Proposals to simplify company filings
By Sian Sadler and Emma Livesey
On 21 April 2014, the government issued its response to the consultation on company filings launched in October last year. The response outlines plans to introduce measures that will reduce administrative burden, promote transparency and simplify procedure.
The plans include the removal of the requirement to complete an annual return; instead, companies will be required to ‘check’, notify changes if necessary and confirm information at least once in a 12-month period. Companies will have the option, when making a statutory update following an event such as a change in a director’s details, to check and confirm all other information at that point, following which there will be no requirement to check and confirm for another 12 months. This will remove the duplication under the existing system, which requires companies to submit information both as it occurs and on an annual basis, although companies will still be required to pay an annual fee. Companies that wish to continue to use a fixed annual date to check and confirm their information can continue to do so…
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