Major changes to UK company law 2024
Posted on 23rd April 2024 at 16:30
Major changes have been introduced by Companies House with the first set of changes being introduced on 4th March 2024.
What are the main changes and how will they affect limited companies, LLP's and directors from now on?
These changes include:
greater powers to query information held on the register
stronger checks on company names
ID verification for directors
new rules for registered office addresses
a requirement for all companies to supply a registered email address
a requirement for all companies to confirm they’re forming the company for a lawful purpose when they incorporate, and to confirm its intended future activities will be lawful on their confirmation statement
taking steps to clean up the register and remove inaccurate information, including that related to PSC (persons of significant control)
What do the changes mean for you?
All companies must have an 'appropriate address' which means that any company who is using a PO Box address for it's registered office now needs to change it to an address where any documents sent to that address should come to the attention of a person acting for the company. Companies that do not change to an appropriate address will risk being struck off the register by Companies House.
All companies will need to provide a registered email address to Companies House (this email address will not be made publicly available).
All new incorporations, and existing companies, will need to include a statement of lawful purpose on their confirmation statement. The purpose of this statement is to confirm that the company's intended future activities are lawful, with the intention being to deter fraud.
Filing fees
Standard filing fees have now increased, with the one that will affect all companies being the confirmation statement fee. This has increased from £13 to £34.
There are further significant changes due, including ID verification requirements and small company profit and loss filing, which will affect anyone who operates a limited company or LLP. Some of these changes are being phased in over the next 2-3 years but some are in force now, so please do not ignore any correspondence sent to you directly from Companies House.
If you have any queries or concerns about the changes and need more information please do get in touch.
Tagged as: Companies House, Limited companies
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