Companies will face serious consequences if they fail to respond to a formal request from Companies House to provide more information. These could include financial penalties, annotations on the company\u2019s record, and even the prosecution of directors.<\/p>\n
2. Registered office address requirements \u00a0\u00a0\u00a0<\/b><\/h3>\n
The new rules for registered office addresses require companies (including LLPs) to use an \u2018appropriate address\u2019 as their registered office at all times.\u00a0<\/span><\/p>\n
An address is deemed an \u2018appropriate address\u2019 if:<\/p>\n
- \n
- any documents sent to a company\u2019s registered office by hand or post would be expected to come to the attention of a person acting on behalf of the company<\/li>\n
- the delivery of any documents to that address can be recorded by an acknowledgement of delivery\u00a0<\/span><\/li>\n<\/ul>\n
In light of these changes, companies will no longer be able to use a PO Box as a registered office address<\/a>. If you currently use a PO Box, you should change your registered office to an appropriate address by 4 March 2024.\u00a0<\/span><\/p>\n
3. Changes to annual accounts<\/h3>\n
Over the next 2 to 3 years, Companies House will be transitioning toward the filing of annual accounts by software only<\/a>. This change will apply to company directors who file accounts themselves, as well as companies who use accountants or other third-party agents to prepare and file their annual accounts.<\/p>\n
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\n <\/a>\n <\/div>\n \nTo comply with the new requirement to deliver accounts in digital format, all companies must take steps to find suitable software before the web-based and paper filing options are removed.\u202f Software is already available, so most companies can make the necessary changes to their accounts filing now.<\/p>\n
Further information on changes to small company accounts filing options<\/a> is available from Companies House.<\/p>\n
4. Confirmation statement changes<\/h3>\n
From 4 March 2024, existing companies must provide a registered email address to Companies House when they file their next confirmation statement<\/a>. New companies will be required to provide this information when they incorporate.\u00a0<\/span><\/p>\n
5. New identity verification process<\/h3>\n
Over the coming months, a new identity verification process will be introduced in a bid to deter the use of companies for illegal purposes. This requirement will apply to anyone who sets up, runs, owns, or controls a company in the UK, including:<\/p>\n
- \n
- company directors\u00a0<\/span><\/li>\n
- people with significant control (PSCs)<\/li>\n
- members of limited liability partnerships \u00a0<\/span><\/li>\n
- any person acting on behalf of a company\u00a0<\/span><\/li>\n<\/ul>\n
For new companies, identity verification<\/a> must be completed at the time of incorporation. There will be a transition period for individuals in existing companies to verify their identity with Companies House.<\/p>\n
\n \n![\"Get](\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/hubspot_mobile.png\"\n)
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\n <\/a>\n <\/div>\n \nAn identity verification service using ID documents will be made available at Companies House. Authorised agents, such as company formation agents and accountants, will also incorporate the Companies House identity verification process in their existing checks.\u00a0<\/span><\/p>\n
There is no need to do anything at the present time. Companies House will publish detailed guidance at a later date.\u00a0<\/span><\/p>\n
6. Protecting personal information on the public register<\/h3>\n
In a phased approach over the next two years, Companies House will introduce greater protection of personal information on the public register<\/a>.<\/p>\n
- \n
- residential addresses (in most instances) when disclosed elsewhere on the register (e.g. when used as the registered office address of a company)<\/li>\n
- day of birth shown on documents registered before 10 October 2015 (since that date, only the month and year of birth have been publicly disclosed)<\/li>\n
- signatures<\/li>\n
- business occupation<\/li>\n<\/ul>\n
Where an individual is at personal risk of physical harm or violence (e.g. domestic abuse survivors) as a result of their personal information being disclosed on the public register, they will be able to apply to Companies House to have their details protected from public view.\u00a0This includes:<\/p>\n
- \n
- their name (or previous names)<\/li>\n
- sensitive addresses where public disclosure will put residents at risk (e.g. a women\u2019s domestic abuse refuge)<\/li>\n
- in the most serious cases, all other personal information (e.g. service address<\/a> details and partial date of birth)<\/li>\n<\/ul>\n
These measures require secondary legislation before they can be implemented.\u00a0Further guidance on protecting your personal information<\/a> is available from Companies House.\u00a0<\/span><\/p>\n
7. Changes to limited partnerships<\/h3>\n
