More stringent rules on corporate transparency now mean that all private companies and Limited Liability Partnerships (LLPs), large and small, must declare every individual who is a beneficial owner and controller of the business; otherwise known as People with Significant Control (PSC).
An internally-produced PSC register must have been completed and available for inspection as of the 30 June 2016, with extracts being included in the confirmation statement, which replaces the annual return.
The new rules aim to combat tax evasion and money laundering, by creating a better picture of business ownership and beneficiaries.
Companies with more complex ownership structures or limited in-house expertise will find the process far more time consuming.
To take away the hassle and eliminate the risk of a hefty fine, our clients were offered the options of having our experts manage their paperwork, allowing them to concentrate on running their business and remain on the right side of legislation.
It’s a director’s own responsibility to ensure their PSC register is kept up-to-date. For expert advice and a professional service that you can really trust, contact Abrams Ashton today.