Saffery Champness advises rural businesses to confirm their PSC Register details to avoid penalties

Accoutancy firm Saffery Champness is urging rural businesses to act on reminders currently being issued by Companies House that require companies to ensure that the register of those with significant control (PSC register) is up to date.

Formally known as an Annual Return, companies are now required to file a Confirmation Statement confirming that their details held by Companies House are correct. A fee of £13 is payable for this procedure.

Jamie Younger, Partner, Saffery Champness, and a member of the firm’s Landed Estates and Rural Business Group based in the Edinburgh office, said: “The rules came into effect on 6 April 2016 requiring a register to be kept listing those people who have significant control within a company. This is purely a formality, but the penalties for not filing a Confirmation Statement are onerous - £5000, a downgraded credit rating, and ultimately the business being struck off.

“If you cannot meet the deadline stated on the reminder, for whatever reason, then we advise letting Companies House know at the earliest opportunity to avoid penalties being imposed.

“People with significant control are individuals who meet one or more conditions contained in Government-issued guidance, among these being: directly or indirectly holding more than 25 per cent of the shares, or 25 per cent of the voting rights; directly or indirectly having the right to appoint or remove a majority of directors; or simply having the right to exercise, or actually exercising, significant influence or control.”