The Small Business, Enterprise and Employment Act 2015 increases transparency and simplifies corporate law. It helps those connected to or dealing with companies, to understand the information disclosed by Companies House. The SBEE Act is includes requirements that affect the way business owners submit information.
One of the changes introduced by the SBEE Act is the Person of Significant Control (PSC) Register. This register holds details of anyone who has 25% or more control in a company. The PSC Register information allows people to gain access to details about the company and shareholders. Some of the information could include details of who has a key stake in the business.
Another change introduced by the Act is the end of annual returns by filling in a detailed form every year. The new way for filing annual returns is to ‘Click and Confirm’ that all the details already stored are accurante. This facilitates the administration work involved in keeping the company register.
Companies used to register corporate directors when they submitted their annual return. Since 2016, company directors must be qualified to act as company directors. Also, directors can now be removed if consent was not given. This is a new law that helps to clamp down on fraud, i.e. registering a company with false consent of third parties.
You can check more details about the SBEE Act 2015 by going on HMRC website.
If you are a company director please give us a call to discuss concerns you have with your company. SG
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