CRO mandatory requirement for company directors to provide PPSNs
Company Directors – Companies Registration Office (CRO) – Company incorporation – B1 Annual Return
The CRO mandatory requirements will mean every registered director must have an identifying number (i.e. PPS number, RBO number or VIN) associated with them on the Companies Registration Office’s system when making certain filings. The Companies Registration Office (CRO), under Section 35 of The Companies Corporate Enforcement Act (2021), will require Company Directors to provide their personal public service numbers (PPSNs) when filing the following forms. This will be a mandatory requirement from Sunday, 11th June 2023:
- Form A1- Company incorporation,
- Form B1 – Annual return,
- Form B10 – Change of director and, or in their particulars,
- Form B69 – Notification by the individual that he/she/they has/have ceased to be a director or secretary.
Directors’ PPSNs will be required for validation purposes only. PPS numbers, RBO numbers and VINs will not be accessible on the public register.
The purpose of the new disclosure requirement is to reduce the risk of identity theft by introducing additional identity validation checks. This will affect individuals who may, wrongly, hold more than twenty five active directorships under different name variations.
It is important to note that non-compliance will constitute a Category 4 offence.
Please be aware that if the PPS Number does not match the PPS Number held by the Department of Employment and Social Protection, this may result in the submission being rejected. Therefore, to avoid any discrepancies and delays with filings, Directors should act now to make sure that the information held by the DEASP is consistent with that held by the CRO. It’s important to keep in mind that CRO rejections could lead to late filing penalties and delays in meeting annual return filing dates.
In circumstances, where a director does not have a PPS Number, but has been issued with an RBO number in connection with filings with the Central Register of Beneficial Ownership, this RBO number can be used for the relevant CRO filings.
In situations where a director does not have either a PPS number or an RBO transaction number, they must apply to the CRO for an “Identified Person Number” by means of a Form VIF i.e. Declaration as to Verification of Identity.
The VIF requires the name, address, date of birth and nationality of the individual. It must be declared as true by the director and verified by a notary.
TO DO
- Directors should check that their personal details are consistent with those on record with the Department of Social Protection. Where DSP records need to be checked or amended, please be aware that Directors must do so themselves, as filing agents are unable to do so on their behalf
- Directors without a PPSN or RBO number should take steps to obtain a VIN.
In Summary
This Companies Registration Office (CRO) requirement for directors to provide a PPS number is aimed at reducing the risk of identity theft. This new process allows the CRO to verify the identity of each company director and to ensure that that individual is alive and is a natural person. This change is intended to improve the accuracy of the information held by the Companies Registration Office.
For further information, please click the link below:
Please be aware that the information contained in this article is of a general nature. It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so.. This information should not be acted upon without full and comprehensive, specialist professional advice.
HMRC late payment interest rates increase – UK Tax
UK Tax. Corporation Tax. Interest and Penalties on late payments. Instalment Arrangements.
Today, HMRC announced an increase in its interest rates, due to another increase in the Bank of England base rate, from 4.25% to 4.5%. The new rates will take effect from Monday, 22nd May 2023, for quarterly tax instalment payments. The aim of the late payment rate is to encourage prompt tax payment by UK Taxpayers and to ensure the system is fair for those individuals who pay their liabilities within deadline.
The new rates will take effect from Wednesday, 31st May 2023, for non-quarterly instalments payments.
Today, HMRC has announced increases to interest charged on both the late payment of tax as well as on tax repayments/refunds.
The two new increased rates of interest are:
- Late Payment Interest which is set at base rate plus 2.5%. This will increase from 6.75% to 7% on 31st May 2023.
- Repayment Interest which is set at base rate minus 1% with a lower limit of 0.5% (known as the ‘minimum floor’). This will increase to from 3.25% to 3.5% from 31st May 2023.
IN SUMMARY:
The interest rate on unpaid instalments of Corporation Tax liabilities will increase to 5.5% from 22nd May 2023.
The interest rate for the late payment of other taxes will increase to 7% from 31st May 2023.
The interest rate paid by HMRC on the overpayment of tax will increase to 3.5% on 31st May 2023.
For further information, please click: HMRC late payment interest rates to be revised after Bank of England increases base rate – GOV.UK (www.gov.uk)
Please be aware that the information contained in this article is of a general nature. It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so.. This information should not be acted upon without full and comprehensive, specialist professional tax advice.