Who's pulling the strings?
UK Companies and LLPs are now required to identify and record the people who own and control their company. Companies must file the People with Significant Control (PSC) information with Companies House. The PSC register helps to increase transparency over who owns and controls UK companies and support law enforcement agencies in money laundering investigations.
Companies are required to:
- identify the people with significant control over the company
- record this information on the company's own PSC register
- provide this information to Companies House as part of the annual Confirmation Statement (formerly the Annual Return) and
- keep this information up to date.
Accountants, like ourselves, who are engaged to handle a Company's Secretarial duties, will assist companies in completing their register details and submit them to Companies House. If your company does not engage an accountant to submit your current Annual Return, you must ensure that you take steps to record the required information and submit it to Companies House on your next Annual Return/Confirmation Statement filing date.
Summary Guidance can be found at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/496738/PSC_register_summary_guidance.pdf