Confirmation Statement: Everything You Need to Know
Every company, including non-trading and trading, need to file a confirmation statement. The confirmation statement confirms the information the authority holds about your business is up to date. After your company formation process, you need to file your confirmation statement at least once after every twelve months.
But you can decide to file your company’s confirmation statement more often. Let’s find out more about the confirmation statement by reading through the following sections.
What’s a Confirmation Statement?
It is a detailed report that outlines the latest non-financial statement of a business. It details the following:
- The registration office address
- Director information
- Standard industry classification code
- Shareholder information
- The share capital
- The person with significant control information
In simple terms, it is the basic company information snapshot. A company must file its confirmation statement within fourteen days of its pending twelve-month review period.
Why Do I Have to File One?
It’s mandatory to file even if there haven’t been changes to your business during the review period. Filing a confirmation statement confirms your records are accurate and up to date. The authority wants to confirm that the information it holds is correct.
The review period includes the twelve months you have to file your company’s confirmation statement. If you fail to fulfil the submission deadline, you can face several issues for your business and its directors.
What Happens if I Forget to File a Confirmation Statement?
Business directors have a lawful responsibility to file their respective confirmation statements. Those who fail to do so should be ready to face personal liability prosecutions and fines. Their companies can also be struck off the register. If a business fails to file a confirmation statement, an offence is committed by:
- Every director of the company
- The company itself
- The secretary of the company
- Any other officer of the business who’s in default.
If you fail to file a confirmation statement within the specified period, that is an offence and the directors of the company will be fined. Any proceedings for failing to file a confirmation statement are separate from late filing penalties issued by the concerned authority against the company.
How Long Do You Have to File a Confirmation Statement?
You can file your company’s confirmation statement at any time within your review period. Once you file, you start your fresh twelve-month review period. Let’s look at a simple example; if your company formation process ends on the 1st of January 2023, you’ll have to file a confirmation statement on the 30th of September 2023.
The next review period will start on the 1st of October 2023 up to 30th of September 2024. The process of filing a confirmation statement is continuous as long as your company is registered, whether non-trading or dormant.
Who is Responsible for Filing a Confirmation Statement?
The directors of the business are lawfully responsible for ensuring all statutory documents are filed correctly and timely. Also, this’s a lawful requirement if these tasks are delegated to the secretary of the company. If you aren’t sure how to do it, you can look for the best confirmation statement service providers. They can take the concern out of the process.
