There have been a number of changes to the reporting required by limited companies, one of which is the replacement of the Annual Return by the Confirmation Statement.
As the name suggests, the Annual Return was submitted annually at a cost of £13. Whilst a return could be submitted more frequently the fee was payable each time. Annual Returns were abolished as of 30th June 2016.
The first Confirmation Statement submitted for a company must include for the first time details of “People with Significant Control” (“PSC”). A PSC is anyone who:
- Owns more than 25% of the company’s shares; or
- Holds more than 25% of the company’s voting rights; or
- Holds the right to appoint or remove the majority of the directors; or
- Has the right to exercise significant influence or control, or actually does so; or
- Has significant control over a company that itself meets one or more of the above.
The fee for the Confirmation Statement is £13, the same as the Annual Return. However, any number of statements can be submitted, and the fee covers a 12 month period, ie no further fees are payable for additional statements submitted within that same 12 month period. Therefore, the submission of additional Confirmation Statements can be used to notify certain changes at no additional cost. Changes to shareholder information, share capital or PSC details can be notified by submitting additional Confirmation Statements. This method cannot be used, however, to update details of the registered office, the “SAIL” address, or details of directors and other officers.
For more information about our business support services, including reporting needed for limited companies see here