ESSENTIAL INFORMATION FOR LIMITED COMPANY OWNERS

There are always various developments for business owners to be aware of at this time of year, with the new tax year bringing in several changes. These changes are generally well publicised, but there is one area specifically that we would like to highlight that may have effects beyond those that are obvious at first look: register of persons with significant control.  If your organisation (charity, social enterprise or otherwise) is also a Company, then this applies to you.

REGISTER OF PERSONS WITH SIGNIFICANT CONTROL

In line with new measures in the Small Business Enterprise and Employment Act, Companies are now required to maintain a register of people with significant control (PSC Register).

This register will hold the details of any and all people who can exercise significant control over the company, and must be kept up to date at all times to reflect any changes as they happen. This register should be available for inspection at the company’s registered office, or be able to provide copies upon request.

The register must contain the following information about each PSC:

Name
Date of birth
Nationality
Country, state or part of UK where the PSC usually lives
Service address
Usual residential address (this must not be disclosed when making the register available for inspection or providing copies)
The date he or she became a PSC of the company (or 6 April 2016 for existing companies)
What conditions they meet in order to be classed as a PSC (shareholding, voting rights, right to appoint or remove majority or directors, etc.)
Whether an application has been made for the individual’s information to be protected from public disclosure.

The company must take reasonable steps to contact its PSC’s and confirm the information, and it is a criminal offence to withhold this information.

This information will also be submitted to Companies House every year alongside the annual return, so will need to be made available to whoever completes this return on behalf of the company. These submissions will commence from 30 June 2016.

Further information about the PSC register can be found here, and formal, government guidance can be found here.

Ensure your management team and trustees/committee are aware of this.