You may have heard that from 30 June the confirmation statement replaces the annual return. But what does this mean? We provide the details you need to know in our latest blog.
What is the ‘confirmation statement’ and how is it different from the annual return?
The confirmation statement is intended to serve roughly the same purpose as the annual return: for companies to provide up-to-date information for inclusion on the public register. However, one main difference is that rather than you providing a snapshot of your company data at a specific date, you’ll now ‘check and confirm’ the info we hold is accurate. This means that once a year you can review your details and let us know if there have been any changes. Another notable difference is that in your first confirmation statement you’ll also need to include the information held in your people with significant control (PSC) register. You can find out more about PSC registers in our recent blog.
What do you need to include in your confirmation statement?
To complete your confirmation statement, you just need to check the information that we hold about your company is correct and fully up to date. If you need to update your shareholders’ info, change your company’s SIC code or amend the statement of capital, you can do this with your confirmation statement. For any other changes, eg a new registered office address, you’ll need to complete a separate form and submit it at the same time as your confirmation statement. Also, as mentioned above, you'll need to include details of your PSC register. Online filing is by far the easiest way to submit this information, it’s quick and easy to set up and will also save you money.
Will this cost more than the annual return?
The fee for the confirmation statement will be the same as the annual return: £13 when filed online or £40 when filed on paper. You’ll only have to pay the fee once a year and this will cover you for a 12-month period. During those 12 months, you can file as many confirmation statements as you want without having to pay the fee again. Once your company gets to the anniversary of the 12-month payment period, the fee will be due again and you’ll be reminded of this either when you sign-in to file online or by letter to your company’s registered office.
When do I need to file my confirmation statement?
From 30 June onwards you’ll need to file a confirmation statement instead of an annual return. For example, if your most recent annual return was made up to 30 September 2015, the review period for your first confirmation statement will end one year later, on 30 September 2016. Additionally, please be aware that the 28-day grace period has changed to 14 days, so a confirmation statement made for 30 September 2016 must be filed by 14 October 2016. We’ll send out a handy reminder in advance of your filing deadline that will explain exactly what you need to do. If you haven’t already, sign up to our email reminders – it’s a great way to ensure you always file on time.
Annual return due in June?
If your made up date is between now and 30 June 2016, you’ll still need to file an annual return. For example, if your made up date is 20 June 2016, you’ll have until 18 July 2016 to file your annual return (due to the annual return’s 28 day grace period).
However, if your made up date is after 30 June 2016, you’ll need to file a confirmation statement. For example, if your made up date is 12 July 2016, you’ll have until 26 July 2016 to file your confirmation statement (due to the confirmation statement’s 14 day grace period).
In the coming weeks we’ll be providing detailed confirmation statement guidance on our site, so keep an eye out for updates.