On the confirmation statement, you must affirm that your fundamental company information is correct and up to date. This information includes the registered office address, documents, officials, business description (SIC), share capital, and shareholders. If you need to change anything, use the relevant form before submitting the Confirmation Statement. On the first confirmation statement, the corporation must additionally give information about the persons with significant control (PSC). These are the people who have significant influence or authority within the company. A range of variables, such as voting rights, share ownership, or the capacity to appoint or fire the majority of the board of directors, can be used to determine this.
Significance of a Confirmation Statement
- It encourages openness by ensuring that the public record has correct and up-to-date information about your firm. This contains information about the directors and shareholders, as well as the registered office address.
- By validating and updating your organization’s information on a yearly basis, you lessen the possibility of identity theft or fraudulent acts involving your company.
What information does it contain?
Typically, a confirmation statement will include the following information:
- Name of the company and its registration number
- Registered office location
- Details on the director and secretary
- Shareholder details
- Standard Industrial Classification (SIC) code
- Capitalization statement
- Transactions and allotments of stock
- Control information of significance (if relevant)
- Gather Information: Make sure you have current information about your company, including any changes that have happened since your previous confirmation statement.
- Online submission: The Companies House online filing service is the quickest and most usual way to file a confirmation statement. For this, you’ll need your company’s authentication code.
- Pay the cost: Filing a confirmation statement requires a small cost, which may be paid online as part of the submission procedure.
- Review and Confirm: Make certain that the information you’re entering is correct. Your statement will be handled after it has been confirmed.
Trends in Filing
- Companies House claimed that nearly 4 million confirmation statements were issued annually by UK firms as of my last knowledge update in September 2021.
- You may get the most recent data on confirmation statement filings on the Companies House website or by contacting them directly for further information.
- Penalties are imposed by Companies House for late submitting or faulty confirmation statements. Mention some example penalty sums, which can range from £150 to £1,500 depending on the size of the firm and the length of the filing delay.
- On the Companies House website, you may obtain detailed penalty statistics, such as the number of fines imposed each year and their total worth.
Changes in Time
- Examine how the procedure of submitting confirmation statements has changed throughout time. Any changes in regulations or requirements should be mentioned.
- Discuss how technology advances, such as online filing systems, have improved the process.
Filing your annual confirmation statement isn’t just a legal duty; it’s a testament to your commitment to transparency and compliance. This essential document ensures that your company’s details are accurate and up-to-date, preventing legal consequences and fostering trust with stakeholders. By staying informed, adhering to deadlines, and maintaining your commitment to good governance, you’re not just ticking a box; you’re safeguarding your company’s reputation and facilitating smoother business operations. Always remember to keep an eye on any regulatory changes and rely on Companies House for the latest guidance on confirmation statements as you navigate the world of UK business.