Edit Content

Northern Europe

Central Europe

Central Africa

Oracle Solicitors Logo

GET IN
TOUCH

GET IN TOUCH

Companies House registration changes

Have you got a question?

There were some significant amendments to the Companies House rules, which came into force on 4th March 2024. Although slightly more onerous, these should lead to more transparency and accountability for businesses to disclose information and offer more protection. They span various aspects of company registration, reporting, and disclosure, and have implications for businesses. The changes include:

Enhanced Data Quality:

The updated regulations empower Companies House with greater authority to scrutinise and query the accuracy and completeness of information. The records they maintain are expected to be more precise and up to date, ensuring compliance with statutory requirements. Companies House has several new objectives:

  1. To ensure that all companies deliver documents to the registrar when needed;
  2. To ensure that information on the register is accurate;
  3. To ensure that records are kept up to date and not false or misleading; and
  4. To prevent companies and others carrying out unlawful activities.

 

Oracle Solicitors team can assist in conducting thorough audits of corporate data to identify and rectify any discrepancies, mitigating the risk of regulatory scrutiny or penalties. We review the structure of the business and various accompanying businesses to ensure that all the filings are correct or help make filings when starting up.

Confirmation Statement Changes:

Companies are now required to provide a registered email address and specify their intended future activities in the confirmation statement. If you need guidance ensuring compliance with the revised disclosure requirements, then you should seek advice.

Fee Increases:

Changes to fee structures from 1st May 2024 mean that companies will face higher costs for certain transactions and filings. If you submit an application after this date, then look at the new fee structures here.

Identity Verification:

Stricter verification measures mandate that individuals setting up a company must verify their identity. There are electronic ID processes in place now that allow users to verify their identity through a scan of their passport or driver’s license and separately a video of their face. These are then used to give a likeness match and therefore verify the person is who they say they are. For people unable to use the digital ID process there will be assisted or other options available.

Transition to Software-only Accounts Filing:

The transition to filing accounts through software underscores the importance of leveraging digital solutions for regulatory compliance. Companies house have outlined a list of the software partners that it accepts, which are published on the government’s website here.

Information Protection:

Companies now have the option to suppress personal information from historical documents, enhancing privacy and data protection. The Economic Crime and Corporate Transparency Act aims to prevent the abuse of personal information from the register. Only information that is necessary and proportionate should be published. These measures should be implemented in the next two years. Our corporate and commercial team can assist you to apply to have data suppressed or redacted from the register.

Changes to Limited Partnerships:

Limited partnerships will now be required to file through authorised agents, necessitating a proactive approach to compliance. LPs must:

  • Provide partners’ names, date of birth and residential address;
  • Verify identity of the partners;
  • Provide a registered office within the UK;
  • Provide a standard industrial classification (SIC) code; and
  • File an annual confirmation statement.

If this information is not available, Companies House will have the power to close and restore LPs, or apply sanctions.

Enhanced Transparency of Company Ownership:

New requirements mandate the provision of shareholder information and impose restrictions on the use of corporate directors, aiming to enhance transparency and accountability in corporate governance. Our legal experts can assist companies in navigating these disclosure obligations and implementing robust governance frameworks.

Investigations, Enforcement, and Data Sharing:

Companies House has been granted more effective investigation and enforcement powers, signaling heightened scrutiny of corporate conduct. There are now significant consequences for not responding to a Companies House formal request which can  include: financial penalties, an annotation on the company record, and in more sever cases, prosecution.

If Companies House do not believe that the registered address of a business is adequate address, then it could decide to remove the address and replace it with a default address, held at Companies House. If a company has moved then they need to provide evidence of proprietary ownership within 28 days, otherwise they may start the strike off process.

 

Companies should prioritise compliance and adopt proactive measures when filing with Companies House. Failure to comply with the new rules could result in severe consequences, including de-registration, penalties for directors, or even criminal records.

At Oracle Solicitors, our team of experienced corporate and commercial lawyers offer tailored solutions to address the specific needs and challenges of our clients, ensuring compliance and mitigating risks.

Book a call back

Fill out our form and one of our experts will get back to you.
Landing Page - Get In Touch - Callback

Share this article

Got a question?

Please complete this form to send an enquiry. Your message will be sent to one member of our team.

Landing - Contact Form

Related posts

Kai Sammer
Renters (Reform) Bill – unbundling the Bill

The news headlines following the Renters (Reform) Bill’s introduction to Parliament on 17 May 2023, have been heavily focussed on the abolition of Section 21 evictions, but there are also other important elements of the Bill to consider.

Read More
Marta Maiulli
Oncological Oblivion: Inclusion as the Objective

A definitive law for oncological oblivion, namely the opportunity for individuals who have recovered from an oncological condition to erase the ‘bureaucratic’ negative effects that the disease still imposes on employment searches, adoptions, mortgage applications, or insurance subscriptions. 

Read More

Got a question?

Please complete this form to send an enquiry. Your message will be sent to one member of our team.

Landing - Contact Form

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.