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PSC requirements – What you must do

PEOPLE WITH SIGNIFICANT CONTROL (PSC)

From April 2016

You need to start keeping a record of the people who control your 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

There is some more information on how to identify your PSCs:
This is the statutory guidance issued by BIS Continue reading

People of Significant Control (PSC) Update

Incorporation Order Form

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.

• You can now preview the form here: http://uat.order.efiling.co.uk/buy/standard/ Continue reading

PSC Registers Inserts

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

Failure to keep the Company’s PSC is a criminal offence.

 

Date of Implementation of Persons of Significant Control Registers (PSC)

Companies House had a target date of 6 April 2016 for the launch of these public registers (PSC), to achieve this they have been busily rewriting the coding which many would have noticed the slowing down in the times it takes to process various forms. We had become used to the 3 to 4 hour average which has now become closer to the 24 hour target time Companies House set themselves.

Due the volume of work to be undertaken and the various pieces of secondary legislation having to be passed through Parliament the implementation date has been put back to 1 July 2016.

Our programme providers who are still awaiting some of the schematics for the rewriting of our software Are confident that our software will be running and recording information into our registers which are PSC compliant before the official implementation date.

Christmas and Festive Season Opening Times

Christmas and Festive Season Opening Times

Wishing you all a happy seasonal break! It is that time of year again, when myself and Irma actually get a week off! Of course our online company formations and customer AML verification searches do not go off, they run 24 hours a day, 365 days a year.

The various Companies House’s though will be open or closed on the days listed below, of course there will be no company filings processed during these times.

  • Thursday 24 December All offices open, but earlier closure at 4pm
  • Friday 25 December All offices closed
  • Monday 28 December All offices closed
  • Tuesday 29 December All offices open
  • Wednesday 30 December All offices open
  • Thursday 31 December All offices open
  • Friday 1 January 2016 All offices closed
  • Monday 4 January 2016 All offices open (apart from Edinburgh which will be closed)

At BTC our last of despatch of physical documents to get there before will be on Friday 18th of December. Of course online PDF’s generated by the systems will be delivered automatically by email as normal.

During week of the 21st, 22nd and 23rd of December there will be some telephone support and full email support. On Christmas Eve we will have some limited email support.

The following week, the 28th is a bank holiday and the 29th 30th and 31st we will have email support and but no telephone support, we are actually having a few days break.

Full service will be back to normal on Monday January 4th 2015, although it is a bank holiday in Scotland.

Companies House Service Update

Suspension on service 9 October

We have been advised by Companies House that submissions to them should cease at midday on Friday 9 October 2015 whilst they carry out updates to their system, and that they will also cease processing Same Day company formation requests after 10am on the same Friday. this Companies House service update is to allow for the changes to the systems which enable part two of the roll out of the Small Business, Enterprise and Employment Act which takes effect on the 10th October 2015. Continue reading

Changes to company registrations and officer appointments

The next roll out of the Small Business, Enterprise and Employment Act, which is phase two of the five stage roll out will take place on the 10th October 2015. The implementation is for partial date of birth suppression, the accelerated strike off time frame and consent to act requirements for company officers.  This makes changes to the current forms used in company registrations and officer appointments  Continue reading

Changes to the Names Regulations

Changes to the Names Regulations

Changes have been made to the names regulations for improving and simplifying them. It changes have resulted after consultation which also considered the need to maintain the current regulations which, primarily, set out rules regarding ‘same as’ names and ‘sensitive’ words and expressions.

When the changes apply

The regulations came into force on 31 January 2015.

The regulations concerned are:

  • The Company, Limited Liability Partnership and Business (Sensitive Words and Expressions) Regulations 2014, and
  • The Company, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2014 Continue reading

Email reminders for Annual Filing Documents

Companies House state companies who have switched to email reminders from paper are more likely to file their accounts and annual return on time.

Recent analysis carried out of the Companies House reminder service, which tells companies when their accounts and annual return are due for filing, has shown that email reminders are more successful than paper reminders.

Those companies who have switched to email reminders have improved their compliance rates and, as a result, are less likely to get a penalty for filing their accounts late.

As a company user of Business tax Centre’s electronic filing system your company or companies logged on our system will automatically have this email reminders sent. There is no need to further register the service at Companies House

We recommend that all companies register for the email reminder service. Companies House do intend to withdraw paper reminders in the future as part of their aim to become a fully-digital organisation

Beneficial Owners Legislative Changes

Latest news Issued By Companies House concerning changes to the Companies Act for preparation of new Money Laundering Regulations requiring a public register of any beneficial owner and helping to restore trust and transparency in UK companies.

The measures include abolition of bearer shares and the restriction of corporate directors. better use of the statement of capital and a certificate of no change could see the end of the annual return for many

What?

The Small Business, Enterprise and Employment Bill is currently making its way through Parliament and contains a number of measures which together represent significant change for customers.

Why the changes?

The measures aim to

  • reduce red tape whilst increasing the quality of information on the public register
  • enhance transparency and ensure the UK is seen as a trusted and fair place to do business

 

Impact to customers?

All companies will be affected by at least some changes as the measures will change legal requirements on companies, including what they file.

In order to deliver the measures by their proposed dates, the changes will be made to existing Companies House systems and processes.  Continue reading