BTC Newsletter June 2016

BTC Company Software

Changes to the incorporation and form filing software

As from 30 June 2016 PSC’s must be provided upon Incorporation by the company, unless they have reason to believe that they don’t have any PSC’s, which will be rare.

The order form been modified to cater for these changes with the inclusion of: ‘Legal Person’, PSC Officer role and Nature of Control questions.

The software suppliers have sought legal advice to ensure that the system complies with the new legislation but we understand that this may not necessarily result in the most practical of a user interface, they have already taken steps to improve the user experience and there will be further updates to the order form throughout July and August.

Click to read the full post

People of Significant Control – What You Must Do

All Companies are covered by the legislation. The directors need to start keeping a record of the people who control your company. This should be recorded into the registers of the company. There are criminal penalties if you don’t do this.
For most companies these will be individuals who:

•Hold more than 25% of the company’s shares
•Hold more than 25% of the company’s voting rights
•Have the right to appoint or remove the majority of directors

If an individual does not meet the above conditions, check to see if you have anyone who:
•Has the right to, or actually exercises, significant influence or control over the company

It could also be individual who:

•Has the right to, or actually exercises, significant influence or control over a trust or company that meets one of the above conditions

the full post can be found here

PSC Registers

We have added to our online shop inserts for Combined Company Registers purchased before April 2016 to cater for the new legislation for registers of Persons With Significant Control (PSC).

These come complete with a divider designed for the Ring binder styled combined registers. The section is divided into two parts, the first being for the information which is be disclosed when requested, the second part for the information that must not be disclosed. Included is guidance on the official wording for entries on the PSC registers

Update to ‘Company Manager’

The company manager is receiving an update.

Due to the nature of the PSC changes it has provided an opportunity for the software suppliers to revisit the interfaces. At its basic level, each form will have its own dedicated page (No more dialogs). Having dedicated pages provides countless benefits and allows the manager to be a full company register maintenance service. You will be able to allot shares to new or existing shareholders, appoint, amend or terminate appointments. The choice will be there to file or not file at Companies House all elements of the register.

Reminder notices for Annual Returns and Accounts filing

The BTC annual return reminder is a handy reminder especially if your clients handle their own filings. As part of the changes introduced the time of companies being struck off from first notice has been reduced from three to two months, late filing of annual returns triggers the striking off event under the registrars administrative powers.
For More Information on Annual return reminders

Should you require further assistance please do not hesitate to contact a BTC Corporate and Compliance