurate or missing information.

These amendments also require that a company provide details of all individuals with “significant control” over the company and as stated in its “PSC register”. A previous blog in this series refers to these changes as a result of the government’s desire for increased levels of corporate transparency.

At Francis Wilks & Jones we can assist with advising on and making the necessary arrangements