At Parker Russell UK, we are committed to keeping our clients informed about regulatory changes that may impact their businesses. Companies House has introduced a series of updates under the Economic Crime and Corporate Transparency (ECCT) Act, with the first phase implemented on 4 March 2024. More changes are on the horizon, and it’s crucial to prepare now.
Key Changes and What You Need to Do
Reminder: Changes Introduced in March 2024
- Companies must have an ‘appropriate address’ as their registered office at all times.
- A registered email address is now mandatory for all companies to receive important communications from Companies House.
- Companies House may take action against companies and their officers if these requirements are not met.
New Financial Penalties
- From October 2024, Companies House will impose financial penalties for non-compliance, such as failing to file confirmation statements on time.
- Additional penalties will be introduced as further regulatory measures come into force.
- Sign up for Companies House email reminders to ensure timely compliance.
Identity Verification: Get Ready
- Soon, all company directors, owners, and persons with significant control (PSCs) must verify their identity.
- Verification will be done via GOV.UK One Login or through an Authorised Corporate Service Provider (ACSP).
- Ensure Companies House holds correct personal details for all officers and PSCs.
- Non-compliance with identity verification will be an offence and may result in financial penalties and restrictions on filings.
Register as an Authorised Corporate Service Provider (ACSP)
- Accountants, agents, and corporate service providers handling filings for clients must register as an ACSP.
- ACSPs must be supervised by a UK Anti-Money Laundering (AML) body.
- Registration can be completed via the Companies House authorised agent service.
Changes to Accounts Filing
- The online accounts and Company Tax Return service will close on 31 March 2026.
- Companies will need to transition to software-based filing over the next 2 to 3 years.
- Companies House will provide 21 months’ notice before the software-only transition becomes mandatory.
- A Find Software for Filing tool is now available to assist with selecting appropriate software.
Stay Updated & Ensure Compliance
To stay informed on all upcoming changes:
- Visit the Changes to UK Company Law section on the Companies House website.
- Sign up for email notifications for the latest regulatory updates.
At Parker Russell UK, we understand these changes may seem complex. Our team is here to provide expert guidance to ensure your business remains compliant and avoids penalties.
