Thursday 30th June 2016

New legal requirements for small businesses

From 1 July 2016, limited companies and LLPs will now need to file an annual Confirmation Statement. This is essentially a simplified process where companies and LLPs only need to check and confirm details already held at Companies House.
However, there is an additional register that needs to be kept of People with Significant Control (PSC). A PSC is anyone who meets one or more of the following conditions:

  • owns more than 25% of the company’s shares
  • holds more than 25% of the company’s voting rights
  • holds the right to appoint or remove the majority of directors
  • has the right to, or actually exercises significant influence or control
  • holds the right to exercise or actually exercises significant control over a trust or company that meets one of the first 4 conditions

What do you need to do?

1. The simplest and cheapest method to keep your organisation information updated with Companies House is to do it online. You can register here:
2. Log in to Companies House and update your information when changes to any of the following take place:

  • business activities
  • statement of capital (i.e. shares issued or transferred)
  • shareholder information (such as name, address etc)
  • people with significant control

3. Once a year, log in to Companies House and file a statement confirming the information held about your organisation.


May deadline dates for HMRC and Companies House

 If you are involved in the running of a Small Business you should take note of these key VAT, PAYE, Income Tax, National Insurance, Corporation Tax and Companies House dates for May


Give yourself a gift and save tax

 A company can give gifts up to £50 in value to its directors and secretary, without creating taxable benefits. In other words, you can receive a gift from your company and reduce your corporation tax bill.


How paying rent for your home office can save you tax

 This is a great tax tip on how to take funds out of your company with little or no tax to pay