The Economic Crime and Corporate Transparency Bill (“ECCTB”), introduced to Parliament in September, will implement the most wide-ranging reform of Companies House since the first creation of a UK company registrar in 1844.
The ECCTB is expected to receive Royal Assent in spring 2023 and its provisions may begin to come into effect later that year. Businesses should begin preparations now, as the new changes will potentially make the process of Companies House filing more onerous and time-consuming.
The main changes to be aware of are:
- ID Verification: all directors, People with Significant Control and those delivering documents to Companies House will be required to verify their identities.
- Information Review Powers: the registrar will have greater powers to assess submitted documents and reject documents which contain inaccuracies.
- Financial Information Reform: all companies, including ‘small’ companies which are currently exempt, will be required to file an annual profit and loss account.
- Enforcement Powers: the registrar will be able to share information with law enforcement bodies if there is an unusual filing or suspicious behaviour, including to counter fraud.
These changes indicate a clear desire to evolve Companies House from an organisation which merely processes and displays notified information to one which ensures its information is accurate and complete and actively combats illicit activity.
Further information about the ECCTB can be found here.
At Hamlins, we can help with Companies House filings for your company and ensure you notify Companies House of all legally required submissions in a timely manner.
If you would like a conversation to find out how we might be able to help you, please contact Matthew Pryke.