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More regulation means more opportunity

30th Nov 2015
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Just in case you missed it, from April 2016 every limited company has to keep a register of “people with significant control”. For most firms of accountants this won’t be too taxing but it does present an opportunity to explain and demonstrate the value added services you can offer.

Here are some of the key components of the changes that affect SMEs.

  • Extension of duties of shadow directors 
  • Changes to filing requirements, including replacement of the annual return with a process for confirmations 
  • Option for a private company to elect to use the Companies House register instead of keeping its own register of members, directors, directors’ residential address or secretaries 
  • Procedures for rectification of the register relating to the company’s registered office and Changes to filing procedures for appointment of directors 
  • Shortened periods for striking off companies 
  • Changes to the disqualification of directors’ regime and introduction of a new Compensation mechanism in relation to insolvent companies.

The threshold of control is set at 25% and will also affect trustees, but the interesting point at stake is the subjective definition of “significant control” in certain circumstances. So it may time to examine all your corporate clients and start lifting the veil on who is pulling the strings in practice.

No doubt much of this is a sledgehammer to crack a nut with the real baddies left free to roam at will leaving everybody else footing the cost. To those professionals who are fully au fait with corporate law I doubt it will alter much except bring them more fees.

In summary, the changes don’t seem too radical in most cases , but it’s exactly these simple looking legislative issues that can allow clients to slip through the crack leaving you answering awkward questions.

So, take a look at the rules in full and start figuring out the most productive way to engage with your clients. 

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