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Reducing red tape for companies

The government has issued its response to comments on the consultation and its proposals on reducing filing requirements for companies.  Briefly, it plans to:

  • Allow companies more flexibility to confirm whether their company information is correct and complete at any point in a year, instead of having to complete an annual return by a set date.
  • Companies that make changes will be asked if they wish to check and confirm other information at the same time.If they do so, no further action will be required for a further twelve month period.
  • Make it easier for small companies to provide data just once to fulfil HMRC and Companies House requirements.
  • Give private companies the option of not keeping any, or all of the following registers: register of directors; directors’ residential addresses; secretaries; members; and the proposed register of beneficial ownership.Where a company exercises this option it will be required to keep the information up to date on the public register instead.
  • Remove the full details of a director’s date of birth from the public register.It will show just the director’s month and year of birth.
  • Remove the requirement for a company’s Statement of Capital to list the amount unpaid and paid up on each share, instead to show just the aggregate amount unpaid.
  • Remove the requirement for companies to file a consent to act for directors and company secretaries.This will be replaced with a requirement for a statement that the person has consented to the appointment.
  • Speed up the procedure to strike off and dissolve a company;

This may not be a huge change but, being realistic, any improvement is welcome.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date: 2nd June, 2014
Author: Cathy Corns

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