In the future, businesses will be required to publish wage and salary ratio figures for previous years and the reporting year up to a maximum of ten years, but not before the new disclosure requirements. Failure to comply with the filing requirements of a limited liability company can lead to serious consequences, such as fines, disqualification of the director, dissolution of the company, and prosecution. Many of the regular submissions can now be submitted online to www.companieshouse.co.uk. You can also find more information about the registration requirements on this website. Some changes have been made to the content of the Director Compensation Report, as set out below. These should take into account the perception that directors` remuneration is not sufficiently linked to staff remuneration in general or to the long-term performance of the company. CG100 and Investor Group has updated its executive compensation reporting guidance to reflect the changes. The requirements for filing a limited liability company include notification from Companies House and/or HMRC of any changes that take place. Business changes you`ll need to report include: For more information, see the ACC 5 Quick Start Guide, UK Audit Requirements.

While companies can have confidence in their existing corporate governance procedures, new provisions should be put in place to be introduced for 2019 to allow for disclosure in 2020, taking into account, in particular, that such information is required by law and is neither compliant nor explained. The fact that shareholders will have detailed information to challenge companies in the future means that accounting will become more important than ever. Preparation is key. In October 2018, at the invitation of the Government, MC 100 published guidance on section 172 of the 2006 Act and stakeholder considerations. It is intended to provide directors with practical assistance in fulfilling their obligations under Article 172 (Obligation to promote the success of enterprises), with a focus on broader stakeholder considerations. It puts a lot of emphasis on the underlying obligation under section 172 and how directors might comply with it, and says little specifically about how the section 172 obligation has been applied, except for the following: The process for preparing board documents should ensure that stakeholder factors are considered relevant when they are deemed relevant, with appropriate comments, to evaluate them; There should be a consistent approach to registration, whether brief or detailed, and where section 172 factors are recorded; and that the direct link between these reporting obligations and how boards take into account stakeholder considerations must be taken into account and that boards should take these obligations into account when assessing their approach. All companies registered in the UK (with the exception of small and medium-sized businesses within the meaning of sections 465 to 467 of the Act) must therefore publish a separately identifiable statement in the strategy report describing how the directors have considered the matters referred to in section 172(1)(a) to (f) of the Act in the exercise of their legal obligations. The Regulation does not contain any details on the content of the declaration. However, there are a number of guidelines for businesses that they may find useful.

These include: the above-mentioned BEIS FAQ (November 2018 version); the 2018 RCF Strategic Reporting Guidelines; and AoM 100 Guidelines on the Duties of Directors: Chapter 172 and Stakeholder Considerations. We briefly mention each of these points below. • Prepare annual reports and financial statements of Companies House.• Inform Companies House of changes to company details.• Payment of corporation income tax and file company income tax returns and financial statements with HMRC. If you have started your business but it is not in operation (dormant), it is important to inform HMRC`s Corporate Income Tax Office. A dormant company has no corporate tax requirements until it becomes active. However, an annual report must be prepared for Companies House each year. Once your company is incorporated, you will receive an accounting reference date from Companies House. This date represents your year-end and when you prepare your financial statements. Your balance sheet date falls on the last day of the month in which your company was founded, i.e.

if you founded your business on September 15, for example. In February, your ARD will be set for February 28 of the following year. Your annual financial statements have a deadline no later than 9 months after your ARD. HMRC must consult complete statutory financial statements, including:• A profit and loss account.• A balance sheet signed by a director.• An administrator`s report.• An auditor`s report – unless an entity qualifies for an exemption.• Notes to the financial statements. If you operate a small business that qualifies for an exemption, you can file abridged accounts that include your balance sheet and notes to your accounts. Companies House requires you to return every year.