…to the Small Business, Enterprise and Employment Act, and if you’re a small business, you need to know about it!
On the 30th June 2016 the Small Business, Enterprise and Employment act 2015 comes in to force. You might be wondering, what the heck is the Small Businesses, Enterprise and Employment Act and why haven’t I hear about it?
What is it? – Well here are the full details.
That’s an awful lot of complex detail to read through, here’s the condensed version:
The Small Business, Enterprise and Employment act was announced on 4th June 2014 by Her Majesty the Queen. The idea of this act was to open up new opportunities for small businesses to be able to compete more successfully, finance for new jobs, grow faster, increase innovation and improve export opportunities.
So that might be why it’s slipped your mind.
But what do Small Businesses need to know right now?
If you’re currently a client of Warr & Co, you’ll have had your accountant get in touch regarding the PSC, or ‘People with Significant Control’ register. This came in this April and must be complete by 30h of June, so it’s time to get your skates on. Find out more about PSCs here or contact your accountant today.
PSCs are those who hold more than 25% of a company’s shares, more than 25% of a company’s voting rights and have the right to appoint or remove company directors.
It means that companies and LLPs will be required to fill in a Confirmation Statement, rather than the usual Annual Return. It will affect all companies from 30th June 2016 onwards.
The Confirmation Statement promises to facilitate this annual process for companies by reducing the repetition currently found in Annual Return forms, let companies file a Statement at any time in the year and as frequently as they wish (but at least once every 12 months) and only pay once per year to be able to have this flexibility. Most impressively, companies will find they have the option to ‘check and confirm’ the current information – which could save significant time and admin. So what’s the catch? – While companies used to have 28 days to file their Annual Return, they will only have 14 days to file their Confirmation Statement.
At the moment registers such as members, directors and their addresses, secretaries and PSCs must be kept updated and available for inspection at any Companies House registered office. From 30th June all of these details may be kept at Companies House itself, so long as all PSCs and shareholders are pre-notified and agree to have the books kept in a public location.
Of course, with legislation in continuous flux, this can all get quite complicated. If you’re unsure about the Small Business, Enterprise and Employment act, speak with your accountant. Warr & Co successfully manage our clients’ business commitments keeping them up to date and out of breach with regards to these developments. If we can help you run a more successful business, why not give us a call on 0161 477 6789 / 02031 741 436 to speak to one of our directors for a free no-obligation consultation? In addition, be sure to subscribe to our newsletter and follow us on Facebook, Twitter or LinkedIn for all the latest updates.