On 30th June some important changes are being made to the filing regime for small companies.
The best-known move is the replacement of Annual Returns with Confirmation Statements. But other measures are being introduced that impact recurring compliance work and the formation of new firms.
These changes are part of the phased introduction of the Small Business, Enterprise and Employment Act 2015. The new measures, affecting both companies and LLPs, are explored below.
Annual Returns and Statements of Capital
Annual Returns will not be required for made-up dates of 30th June or later, with firms instead required to file a Confirmation Statement (see here for more details). Companies House is introducing a new form (CS01) containing the declaration that records held by the Registrar are correct on the confirmation date. There will also be optional “additional information” pages to submit any changes to certain information such as People with Significant Control (PSCs).
Some firms will still need to deliver Annual Returns with made-up dates prior to 30th June after the switchover date. These Annual Returns will be affected by another change - a simplification of the Statement of Capital rules. Statements of Capital will no longer itemise amounts paid and unpaid for each class of share. Instead unpaid share capital (if any) will only be reported in aggregate form for each currency.
Firms delivering Annual Returns on or after 30th June will need to follow these new rules, regardless of the made-up date on the Return. Companies House is introducing a new version of the form - AR01 2015 v9 - for these specific cases.
Other forms (such as the SH01) requiring a Statement of Capital will also be amended to reflect these new rules.
About Matt Bailey
Founder of Azura Cloud Systems (Gbooks), the leading cloud-based tax and accounts system.