As you all may have heard, from the 30th of June the confirmation statement replaces the annual return. But what does this mean for contractors? In this blog post, we’re taking a look at the all new confirmation statement and what it means for top contractors in the UK.
What is the confirmation statement and how is it different from the annual return?
The new confirmation statement is a new filing requirement that was introduced on the 30th June 2016 and basically serves the same purpose as an annual return which is to verify the important company data registered at Companies House as well making sure the public register is accurate and up to date.
If any information held is inaccurate and needs to be changed then the company or agent should update the information before the confirmation statement is due.
One main difference as to how these compare to annual returns, is that rather than providing a snapshot of your company data at a specific date, you can now check and confirm the information held is accurate.
This means that once a year you can review your details and change anything before the confirmation statement is due.
Another notable difference between a confirmation statement and an annual return is that you will now also need to include the information held in your people with significant control (PSC) Register.
What needs to be included in your confirmation statement?
When completing your confirmation statement, you need to check that the all the information inputted is correct and fully up to date. Some of the things you might need to change with your confirmation statement include:
- The Companies SIC Code
- Amend the State Capital
- Add a PSC
- The Registered Office Address
- The amount of shares allotted
However, when changing the registered office address, you will need to fill out a separate form and then submit this at the same time as your confirmation statement.
Will this cost more than the annual return?
Contractors don’t have to worry, as confirmation statements will cost the same amount as the annual return. If you are unaware with these prices, it will cost £13 when filed online or £40 when filed on paper. This fee will only need to be paid once a year and then you are covered over a 12-month period.
In the 12 months you are covered, you can file as many confirmation statements as you want without having to pay another fee.
Once your company gets to the anniversary of the 12 months, the fee will then be due again and you will be reminded of this either when you sign-in or by letter to your companies registered office.
When do you have to file your confirmation statement?
From the 30th June and onwards, contractors will need to file a confirmation statement instead of an annual return. So if your company’s annual return was made up on the 30th September 2015, the review period for your first confirmation statement will end the 30th September 2016.
Also, the 28-day grace period has changed to 14 days, which means a confirmation statement made up for the 30th September 2016, it must be filed 14 days later, so the 14th October 2016.
Companies House will send out reminders in advance of your filing deadline that will explain exactly what you need to do.
What happens if your annual return due date is in June?
If your due date is before the 30th June 2016, you will still need to file an annual return. However, if your due date is after the 30th June you will have to file a confirmation statement.