Do you know what a PSC Register is? It could be 2 years in Jail if you don’t!
I would be prepared to bet that the vast majority of companies are unaware that the Small Business and Enterprise and Employment Act 2015 means changes came in to force this April which affect most directors – and they could in theory be subject to a 2 year prison sentence for not complying with it. Scary. As usual though, if you know what forms to fill and what to do with them then you’ll be fine. The current Annual Return is being replaced with something called a Confirmation Statement, and by the end of June you have to submit one instead of your Annual Return – and it is a criminal offence not to! Additionally, you now have to keep an internal PSC Register of what used to only be kept at Companies House – and you have to show it to anyone with proper cause that asks for it. You can download a PSC Register Template below.
As an addition to what the old Annual Return asked for, you now have to include other people – not just the shareholders. You have list persons with more than 25% voting rights, as well as some other provisions – including other entities that may have control over the company.
What surprised us though, is that whilst there are several websites helping you to understand the provisions, there wasn’t a single template that we could find. So we made one. You can download it here:Download the Wellmeadow PSC Register Template here for free
Hopefully it is fairly self-explanatory, but here is a quick primer if you haven’t heard about it yet.
An officer of the company must keep the PSC Register up to date and provide an extract of the PSC Register information to Companies House as part of the annual Confirmation Statement.
The PSC Register may also be accessed by any individual or organisation “with proper purpose” free of charge, you may charge up to £12 for providing a copy. They must make a request to you which sets out their name, their address and the purpose they are seeking the information. You must respond within 5 days. If you believe the request was not for a proper purpose then you must apply to court within 5 days of receipt and reply to the request saying you have done so. It is a criminal offence to refuse a request without applying to court.
What are the 5 conditions for going on the PSC Register?
Where to find out moreDownload the government guidance document here Download the Wellmeadow PSC Register Template here for free Contact someone at Wellmeadow on how to use the template