Confirmation Statements Filing Guide

A confirmation statement is a crucial document for any business registered in the UK. It serves as an annual snapshot of your company’s current structure and key details, ensuring that the public record is up-to-date and accurate. Failing to file your confirmation statements on time can lead to serious consequences, including penalties and even the removal of your company from the register. In this article, we will explore the importance of confirmation statements, how to file them, and the key elements you need to include to ensure compliance.

What Is a Confirmation Statement?

A confirmation statement is an annual filing requirement for all UK-registered companies. It is a simple but essential document that confirms the accuracy of the information held by Companies House about your company. This includes details such as your company’s registered address, principal business activities, shareholding structure, and the names of directors and shareholders.

The confirmation statement replaces the previous annual return and is less time-consuming to complete. However, it is no less important. The purpose of the confirmation statement is to provide a snapshot of your company’s structure and key details as they stand at the time of filing. This information is publicly accessible, meaning anyone can view it, including potential clients, investors, and competitors.

Why Is the Confirmation Statement Important?

The confirmation statement is a legal requirement, and failing to file it can have serious consequences for your company. Failing to file your confirmation statement promptly can result in fines or your company being struck off. This means your company dissolves, and its assets belong to the Crown.

Filing your confirmation statement on time is not just about avoiding penalties. It is also about maintaining the integrity of your company’s public record. An accurate and up-to-date public record can help build trust with clients, investors, and other stakeholders. It shows that your company is well-managed and compliant with its legal obligations.

How to File a Confirmation Statement

Filing a confirmation statement is a straightforward process that can be done online via the Companies House web portal. Before you begin, you will need your company’s authentication code, which acts as an electronic signature.

1. Review Your Company Information: The first step in filing your confirmation statement is to review the information currently held by Companies House. This includes your registered office address, directors’ details, shareholders, and share capital. If any of this information has changed, you must update it before filing your confirmation statement.
2. Complete the CS01 Form: The CS01 form is the official document used to file your confirmation statement. It is available online and can be completed in a few simple steps. If there have been no changes to your company information since your last filing, you can confirm that everything is up-to-date by ticking the appropriate box on the form.
3. Submit the Form and Pay the Fee: Once you have completed the CS01 form, you will need to submit it to Companies House along with the filing fee. The fee is £13 if you file online or £40 if you choose to file by paper. It is important to note that the fee must be paid every time you file a confirmation statement, even if there have been no changes to your company information.

Key Elements of a Confirmation Statement

When preparing your confirmation statement, it is essential to ensure that all the necessary information is included. Here are the key elements you need to consider:

• Registered Office Address: This is the official address of your company, where all legal documents and correspondence will be sent. It must be a physical address in the UK and cannot be a PO Box.
• Directors and Secretaries: You must provide the names and service addresses of all directors and secretaries in your company. If there have been any changes to your board since your last confirmation statement, these must be reflected in the new filing.
• Shareholders and Share Capital: The confirmation statement must include details of your company’s shareholders and the distribution of share capital. This includes the number of shares each shareholder holds and the total value of those shares.
• People with Significant Control (PSC): The confirmation statement must list individuals or entities with significant control, typically those owning over 25% shares, voting rights, or power over board appointments/removals.

Common Mistakes to Avoid

When filing your confirmation statement, it is essential to avoid common mistakes that could lead to delays or penalties. One of the most common errors is failing to update your company information before filing the confirmation statement. If any details have changed since your last filing, you must update them before submitting your confirmation statement.

Another common mistake is missing the filing deadline. Your confirmation statement is due 12 months post your last filing or incorporation, with a 14-day filing window available.. Missing this deadline can result in penalties and, in severe cases, the removal of your company from the register.

Finally, it is important to ensure that all the information you provide is accurate and up-to-date. Companies House relies on the information you provide to maintain an accurate public record, and providing false or misleading information can result in serious consequences.

The Role of Accountants in Filing Confirmation Statements

Filing a confirmation statement may seem straightforward, but it is essential to get it right. This is where professional accountants, like those at Xact Accountants, can play a crucial role. An accountant can assist with reviewing company info, filling CS01, and ensuring timely confirmation statement filing.

At Xact Accountants, we understand the importance of maintaining accurate and up-to-date company records.Our team can help you complete and submit your confirmation statement correctly and on time. avoiding common filing pitfalls and ensuring legal compliance.

Conclusion

The confirmation statement is a vital document for any UK-registered company. It provides a snapshot of your company’s structure and key details, helping to maintain an accurate and up-to-date public record. Timely confirmation statement filing is essential for legal compliance and upholding company reputation.

By grasping the confirmation statement’s significance and following the steps here, your company can stay legally compliant. Trust Xact Accountants for expert handling of your confirmation statement.

For details on how Xact Accountants can help with your confirmation statements and compliance, visit XactAccountants.co.uk or contact us.