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Saturday, July 20, 2024

Important Reporting Changes Ahead for Company Owners

From June 2017 anyone who owns or controls a business in the UK will have to report changes in their personal circumstances to Companies House within 28 days of the change.

‘This is a significant change to the speed at which this notification must be made’, warns Martin Wigley, Director at Fleetwood based Jones Harris Chartered Accountants. ‘Changes could previously be notified annually, so it’s important that all business understand their reporting responsibilities and take appropriate action.’

The changes are being introduced to further tighten up and prevent money laundering and terrorist financing, and changes to personal circumstances which should be notified include changes of address and percentage shareholdings, amongst others, for PSCs ( ‘People with Significant Control of Companies’).

Martin added “Most accountants will have already submitted form CS01 for client businesses incorporated prior to 30 June 2016. This involves inputting details of PSCs and a full statement of capital. Each year the Company then needs to confirm those details are still correct.

“However, this is a major alteration to the requirements and means that from 26 June 2017 any changes to the details of the PSCs in a company should be reported straight away, with 14 days to update your register and another 14 days to submit the information to Companies House.

“These timescales are quite tight and we must stress the need for clients to communicate any changes in their circumstances to their accountant as soon as possible.”

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