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Confirmation Statement: Everything You Need to Know

 

Confirmation Statement: Everything You Need to Know

Confirmation Statement: Everything You Need to Know

A confirmation statement is a critical document that every limited company and Limited Liability Partnership (LLP) in the UK must file with Companies House. It provides an annual update about the company’s key details, ensuring that public records are accurate and up to date. This guide will walk you through what a confirmation statement is, why it’s important, and how to file it correctly.

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What is a Confirmation Statement?

The confirmation statement (CS01) is a document filed annually with Companies House to confirm the information they hold about your company. It replaced the annual return (AR01) in 2016. Filing this statement ensures transparency about your company’s structure and activities.

Photo by Gabrielle Henderson on Unsplash

Key Information Included:

  • Registered Office Address: Where your company is officially based.
  • Company Officers: Details of directors, secretaries, and PSCs (Persons with Significant Control).
  • SIC Codes: These codes describe your company’s business activities.
  • Share Capital: Details of issued shares and their values (if applicable).
  • Shareholders: Information on ownership of the company.

Why is Filing a Confirmation Statement Important?

Filing a confirmation statement is a legal obligation for all UK companies. Failing to do so can result in penalties, your company being struck off the register, and potential legal consequences for the directors.

Benefits of Filing:

  1. Maintains Transparency: Ensures that your business remains compliant and transparent to stakeholders.
  2. Prevents Penalties: Filing on time avoids fines and ensures your company stays active on the register.
  3. Builds Trust: Accurate public records build confidence among investors, partners, and customers.

When to File a Confirmation Statement

You must file a confirmation statement at least once every 12 months.

  • Due Date: The due date is typically the anniversary of either your incorporation or your last confirmation statement filing.
  • Grace Period: You have 14 days after the due date to submit the statement.

How to File a Confirmation Statement

Filing your confirmation statement is a straightforward process. Follow these steps to ensure compliance:

Step 1: Review Company Details

Log in to your Companies House account and review the current details of your company.

Step 2: Make Updates (if needed)

If there have been changes, such as a new director or updated registered office address, you must update these details before filing the statement.

Step 3: Complete the CS01 Form

You can file the CS01 form online or by post. Online filing is faster and costs less.

Step 4: Pay the Filing Fee

  • £13 for online submissions
  • £40 for postal submissions

Step 5: Submit to Companies House

Ensure you file within the deadline to avoid any penalties.

What Happens if You Fail to File?

Failing to file your confirmation statement can lead to serious consequences:

  1. Penalties: Late submissions attract fines, and continued non-compliance can increase the amount.
  2. Company Strike-Off: Companies House may strike your company off the register.
  3. Legal Action: Directors could face disqualification and other legal ramifications.

FAQs About Confirmation Statements

1. Can I File Multiple Confirmation Statements in a Year?

Yes, you can file multiple statements in a year if there are significant changes to report.

2. What is a Person with Significant Control (PSC)?

A PSC is an individual or entity that owns or controls more than 25% of the company shares or voting rights.

3. Do Dormant Companies Need to File?

Yes, even dormant companies must file a confirmation statement annually.

How Xact+ Accountants Can Help

At Xact+ Accountants, we understand that compliance can be complex and time-consuming. Our experts can:

  • Review and update your company details.
  • File your confirmation statement accurately and on time.
  • Offer guidance to ensure full compliance with UK regulations.

Conclusion

The confirmation statement is a vital aspect of running a UK company. By filing it on time and keeping your company information up to date, you ensure compliance with legal requirements and maintain your company’s good standing. Whether you handle it yourself or seek professional assistance from Xact+ Accountants, staying on top of this obligation is essential for your business’s success.

Need help filing your confirmation statement? Contact Xact+ Accountants today!

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