As a business owner, there are certain responsibilities that you need to address; one of these is filing a confirmation statement. Even if your business is dormant, you still need to file your confirmation statement. Today, we explain what a confirmation statement is and how to fill it in.
What is a Confirmation Statement?
A confirmation statement is a document that provides confirmation of the details of the relevant members of a company in the United Kingdom. In it, one can find the details of a limited company’s shareholders and directors; or the details of the members of an LLP. The main purpose of a confirmation statement is to confirm the details that have been given to Companies House at the point of registration are still correct. As this information can be accessed via the public register, it’s important to keep it up to date.
If there are any pieces of information that are outdated or are inaccurate, then the business owner should update that as soon as possible. In the confirmation statement form, owners are asked to include SIC codes, shareholder details, and paid-up share capital. Any change in the officers of the company or the registered address should be reported in a separate Companies House form. This can be done at the same time as filing the confirmation statement or before filing it.
The confirmation statement should be filed annually. It was first introduced in 2016 and is known as the CS01. It replaces the annual return form (also known as AR01) from Companies House. What makes the confirmation statement different from the annual return form is that the former does what the latter does but in a simpler and more accessible form.
When and How Should You Fill in the CS01 Confirmation Statement Form?
A reminder is usually sent to companies in the UK several weeks before the deadline of the confirmation statement. The CS01 should be filled out and sent back to Companies House within 14 days of the given date. This is done annually.
To fill out the form, a business owner should know the authentication code of their business. They should also check the details that they will be including in the form. The details should be updated. Keep in mind though that the share structure of the company cannot be updated. If there are changes to the shares in the company, the proper form should be filled out and filed before filing the confirmation statement. Same goes true for transfer of shares.
There are online guides that business owners can use to know how to properly understand and fill out the CS01 form. The UK government has a page for this. You can also find a detailed explanation online on how to fill out the CS01 form.
Who is Responsible for Completing and Submitting the Confirmation Statement Form?
There are specific people who are bound by laws to be responsible for submitting and filing the confirmation statement to Companies House and these include designated LLP members, company secretaries, and company directors. The form can be submitted online or by post. Companies House should have received the form, not beyond 14 days after the date of confirmation.
If a company or the legally responsible individuals are not able to file the CS01, this act is seen as a criminal offence. The consequences are serious. Companies House can take the necessary steps to place a strike on the company or the LLP. Officers of the company may also have to deal with personal prosecution for failing to do this important task.
The confirmation statement is a necessary and important form that business owners should attend to each year.
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