Changes to UK Company Law: What You Need To Know

Feb 19, 2024

Due to The Economic Crime and Corporate Transparency Act, Companies House is currently undergoing a major transformation. Some of the changes are planned to be introduced from March 2024, while others will be phased in over the next few years. Here are some of the key changes that you need to be aware of:

  • Identity verification for all new and existing directors, people with significant control (PSCs), and those who file information on behalf of companies will need to verify their identity with Companies House.
  • Greater powers to query incorrect information and remove false, misleading, or offensive information filed with them.
  • Stricter rules on company names and registered office addresses
  • New lawful purpose statements

What do these changes mean for your company?

The above changes will have a significant impact on how you interact with Companies House, however, there are some benefits of these changes, which include more confidence, trust, and legitimacy in the information held at Companies House.

There are however some challenges that will arise due to these changes which will include:

  • Verifying identities with Companies House and providing additional information to support your filings.
  • Any queries or requests from Companies House will need to be actioned urgently.
  • Complying with new rules and the consequences of non-compliance.

How can you prepare for these changes?

  • Check the data held at Companies House is correct and complies with the new rules.
    If you require any assistance with updating any data at Companies House, please do let us know by contacting us on 01902 711370 or email enquiries@uklandlordtax.co.uk.
  • Check your identity documents, such as your passport or driving license, and make sure they are valid and up to date.
  • Ensure you have an active and secure email address and phone number to receive notifications and communications from Companies House.

If you would like to find out more about the upcoming changes, please use the following link Companies House (blog.gov.uk)

You can also contact Companies House directly if you have concerns about how these changes will affect you and your company.

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