New rules that change the way notifications are made to disclose owners’ interests come into force on June 26 – and could cause businesses significant extra administrative problems.
The new rules change the way companies are required to report changes of persons of significant control to Companies House.
Company secretarial manager Janette Curry at Whitley Stimpson, one of the largest accountancy and business advisers in the area with offices in Banbury, Bicester, Witney and High Wycombe, explained: “This is an urgent matter and will cause extra administration.
“At present companies are required to report changes in persons of significant control on an annual confirmation statement. However, on June 26 the rules change and companies will be required to report changes within 14 days of the changes happening.
“There is no transitional period to introduce these new rules and notifications after June 26 will have to be made using a new form of notification, so the whole procedure will change from that date. There may also be added problems for companies that have to change their software to cater for this change.
“We are ready to action the new system for our existing clients, but we do suggest that businesses that do not have an adviser with precise knowledge of this area should take advice immediately.”