This is considered an out of date browser. This website has been developed with modern browsers in mind to allow it to display at its best in a wide variety of viewing situations - including mobile viewing. But we haven't supported older browsers like IE8. Please upgrade to the latest version of Internet Explorer - or try Mozilla Firefox or Google Chrome. Both are excellent browsers.
The law requires all Limited Companies and LLPs to tell Companies House about the people with significant influence or control over the company.
The register of people with significant control (PSC) was introduced in April 2016 and replaced the Annual Return. The new PSC form improves corporate behaviour, deter money laundering and help to sanction those who hide their ownership or control of UK companies for the purpose of making it easier to hide illegal activities.
So, what is a PSC? In short, a PSC is anyone in the company who meets on or more of the conditions listed in the Peoples with Significant Control Regulations 2016 which state the following;
Holds, directly or indirectly, more than 25% of the shares.
Holds, directly or indirectly, more than 25% of the voting rights.
Holds the rights, directly or indirectly, to appoint or remove a majority of directors.
Otherwise has the right to exercise, or actually exercises, significant influence or control over the company.
Has the right exercise, or actually exercises, significant influence or control over the activities of a trust or firm which is not a legal person, the trustees or members of which would satisfy any of the four conditions above.
For most small companies the PSCs are likely to fall into the first and second categories above. The third, fourth and fifth categories are typically associated with more complex corporate structures.
What do I need to do? Once you have identified your PSCs you need to record their detail on your own PSC register and inform Companies House using a PSC01 form. You are also required to tell Companies House of any changes regarding your PSC within 14 days of the change using the other PSC forms that can be find on the Companies House website.
Rent a room scheme
One way many people improve their bank balance is to rent out their spare room! By signing up to the Rent a Room scheme,...
VAT on E-Books
Currently, electronic books are subject to members states’ higher standard VAT rates. However, their printed versions ...
The team at Sence have been so helpful and understanding from the moment I started to use their services.
Red Door Studios