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Changes to Companies House

Posted on October 23rd, 2024 in General

On 4 March 2024, changes to UK company law came into force, giving Companies House new powers to improve the accuracy and quality of data on their registers, investigate the information provided and enforce regulations. This is part of a wider effort to combat economic crime and improve transparency. Several important changes have already been made, with more on the way. Below is a summary of the key changes, how they might impact your business, and steps you need to take to ensure that your business is compliant.

Key Changes and What They Mean for Your Business

  • Registered Office Address

Your business must now have an ‘appropriate address’ as the registered office address. To qualify, the address must:

  • Be a physical address within the UK
  • Be accessible to the company and company directors
  • Ensure that documents sent to the company can be received and acknowledged by someone acting on behalf of the company

You can no longer use a PO Box as your registered office address.

If your registered office does not meet these requirements, Companies House will change your address to a default one and give you 28 days to provide an appropriate address. Failing to do so could start the process of your company being struck off the register.

  • Lawful Purpose Statements

New businesses must confirm that their company is being formed for legal purposes. For all businesses, both new and existing, you must also confirm every year that your company’s intended activities are lawful. This confirmation is part of your annual confirmation statement. Without this, you will not be able to submit the confirmation statement, which could lead to sanctions.

  1. Confirmation Statements

Every company, including dormant or non-trading ones, must file a confirmation statement every year. This is required even if there have not been any changes in your business information during the review period.

Registered Email Address

All new businesses must now provide a registered email address at the time of incorporation. Incorporating a company is the process of registering your business as a limited company with Companies House.

Existing businesses are also required to provide a registered email address. This change took effect on 5 March 2024, so going forwards, all confirmation statements filed must include a registered email.

Software-Only Filing

Companies House is moving towards a system where accounts can only be filed using approved software. While this is not mandatory yet, it is a good idea to start preparing for the switch. Suitable software is already available for this and if you use an accountant to file your accounts, it would be a good idea to discuss this with them now to ensure you are ready.

Increased Companies House Fees

From 1 May 2024, Companies House increased its fees. Below are some of the updated fees for key services. The fees vary depending on the method you use to file your business information – whether digital, approved software or on paper.

For the full list of updated fees, visit Companies House website.

  • Company Incorporation (Limited Companies)
    • Digital: £50
    • Same-day software: £78
    • Paper: £71
  • Confirmation Statement
    • Digital and software: £34
    • Paper: £62
  • Changing Business Name
    • Digital: £20
    • Paper: £30
  • Community Interest Companies (CIC)
  • Incorporation (Digital): £65
  • Incorporation (Paper): £86
  • Conversion from a limited company to a CIC: £45

 

What Do You Need to Do?

To stay compliant with the new changes, here is a checklist of what you would need to do:

  1. Update your registered office address with an appropriate address
  2. Provide a registered email address when you file your next confirmation statement.
  3. Confirm your business activities are lawful. This needs to be done when filing your confirmation statement.
  4. File your Confirmation Statement. Even if there have been no changes in your business information, this must be filed each year.

With the recent changes and new powers granted to Companies House, you may receive more queries or requests for additional information. It is important to respond within the given timeframe to avoid sanctions, which could include:

  • a financial penalty
  • an annotation on the company’s record. This is a public note indicating you’re the company information is misleading or unclear. This can harm the business’ reputation and erode trust with customers, clients or investors
  • prosecution

Need More Help?

For more information on these changes, visit the Companies House website.

If you are looking for support on how to start or grow your business, NWES offers free business support, training, and networking opportunities. You can visit the NWES website, email [email protected], or call 01279 311400.

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