The initial provisions of the Economic Crime and Corporate Transparency Act 2023 came into effect on 4 March 2024.

These updates mandate that from 5 March 2024, every company must, when submitting their next Confirmation Statement (form CS01):

  1. Provide a registered email address for communications – Companies House will utilise this email for correspondence with the company, though it won’t appear on the public record; and
  2. Verify that the company’s planned future operations are lawful.

If we are already managing your Confirmation Statement submissions, you can be confident that we will submit your forthcoming statement adhering to these updates.

Should you handle your Confirmation Statement filings independently, note that you will need to include a registered email address and confirm the company’s commitment to lawful activities before you can finalise your submission.

Further measures effective from 4 March 2024 include:

  • A ban on using PO Box addresses as a company’s Registered Office address;
  • Enhanced authority for querying information submitted to Companies House and demanding supporting evidence;
  • More rigorous checks on company names before the registration of new companies;
  • A requirement for all companies to affirm their lawful purpose upon formation and to verify that their intended future operations will be lawful with each subsequent Confirmation Statement;
  • The option to mark the register when details seem ambiguous or misleading;
  • Initiatives to cleanse the register, employing data matching to identify and eliminate incorrect data; and
  • The sharing of data with other Government departments and law enforcement bodies.

 Companies House changes beyond 4 March

Additional features of the Economic Crime and Corporate Transparency Act 2023, will be introduced in the coming months and beyond, including:

Companies House fee adjustments

From 1 May 2024, Companies House will implement an increase in the fees associated with the filing of forms and documents necessary for companies to maintain compliance.

This increase in fees is designed to support the financing of Companies House’s enhanced responsibilities and the broader initiatives under the Act.

A key change, designed to encourage the use of digital submissions, will see the filing cost of paper submissions substantially increase – almost doubling some existing fees.

While a comprehensive breakdown of the fee adjustments is available online, some key updates for companies include:

  • The fee for Annual Confirmation Statements will rise from £13 to £34.
  • The cost of incorporating a new company will jump from £12 to £50.
  • Changing a company name, previously £8, will escalate to £20.
  • The fee for voluntary company strike-off will increase from £8 to £33.

Identity verification

A key change will be the requirement for individuals involved in setting up, running, owning, or controlling a company to undergo identity verification.

To facilitate this, Companies House will introduce a service allowing you to verify your identity directly with them or through an authorised agent.

Changes to Accounts Filing

In line with the trend towards digitisation, Companies House is moving towards mandatory electronic filing of accounts, highlighting the push towards software usage.

This transition to online filing will occur over two to three years, though the exact timeline remains to be confirmed. Changes to filing options for small company accounts are also planned.

Limited Partnership Reforms

If you operate a limited partnership, prepare for procedural adjustments. Enhancements aimed at boosting transparency and accountability will require limited partnerships to submit information through authorised agents and provide additional details to Companies House.

Enhancing company ownership transparency

To further transparency efforts, you will need to supply additional information about shareholders in registers.

This includes the full names of individuals or corporate entities and their companies and a one-time comprehensive list of shareholders

Additionally, there will be new restrictions on the use of corporate directors, with specific details provided.

We will keep you updated on each new development. However, if you have any enquiries, do not hesitate to contact us.

Posted in News.