As a result of changes to UK company law, limited partnerships<\/a> (LPs) will be required to file their information through authorised agents and provide more information to Companies House.<\/p>\n
Under these new measures, limited partnerships must:<\/p>\n
- \n
- provide the name, date of birth, and usual residential address of every partner<\/li>\n
- verify the identity of general partners<\/li>\n
- provide a UK registered office address<\/li>\n
- provide a standard industrial classification code<\/a> (SIC code)\u00a0to describe their business activities\u00a0<\/span><\/li>\n
- file an annual confirmation statement\u00a0with Companies House\u00a0<\/span><\/li>\n<\/ul>\n
The new rules<\/a> will apply to new and existing limited partnerships. Existing LPs will have a 6-month transitional period from the commencement of the new legislation to meet these new requirements. Any LP that fails to do so will be deregistered by Companies House at the end of the transitional period.<\/p>\n
8. Improving transparency of company ownership<\/h3>\n
To make corporate ownership more transparent, UK companies will soon be required to:<\/p>\n
- \n
- record the full name of every shareholder who is an individual (or the full names of corporate members and firms) in their statutory registers<\/a><\/li>\n
- provide a one-off full list of shareholders, to enable Companies House to display shareholder information on the public register in a way that is more user-friendly<\/li>\n<\/ul>\n
Companies House will also:<\/p>\n
- \n
- collect and disclose more information from any company that claims an exemption from providing information on people with significant control<\/a> (PSCs), including the reason for the exemption<\/li>\n
- collect and disclose the conditions that allow a relevant legal entity (RLE) to be recorded as a person with significant control<\/li>\n<\/ul>\n
Additionally, restrictions will be imposed on the use of corporate directors<\/a>. When the changes to UK company law come into effect, companies will only be permitted to appoint a UK corporate entity with a \u2018legal personality\u2019 as a corporate director.<\/p>\n
9. Changes to internal company registers<\/h3>\n
Currently, companies have a legal obligation to keep several statutory company registers at their registered office or SAIL address. However, under the new act, the government will remove the requirement for companies to maintain the following internal company registers:<\/p>\n
- \n
- Register of directors and r<\/span>egister of directors\u2019 usual residential addresses<\/li>\n
- Register of company secretaries\u00a0<\/span><\/li>\n
- PSC register<\/li>\n<\/ul>\n
Companies must continue to file details of their directors, secretaries, and PSCs at Companies House for disclosure on the public register. The requirement to keep other statutory company registers, including the register of members, will remain in place.<\/p>\n
No date has been announced for when these changes will take place. Companies should continue to maintain their internal registers in the meantime.<\/p>\n
Who is affected by these changes to UK company law?<\/h3>\n
The changes to UK company law introduced by the Economic Crime and Corporate Transparency Act<\/a> bring new responsibilities for:<\/p>\n
- \n
- all new and existing directors of UK companies<\/li>\n
- people with significant control of a company or LLP<\/li>\n
- members of limited liability partnerships and limited partnerships<\/li>\n
- anyone who files on behalf of a company or LLP (e.g. accountants, company formation agents, and company secretaries)<\/li>\n<\/ul>\n
The new legislation generally applies to all company types and other corporate entities registered with Companies House in England and Wales, Scotland, or Northern Ireland, including:<\/p>\n
- \n
- private companies limited by shares<\/li>\n
- private companies limited by guarantee<\/li>\n
- public limited companies (PLCs)<\/li>\n
- limited liability partnerships<\/li>\n
- limited partnerships<\/li>\n
- community interest companies (CICs)<\/li>\n
- overseas companies<\/li>\n<\/ul>\n
Whether you already have a company or are planning to set up a new company<\/a> shortly, it’s important to understand these new measures and the impact they will have on you and your business.<\/p>\n
Increases to Companies House fees<\/h3>\n
To fund the cost of its new powers and the measures introduced in the Economic Crime and Corporate Transparency Act, Companies House fees will increase in 2024. The changes to fee values will take new future expenditure into account whilst also ensuring costs are recovered from existing expenditure.<\/p>\n
Detailed information on the changes to fees and when they will come into effect is not yet available. Companies House will publish updates online in due course. You can also sign up for the Companies House newsletter<\/a> to receive regular updates.<\/p>\n
Thanks for reading<\/h3>\n
GOV.UK provides additional information on the changes to UK company law<\/a>. For more small business news and limited company guidance, check out the Quality Company Formations Blog today.<\/p>\n
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