Reminder notices for Annual Returns and Accounts filing
The Small Business, Enterprise and Employment Bill is currently making its way through Parliament and should receive Royal Consent in early 2015. The bill contains a number of measures which together represent significant change for customers from a transparency point of view.
You should also bear in mind the PSC Register that is People with Significant Control which will be a mandatory public register.
This has prompted our software to start sending annual returns notifications now in order to get used to what will be a constantly changing time frame of filing requirements, especially when managing many clients companies.
The following three points from the Bill will prompt changes to the when and how annual information is filed.
• Simplification of the statement of capital and consistency throughout the Act
• A requirement to ‘check, and confirm’ the company information and notify changes if necessary at least once every 12 months. This will replace the current obligation to file an Annual Return.
• Companies will be able to deliver certain categories of optional information to the registrar
The simplification of the use of the statement of capital will apply for example when filing SH01 for the allotment of shares, not only will the statement of capital be updated, but the register of beneficial owners will also be updated, prompting an annual return to be filed on that date, this moving the filing date. Any filing that involve change of share capital including transfers will invoke this action.
In statement two for the check and confirm, if no changes are made in a year, there will be no requirement to file an annual return but a simple statement of no change.