As of 4 March 2024, key aspects of the Economic Crime and Corporate Transparency Act 2023 are in force, bringing significant changes for UK companies.
From 5 March 2024, companies are required to adhere to new guidelines when submitting their annual Confirmation Statement (form CS01), including:
- The submission of a registered email address for official communications with Companies House. This email will be used for correspondence but will not be made public.
- The confirmation that the company’s future business activities will comply with the law.
For those whose Confirmation Statement filings we manage, rest assured we will incorporate these new requirements into your upcoming submissions.
If you handle these filings yourself, remember to provide a registered email and confirm the legality of your future operations to complete your submission.
Additional changes effective from 4 March 2024 encompass:
- Prohibiting the use of PO Box numbers as the company’s Registered Office address.
- Increased powers for Companies House to scrutinise and request evidence for submitted information.
- Stricter pre-registration checks on company names.
- Mandatory confirmation of lawful business purposes at formation and with each Confirmation Statement.
- The ability to flag ambiguous or misleading entries on the register.
- Efforts to purify the register, including data matching to remove incorrect entries.
- Expanded data sharing with other government departments and law enforcement.
Key CHANGES Post-4 March
Further implementations from the Economic Crime and Corporate Transparency Act 2023 are anticipated, including:
- Companies House fee adjustment: Prepare for a fee increase from 1 May 2024, as Companies House updates its pricing to reflect new services and sustain operational costs.
- Identity verification: A pivotal shift will require identity verification for individuals involved in establishing, managing, owning, or controlling companies. Companies House will offer a verification service directly or through authorised agents.
- Mandatory electronic filing of accounts: Moving towards digital, the filing of accounts will become exclusively electronic, with a phased introduction over the next two to three years. Expect changes in filing procedures for small company accounts as well.
- Limited partnership reforms: Limited partnerships will face new reporting requirements, including filing through authorised agents and providing more detailed information to Companies House.
- Boosting ownership transparency: Additional shareholder information will need to be reported, including full names and details of individual or corporate shareholders, alongside a comprehensive one-time list of shareholders.
- Restrictions on corporate directors New rules will be introduced governing the use of corporate directors, with specifics to be outlined.
We will continue to provide updates on these changes. Should you have any questions or need assistance navigating these new requirements, please contact us for further support.
