On 26 October 2023, The Economic Crime and Corporate Transparency Bill achieved royal assent and has become law. 

Although the Bill has received royal assent and is now an act, you do not need to do anything differently just yet.  Some of the measures in the act, such as identity verification, will not be introduced straight away. Many of these changes need system development and secondary legislation before they're introduced.

We expect Companies House to start enforcing measures in early 2024, we will be in touch when more details are released.
 

Measures introduced in 2024:

• Individuals who register companies or file with the Registrar will have to prove they are who they say they are by verifying their identity. This will apply to existing directors, People with Significant Control, and the majority of those delivering documents to the Registrar.
 
• Small Companies will now be required to file Profit and Loss Figures to ensure that key information such as turnover is available on the public register. Companies will no longer be able to file abridged accounts.
 
• Companies House will have greater powers to query information, with the ability to scrutinise and reject information that seems incorrect or inconsistent. They will also use data matching to identify and remove inaccurate information.
 
• There will be stronger checks on company names.
 
• Introduction of new rules for registered office addresses where all companies must have an appropriate address at all times. 
 
• Companies must supply a registered email address.
 
• Companies will need to confirm annually that any future activities will be lawful on their confirmation statement.
 
• Companies House will be able to share data with other government departments and law enforcement agencies.
 

How Jerroms can help

As a business, it probably seems like your list of reporting requirements with Companies House and HMRC is never ending. Keeping company records up-to-date and making sure they’re filed on time is just one small but important part of running a business. 
As our client, our experts will keep you informed as and when these changes occur and are ready to support your through the process. Your assigned account manager is available to answer any queries you may have.