Running a company in the UK comes with several legal obligations, and filing a Confirmation Statement (CS01) is one of the key requirements. Every UK limited company must submit this form to Companies House annually, and failing to do so can result in penalties or even the striking off of the company from the register.
This article provides a comprehensive guide on the Confirmation Statement CS01, detailing what it is, why it’s necessary, how to file it, and its role in maintaining your company’s compliance with UK law.
What Is a Confirmation Statement?
A Confirmation Statement is a form submitted to Companies House to confirm that the information they hold about your company is accurate and up to date. The information confirmed includes:
- Registered office address
- Directors’ details
- Shareholders and share capital
- Standard Industrial Classification (SIC) code
Although this sounds similar to an annual return (which the CS01 replaced), the Confirmation Statement is a streamlined version of the process. The focus is not on providing detailed information but simply confirming that the details already filed are correct or updating any that have changed.
Why is the CS01 Important?
The CS 01 form plays a critical role in keeping Companies House informed about the most up-to-date information concerning your company. This is crucial for maintaining transparency, not only for legal purposes but also to maintain the trust of your clients, suppliers, and stakeholders.
Failing to submit the CS01 can have serious consequences. Companies House may:
- Impose a financial penalty on your business.
- Initiate the process of striking your company off the register, effectively dissolving it.
This makes it essential for companies to prioritize the timely submission of their Confirmation Statement.
When Do You Need to File the CS01?
The CS01 must be filed at least once every 12 months. However, the filing date is based on the date of incorporation or the date of your last Confirmation Statement. You have 14 days after the due date to submit your CS01 without facing penalties.
It’s worth noting that you can file your Confirmation Statement earlier if you wish to update the details before the 12-month period is up. Many businesses take advantage of this flexibility when there are changes in directors, shareholders, or other significant aspects of their structure.
What Information Do You Need for the CS01?
When preparing the CS01, you will need to confirm or update several pieces of information. Below is a detailed breakdown of the key details required:
Company Details: This includes your registered office address, company type, and the nature of your business.
Directors’ Information: Any changes in the details of directors, including new appointments or resignations, must be included.
Shareholder Information: The CS01 also confirms the current shareholders of the company. If there have been any share transfers or changes, this must be updated.
SIC Code: The Standard Industrial Classification (SIC) code defines the nature of your business. If the scope of your business has changed, you will need to amend this.
Statement of Capital: If there have been any changes to the structure of your share capital, these must be reflected in the CS01 form.
How to File a Confirmation Statement (CS01)
Filing the CS01 form is relatively simple and can be done either online or by post. Online filing is typically faster, more secure, and cost-effective.
Filing Online
Most companies choose to file their CS01 online via the Companies House WebFiling system. Here’s a step-by-step guide:
Log into WebFiling: You’ll need your company authentication code to access your account.
Review the Information: Once logged in, review the company information held by Companies House.
Make Necessary Changes: If there are changes to the company’s details, you can update them at this stage.
Submit the Form: After reviewing, submit the form and pay the fee. The online filing fee is currently £13.
Filing by Post
Although less common, it’s possible to file the CS01 by post. The postal filing fee is £40, and you will need to download the CS01 form from the Companies House website. Once filled, mail it to Companies House along with the required fee.
What Happens If You Don’t File the CS01?
Failing to file the Confirmation Statement on time can lead to significant issues for your company. The most immediate consequence is a fine. Companies House may also start the process to remove your company from the register.
A more serious repercussion of non-compliance is that the company’s directors may face legal consequences. They could be prosecuted for failing to meet their statutory obligations, and this could lead to a personal penalty. Additionally, non-compliance can severely damage the company’s reputation.
It is important to keep track of your filing deadlines and ensure your company complies with all statutory obligations.
How XactAccountants Can Help with Filing the CS01
For busy business owners, keeping track of legal obligations like filing the CS01 form can be a hassle. That’s where professional services like XactAccountants come in. As one of the top accountancy firms in the UK, XactAccountants specializes in ensuring that businesses stay compliant with UK law.
Our team takes the hassle out of filing by managing the entire process for you. From preparing the CS01 to submitting it on time, we ensure your company remains in good standing with Companies House. We also offer ongoing compliance services, making sure that your company’s details are always up to date.
Key Differences Between the Confirmation Statement and Annual Return
One common misconception is that the Confirmation Statement and the annual return are the same. However, there are notable differences between the two.
Purpose: The annual return required companies to resubmit all their details annually, while the CS01 only confirms that the information is correct or updates any changes.
Content: The annual return required more detailed information compared to the CS01, which focuses on confirming key aspects like directors, shareholders, and registered addresses.
Cost: Filing the CS01 is generally cheaper. The online filing fee for the CS01 is £13, whereas the cost of filing an annual return was higher.
Avoiding Common Mistakes in Filing the CS01
Filing the Confirmation Statement seems straightforward, but businesses often make mistakes that lead to complications. Here are some common errors to avoid:
Not filing on time: Missing the deadline can result in penalties, so always keep track of your due dates.
Incorrect shareholder information: Ensure that your shareholder list is accurate and up to date, especially if there have been recent transfers.
Forgetting to update SIC codes: If your business activities have expanded or changed, make sure your SIC codes reflect this.
Using a professional accountancy service like XactAccountants can help you avoid these common pitfalls. Our team of experts will ensure that your CS01 is accurate and filed on time, allowing you to focus on running your business.
Conclusion
The Confirmation Statement CS01 is a vital part of your company’s compliance with UK law. While it may seem like a simple task, ensuring that all your company’s details are up to date can sometimes be complex, especially if your company has undergone significant changes in the past year.
By partnering with a professional firm like XactAccountants, you can ensure that your CS01 form is filed correctly and on time. This not only helps avoid penalties but also keeps your business in good standing with Companies House. Whether you’re a small business or a large corporation, XactAccountants can provide the expertise and support you need to meet your legal obligations.
Stay compliant and let us handle your filing requirements so that you can focus on what matters most—growing your business.
