Goodbye annual returns, hello confirmation statements
11th May 2016
If you run a limited company you may have heard that from 30 June 2016 the confirmation statement replaces the annual return. Don’t worry about the changes, as usual here at TLC we have this covered as part of our service. In future, we will simply be completing a confirmation statement for you rather than an annual return.
But if you really want to know what this means then here is our TLC handy guide:
What is the ‘confirmation statement’ and how is it different from the annual return?
The confirmation statement is intended to serve roughly the same purpose as the annual return: for companies to provide up-to-date information for inclusion on the public register. However, one main difference is that rather than you providing a snapshot of your company data at a specific date, you’ll now ‘check and confirm’ the info we hold is accurate. This means that once a year you can review your details and let us know if there have been any changes. Another notable difference is that in your first confirmation statement you’ll also need to include the information held in your people with significant control (PSC) register. You can find out more about PSC registers in our recent blog.
One main difference is that rather than you providing a snapshot of your company data at a specific date, you’ll now ‘check and confirm’ the information we hold is accurate. This means that once a year you can review your details and let us know if there have been any changes. Another notable difference is that in your first confirmation statement you’ll also need to include the information held in your people with significant control (PSC) register. We’ll walk you through this when the time comes.
What do you need to include in your confirmation statement?
To complete your confirmation statement, you just need to check the information that we hold about your company is correct and fully up to date. If you need to update your shareholders’ info, change your company’s SIC code or amend the statement of capital, you can do this with your confirmation statement. For any other changes, e.g. a new registered office address, you’ll need to complete a separate form and submit it at the same time as your confirmation statement. Also, as mentioned above, you’ll need to include details of your PSC register.
Of course, we’ll help with all of this, as well as prompting you when the paperwork is due.
Will this cost more than the annual return?
The fee for the confirmation statement will be the same as the annual return. We raise a one-off invoice for £37 each year. Just like now you’ll only have to pay the fee once a year and this will cover you for a 12-month period. During those 12 months, you can file as many confirmation statements as you want without having to pay the fee again. Once your company gets to the anniversary of the 12-month payment period, the fee will be due again.
When do I need to file my confirmation statement?
The changes come into place from 30 June 2016. For example, if your most recent annual return was made up to 30 September 2015, the review period for your first confirmation statement will end one year later, on 30 September 2016. Additionally, please be aware that the 28-day grace period has changed to 14 days, so a confirmation statement made for 30 September 2016 must be filed by 14 October 2016. We’ll send out a handy reminder in advance of your filing deadline that will explain exactly what you need to do. If you haven’t already, sign up
However, you now have less time to complete the paperwork. Previously is was 28 days and you now only have 14 to complete and submit the information. We’ll send out a handy reminder in advance of your filing deadline that will explain exactly what you need to do. .
As always we’ll remind you at the time and help you with the paperwork so no need to worry about the changes. If you have any queries do call one of the team on 01937 547109 and we’ll be happy to help.