Being able to operate a business is excellent, but it also comes with a set of duties that must be completed. Some of them are submitting your annual confirmation statement (formerly the annual return) and handling secretarial services.
This blog post will cover everything you need to know about confirmation statements and secretarial services.
Table of contents
- What is a Confirmation Statement?
- How to file a confirmation statement
- What is the confirmation date?
- How much does it cost to file a confirmation statement?
- What happens if a confirmation statement is late?
- Who is liable for filing a confirmation statement?
- What is a corporate company secretary?
- Why do companies require Corporate Secretarial Services?
- Does every private company need a Corporate Secretary?
- Final thoughts
What is a Confirmation Statement?
The Confirmation Statement is a yearly filing obligation for all firms, whether they are active or dormant. In this Statement, a firm must confirm that the information Companies House has about it is accurate.
If the documents at Companies House are out of date, then the company must submit data to update these documents either before or at the same time as the Confirmation Statement is provided.
While some information can be amended directly in the confirmation statement, other changes require a separate notification to the Companies House. Continue reading to find out more about it.
How to file a confirmation statement
Company officers (company secretaries and directors) and qualified LLP members must submit a Confirmation Statement at least once yearly.
Form CS01 can be used to fill and deliver a confirmation statement via post or online.
Online filing is the most efficient method. You will need an web filing account at the Companies House account and an authentication code.
Filing by post:
It usually takes longer to process the postal application. Send your confirmation statement to the following address.
|Companies and LLPs registered in||Address|
|England and Wales||The Registrar of Companies, Companies House Crown Way, Cardiff, Wales, CF14 3UZ DX 33050 Cardiff.|
|Scotland||The Registrar of Companies, Companies House Fourth floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, Scotland, EH3 9FF. DX ED235 Edinburgh 1 or LP – 4 Edinburgh 2 (Legal Post)|
|Northern Ireland||The Registrar of Companies, Companies House Second Floor, The Linenhall, 32-38 Linenhall Street, Belfast, Northern Ireland, BT2 8BG. DX 481 N.R. Belfast 1|
If you need to amend the company name, address, or information regarding officers or PSCs, you must fill out the applicable Companies House form and submit it along with your confirmation statement. The Statement can be used to inform the Companies House of changes to shareholder information, share capital, and SIC codes.
What is the confirmation date?
It is the date that replaces the ‘made up’ date of the abolished yearly return. It is the deadline by which you must verify the accuracy of your company’s information.
It will fall on either the anniversary of the date you last submitted a confirmation statement or the anniversary of the company’s formation. The Statement must be delivered to the company’s House within 14 days of the confirmation date.
How much does it cost to file a confirmation statement?
Confirmation Statement costs £40 by post or £13 to send online.
You’ll have to pay this fee once a year, in a payment period. This is a one-off charge annually, irrespective of the number of statements you file or updates you make within 12 months.
Throughout your review period, you can submit as many confirmation statements as you like without paying a fee each time. Before your next payment period begins, you won’t be required to pay another fee.
What happens if a confirmation statement is late?
Companies House may take action to legally dissolve the company if your confirmation statement is overdue, which could harm your company’s credit rating.
Who is liable for filing a confirmation statement?
For companies, Directors are legally responsible for submitting all statutory documents and confirmation statements to the Companies House by the given deadline, even if these administrative responsibilities are assigned to a company secretary.
For an LLP, designated members are responsible for filing confirmation statements.
Failure to provide a confirmation statement is a criminal offence and can have significant consequences for a business and its employees. The registrar may take action to strike off LLP or the company and prosecute or disqualify the directors or designated LLP members.
What is a corporate company secretary?
Almost every country, including the UK, has rules and regulations that businesses must strictly follow.
Corporate secretarial services address all judicial, regulatory, and compliance issues. Businesses can get guidance from confirmation Statement accountants, corporate secretaries and attorneys.
The Company secretaries have an in-depth understanding of the particular country’s law. As a result, Corporate secretarial services help understand and follow specific legal and administrative standards.
They assist in minimising the risk of non-compliance with the laws that regulate different businesses in a country.
The following are some of the primary responsibilities of a Corporate Secretary:
- Submitting the Confirmation Statement and other company returns
- Maintaining the statutory books
- Organising directors’ and shareholders’ meetings
- Advising Companies House of changes to company/LLP details
- Managing the registered office address
- Compliance with legal, financial and statutory regulations
- Security of company documents
- Communication with shareholders/ members
- Signing legal documents
- Arrangement of AGMs
- Serving legal notices, main BOD and other meeting minutes
Why do companies require Corporate Secretarial Services?
A firm is subject to many corporate governance requirements once it is incorporated.
The primary responsibilities of the corporate secretary are to ensure compliance with corporate governance rules, other financial regulations, shareholders/ investors, communication-related admin work, FCA, and PRU.
This typically includes handling share registers, mortgage and charges registers, assistance in a capital reorganisation, company reports, communicating with investors and shareholders, and maintaining various registers like the Persons of Significant Control (PSC) register and Companies House submissions.
Another crucial responsibility assigned to them is organising annual general meetings (AGM).
Does every private company need a Corporate Secretary?
Before the Companies Act of 2006, all private companies, regardless of size, were required to hire a Company Secretary.
The Companies Act 2006 eliminated such a requirement for all private businesses.
However, a company’s articles of incorporation may overcome this and require the appointment of a company secretary. Whether or not the business appoints a corporate secretary, it is still required to fulfil these obligations.
You can complete your Confirmation Statement and any other company secretarial work more quickly and easily by consulting with an accountant.
They also provide services like paying your filing fee and filing Confirmation Statement at Companies House annually. They will also take care of maintaining your HMRC records with Companies House.