From April 2016 new rules were introduced which require companies to keep a register of people with significant control (PSC register). From 30 June 2016 details of these PSCs have to be filed with Companies House as part of the new annual Confirmation Statement (CS01), formerly the Annual Return (AR01).
This means that an officer of the company is required to:
- identify the PSCs and confirm their details
- record the details of the PSCs on the company’s own PSC register
- file the PSC information with the central public register at Companies House
- update the information both on the company’s own PSC register and with Companies House when the next Confirmation Statement is due.
A PSC is an individual who meets one or more of the following conditions (with additional conditions applying in some circumstances):
- holds more than 25% of shares in the company
- holds more than 25% of voting rights in the company
- holds the right to appoint or remove the majority of the board of directors of the company
Failure to comply with the new rules is a criminal offence and could result in a fine or a prison sentence of up to 2 years.
More information on the new PSC requirements is available here, or please contact us for more guidance.
We’ve all had a few days to digest the contents of George Osborne’s Autumn Statement speech. With new measures including a package to help all businesses in England with the cost of business rates, an additional 50,000 start-up loans for entrepreneurs, an extension to the new Enterprise Allowance, the scrapping of employers NIC for the under 21’s and the scrapping of next year’s planned rise in fuel duty, was it good news for SME’s?
Our summary, plus a reminder of other key changes which are to take place from April 2014, is available here. If you would like advice on any of the topics raised, please do get in touch.
HMRC’s newly announced Let Property Campaign is designed to encourage residential property landlords to come forward and voluntarily disclose any undeclared rental income to HM Revenue & Customs (HMRC).
Although the campaign will be directed at all residential landlords, HMRC is particularly focusing on:
• Landlords who let to students/groups of workers.
• Landlords who let out holiday accommodation.
• Landlords who let out properties for multiple occupancy.
HMRC estimates that up to 1.5 million landlords may be underpaying £500 million in tax every year. In a departure from previous campaigns and in recognition of the sheer scale of the potential numbers involved, HMRC intends to run the campaign for at least 18 months.
Help is available for landlords by calling HMRC’s Let Property Campaign Hotline on 03000 514 479 between 9am and 5pm, Monday to Friday. HMRC also intends to work with a variety of bodies over the next few months to develop tools and guidance, to enable landlords to bring their tax affairs up to date and then remain compliant.
The Let Property Campaign follows hard on the heels of the Property Sales Campaign, which is directed at people who may have sold residential property, in the UK or abroad, that was not their main home. Such property disposals are potentially liable to Capital Gains Tax. The opportunity to voluntarily disclose any undeclared property disposal proceeds closed on 6 September 2013 for the Property Sales Campaign.
If you would like further advice or assistance in relation to this campaign, please do get in touch. Telephone: 01242 223160, email email@example.com.
For more information about us please visit our website.
The National Minimum Wage (Amendment) Regulations 2013 have been published in draft form and they will increase the national minimum wage for workers of differing ages from 1 October 2013 as follows:
- The adult rate for workers aged 21 and over will increase from £6.19 to £6.31 per hour.
- The rate for 18-20 year olds will increase from £4.98 to £5.03 per hour.
- The rate for 16-17 year olds will increase from £3.68 to £3.72 per hour.
- The apprentice rate will increase from £2.65 to £2.68 per hour.
- The accommodation offset will increase from £4.82 to £4.91 per day.
How will this affect your business? If we can be of assistance with cash flow forecasting or business planning, do get in touch.