The Economic Crime and Corporate Transparency Act received Royal Assent in October 2023. It substantially amends the Companies Act 2006 and introduces new requirements for how companies registered in England and Wales interact with, and submit information to, Companies House.
The Act was introduced to allow UK authorities to proactively target organised criminals and those seeking to abuse the UK’s economy. Under the new legislation, Companies House will have enhanced abilities to verify the identity of company directors, there will be restrictions on who can file documents at Companies House, and we will see changes to company record keeping requirements.
Many of the new requirements impact corporate bodies or larger corporations with subsidiaries, but be aware that you may need to verify the identity of all corporate directors and stakeholders with more than a 5% holding in a business. Changes to who may file with Companies House may impact you too.
Companies House are aiming to introduce the first set of measures under the Economic Crime and Corporate Transparency Act on 4th March 2024. Legal experts state that many of the measures introduced by the Act will require secondary legislation, and Companies House will need to update its guidance to companies. It is anticipated that it will be at least a year until many of these provisions are in force, so we may need to wait a few more months for clarification on what it means for you and your company.
3 Companies House changes to help you prepare:
- New rules for registered office addresses
- Requirement for all companies to supply a registered email address
- New lawful purpose statements
Call HB for help
If you want to discuss any potential changes, or if you need help and support with any accountancy matters including audits and payroll, do give us a call. Not only can we help with your questions, we can offer you support with your tax, management accounting and so much more. You can contact us on 01992 444466. We’re accountants for business and for people. We’re here to help.
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