Customisable business insurance
What is a confirmation statement?
Each year, every limited company or limited liability partnership (LLP) must submit a confirmation statement to Companies House as a way of confirming that all information held by Companies House about the business is up to date and correct.
In 2016, this new system replaced the older, lengthy process of submitting an annual return to Companies House, streamlining the process for businesses whose information remained unchanged from the previous year.
The information confirmed in the statement
So, what information is actually confirmed in the confirmation statement? The form requires a business to declare that the following information is correct and up to date:
- The company’s registered office address
- A Single Alternative Inspection Location (SAIL address)
- Current company officers (including directors, company secretary, LLP members)
- Location of the company’s statutory registers
- Standard Industrial Classification (SIC) codes (this categorises your company’s principal business activities)
- The name of each shareholder
- The class and quantity of shares held by each shareholder
- A statement of capital
- The total number of issued shares of the company and their aggregate nominal value
- The total number of shares of each class and the aggregated nominal value of each class of share
- The trading status of shares
- Details of People with Significant Control (PSCs) in the company
- Details of any exemption from keeping a PSC register
If any of that information has changed since the previous confirmation statement was submitted, then this can be updated in the ‘additional information’ section of the online form. However, if nothing has changed, it is possible to quickly speed through the online form, marking that nothing has changed since your previous statement.
You can also check what information Companies House has stored for your business at any point using their search service.
When do you need to send in a confirmation statement?
Unlike a corporation tax return or your company accounts, your business can submit a confirmation statement at any point during your ‘review period’ each year. For a new business, your review period is calculated as your first 12 months after your incorporation date. For example:
- Your business was incorporated on 16th March 2022
- Your first review period would run until 15th March 2023
After your first year of trading, the review period lasts 12 months and begins the day after the submission of your confirmation statement, which you can choose to do at any time during the review period and up to 14 days after the end of it.
How to submit a confirmation statement
First off, you will need to login to the Companies House WebFiling system to start the process. You will then proceed, page by page, through all of the information
For many very small businesses and micro entities, much of the information around shares will not be applicable or will be extremely simple, making the process of completing the statement faster.
If you are unable to use the WebFiling system, then you can print off and send in a paper form (called a CS01) though if you need to change any business details with Companies House, you will have to fill out additional paper forms, meaning that the online submission route is both faster and easier to complete.
Cost of submitting a confirmation statement
Most businesses will complete their confirmation statement online, and this costs £13, paid at the point of submission. For paper forms, submitted by post, the cost is £40.
What happens if you fail to submit a confirmation statement?
As mentioned above, you can submit your business’ confirmation statement at any point during your review period, and there is a grace period of 14 days after the end of the review period in which to submit your statement.
If you fail to submit your statement in this timeframe then the consequences can be extremely serious. Your business could be struck from Companies House’s register meaning you can no longer legally trade, and in serious incidents, the company and its directors and officers can be prosecuted.
Superscript’s directors' and officers' insurance product can cover the legal defense expenses of individual directors in the event that they are prosecuted for accidentally failing to submit this important statement.
However, given how quick and easy the online filing process is, it shouldn’t take long to submit your business’ statement and avoid any unpleasant consequences.
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This content has been created for general information purposes and should not be taken as formal advice. Read our full disclaimer.
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