Qualifying partnership definition

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EU Accounting Directive—summary of main provisions

EU Accounting Directive—summary of main provisions STOP PRESS: This Practice Note is currently under review in light of major changes to non-financial reporting rules proposed by the Commission pursuant to the omnibus simplification package of 26 February 2025 This Practice Note provides an overview of the main provisions of the EU Accounting Directive (2013/34/EU). Background The EU Accounting Directive, Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (the Accounting Directive) set out a new regime for the form and content of annual financial statements, and had the fundamental objective of modernising and streamlining reporting requirements for the smallest entities (the ‘think small first’ approach). The Accounting Directive was subsequently amended by the Non-Financial Reporting Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 as...

PSC register—offences for non-compliance

PSC register—offences for non-compliance The framework of the people with significant control (PSC) regime, which originally took effect on 6 April 2016, is set out in Part 21A of the Companies Act 2006 (CA 2006), (as amended by the Small Business, Enterprise and Employment Act 2015, ss 81–83, Sch 3). The PSC regime seeks to address issues related to the lack of transparency in business ownership, where traditionally only the legal owner and not necessarily the beneficial owner of an entity's shares was recorded. The PSC register provides more precise and up-to-date information on who ultimately owns and controls companies and other entities, and this information is publicly accessible through the central register held at Companies House. It helps inform investors when they are considering investing in a company. It also supports law enforcement agencies in money laundering investigations. This Practice Note provides a summary of the offences that may be committed in relation to the PSC regime. Unless specifically noted otherwise, all references in...

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What are the new reporting deadlines under the PSC regime?

What are the new reporting deadlines under the PSC regime? As a result of the Information about People with Significant Control (Amendment) Regulations 2017, SI 2017/693 (2017 Regulations) coming into force on 26 June 2017 the PSC regime now applies to UK incorporated companies limited by shares or guarantee (including community interest companies), limited liability partnerships (LLPs), unlimited companies, unregistered companies, societas europaea (SEs) and (as a result of the Scottish Partnerships (Register of People with Significant Control) Regulations 2017, SI 2017/694 (Scottish Regulations)) eligible Scottish partnerships (Scottish limited partnerships (SLPs) and Scottish qualifying general partnerships (SQPs)). All UK companies are covered by the regime other than those admitted to trading on a regulated market in the UK or an EEA state (other than the UK) or on specified markets as listed in Schedule 1 to the Register of People with Significant Control Regulations 2016, SI 2016/339 (PSC Regulations). This is an enhancement from the previous position whereby companies that are subject to the...