With the assistance of a confirmation statement company, a business can practically get rid of some considerable amount of paperwork and save the good amount of time. As of the rules and regulation, if you start a business in the UK, you should deal with the Companies House (which is the body that regulates businesses in the UK), for various reasons. One of the most important aspects of such process is submitting the confirmation statement.
Confirmation statement is introduced in June 2016 to simplify the process previously handled with the Annual Returns submission. You will have to send pretty much all the information related to the operation of your business. In fact, the purpose of this document is to update the current status of the respective company every year. Information about the directors of the company (and other key people who have significant control over the company), shareholder information, the official address of your company and much other information is gathered using this statement. However, if nothing has changed over the last year (until the annual return date), you can submit the form just with a confirmation note.
Generally, Companies House expects each company to fill this form and submit it after 12 months from the date of incorporation. It can be done by the company itself or with the assistance of a confirmation statement company (those companies that support company formation process). From that point onwards, the respective company should fill the same and submit every year (by the annual return date). If you don’t fill the confirmation statement before the due date, you are liable for a penalty.
Whether you hire a confirmation statement company or plan to do it by yourself, there are two methods to file this statement; WebFiling system or the conventional paper form methods (which is often referred as CS01). Even if a confirmation statement company does the job for you, an authorized person from the company should take the fullest responsibility of the information by signing the form.
The most notable change you find in this new filing system is the information about PSC. Unlike with AR (Annual Returns), you have to submit the information about people with significant control when you use confirmation statement. This is about the people who have notable control on the company. Usually, this category might include people like shareholders (who have more than 25% of the shares) and others that can make a notable influence.
Why hire a confirmation statement company?
Although confirmation statement filing is a simplified strategy compared to annual return, you shouldn’t take the process very lightly. You need to file the form on time with no mistakes in order to avoid the penalties. In the event of the availability of new information (such as change of shareholders etc), you will need the assistance of a professional. If you hire a confirmation statement company (most of the company formation agents offer this service), they will take all the measures to maintain punctuality and accuracy while saving the considerable amount of time for you.