In October 2023 the Economic Crime and Corporate Transparency Act (ECCTA) became law.
The aims of the act are to give Companies House more powers to aid in disrupting economic crime and supporting economic growth. As a result, several changes are going to be introduced at Companies House.
The first set of these changes come into effect on Monday 4 March 2024.
WHAT ARE THE MAIN CHANGES?
REGISTERED OFFICE ADDRESS
It is crucial for companies to ensure the accuracy and completeness of the information they provide to avoid facing adverse consequences under the new regulations.
Companies must always have an ‘appropriate address’.
- An appropriate address is defined as one where any documents sent should be expected to come to the attention of a person acting on behalf of the company and can be recorded by an acknowledgement of delivery.
- An example of an inappropriate address would be a PO Box.
Failure to change the address at the request of Companies House may result in your company being struck off.
How Richardsons can help
As part of our company secretarial services, you have the option to use Richardsons office address as your registered office address.
REGISTERED EMAIL ADDRESS
All companies will be required to give a registered email address as part of their next confirmation statement.
Companies House will use this email address to communicate with the person acting on behalf of the company.
Unlike the registered office address, the registered email will not be available for the public to view.
How Richardsons can help
If we provide your company secretarial services, we will prompt you for an email address when we are preparing your next confirmation statement.
As part of our services, we will offer a dedicated Richardsons email address if do not wish to use one of your own.
REGISTRAR’S POWERS
Changes being made by the ECCTA (Economic Crime and Corporate Transparency Act) are aimed at empowering registrars to more effectively address inaccurate or inconsistent information provided by companies. The registrar will have increased authority to question and dispute data that does not align with existing records.
Failure to respond to requests for additional information from Companies House may result in penalties such as annotations on the company’s records, fines, or even legal prosecution in serious cases.
How Richardsons can help
If you feel there is anything that may be raised by these new checks, or any information you know to be incorrect, we suggest that you get this updated or corrected as soon as possible.
If you get in touch with a member of our Company Secretarial Team they will be happy to help.
COMPANIES HOUSE FEES
From 1st May 2024, Companies House fees will also be increasing to cover the cost of their services.
The main fee increase that will affect every company is the Confirmation Statement annual filing fee, which is increasing from £13 to £34.
Other fees such as incorporation fees and striking off fees will also increase significantly.
Additional changes from the act will be introduced at a later date.
These include:
- Identity verification for new and existing directors and PSCs.
- Changes to accounts filing.
- Greater transparency of company ownership.
- Changes to Limited Partnerships.
By connecting with our Company Secretarial Team, you can benefit from their specialised knowledge and experience in ensuring your company’s legal and administrative obligations are met efficiently. They can provide valuable guidance on corporate governance issues, help you understand regulatory changes, and assist in maintaining compliance with relevant laws and regulations.
