Do I hear you asking what the PSC Register is? Well it is another piece of regulation.
The technical explanation is as follows. In March 2015 The Small Business, Enterprise and Employment Act was granted Royal Assent to introduce a register of people within UK companies who have a significant amount of control. Known as The Register of People with Significant Control Regulations (PSC Register) this register will list people who own or control the company and who make decisions regarding how they are run (in simple terms controlling at least 25% of the shares). Until now no company had to declare this information but from June 2016 registers have to be in place and will be available online at Companies House.
Although introducing the PSC Register means a limited loss of privacy the government hope this will help to combat tax evasion and money laundering. Let’s see!
As always, the devil is in the detail; the issued guidance comes in at 86 pages, makes 16 references to the possibility of committing a criminal offence and is full of jargon so the best solution is to work with someone who can guide you and explain things in simple terms with no jargon.
If you are unsure as to how to proceed with the PSC register then please get in contact with your Local AIMS Accountant. AIMS have been working in the SME community for over 23 years and we have a very good understanding of how small businesses work. Our success is based on our clear focus on our clients, our successful systems and on our accountants.