Companies House has rolled out the first of many changes to UK company law, starting on 4th March 2024. These major reforms, introduced by the Economic Crime and Corporate Transparency Act 2023, will help to improve transparency, tackle economic crime, and support GDP growth. These recent changes may impact your business operations. Here’s what you need to know:
- Enhanced Data Quality: Companies are now required to maintain an office address, eliminating the use of PO Boxes. Additionally, there will be stricter checks on company names and annotations on the register for potential issues.
- Identity Verification: To deter illegal activities, all individuals involved in UK companies, including directors and People with Significant Control (PSCs), must verify their identity. This includes members of Limited Liability Partnerships (LLPs), with a transition period provided for existing entities. Changes to Accounts: Companies House is transitioning towards filing accounts by software only to enhance efficiency and security. Small and micro entities will need to file their profit and loss accounts, and there will be adjustments to audit exemption requirements.
- Changes to Accounts: Companies House is transitioning towards filing accounts by software only to enhance efficiency and security. Small and micro entities will need to file their profit and loss accounts, and there will be adjustments to audit exemption requirements.
- Confirmation Statement Updates: Companies will need to provide a registered email address for private communication with Companies House. The statement of lawful activities will be a yearly requirement for all companies.
- Protection of Information: Individuals can suppress sensitive information from historic documents, with added protections for those at risk of harm due to public disclosure.
- Limited Partnerships (LPs) Changes: LPs will have new requirements for partner information and must file through an authorized agent registered with Companies House.
- Enhanced Transparency of Company Ownership: More detailed shareholder information will be collected and displayed, along with restrictions on the use of corporate directors.
- Investigation, Enforcement, and Data Sharing: Companies House will have expanded powers for investigation, enforcement, and data sharing with law enforcement agencies.
- Changes to Companies House Fees: Fees for various services will increase from May 1st, 2024, to cover the costs of services offered:
- Incorporation online – £50
- Incorporation software – £50
- Incorporation software (same day) – £78
- Incorporation by paper – £71
- Confirmation statement online – £34
- Confirmation statement by paper – £62
How We Can Assist You: Our team at Jermyn & Co. is dedicated to helping you navigate these changes effectively. Whether you need guidance on compliance or assistance with managing the transition, we’re here to support you every step of the way. Feel free to reach out to us for personalised advice tailored to your business needs.