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How Small Businesses Should Navigate the New PSC Legislation

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As part of the Small Business, Enterprise and Employment Act 2015, almost all companies and LLPs will have to maintain a PSC (People with Significant Control) register, as of April 6th 2016.

The new piece of legislation has been introduced to increase transparency about those who own and control companies. Even a small company with a single Director will now need to start a PSC register, and keep it up to date.

What many haven’t realised however, is that if a business doesn’t provide a PSC register, as of April 6th, owners could face criminal charges.

In light of the importance surrounding the new legislation, let’s take a look at what exactly a PSC register is, what steps you need to follow and what information you need to provide to comply with following these changes.

SOURCE: smallbusiness.co.uk