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Companies House fees are increasing this week

29th Apr 2024
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In case you haven’t heard, the UK Parliament passed the  Economic Crime and Corporate Transparency Act  (ECCTA) back in March of this year. 

With this new law comes an increase in fees from Companies House which will come into effect from Wednesday, 1st May. These fee increases will significantly impact accountants who handle company secretarial matters for their clients. 

What are the fee increases? 

Here’s a breakdown of the key fee increases that will take effect from the 1st of May: 

  • The cost of incorporating a company online will rise to £50 (from £12) 
  • If you want a same-day incorporation, it’s gone up to £78 (from £30) 
  • The cost of filing a confirmation statement will rise to £34 (from £13) 
  • Voluntary strike off has risen to £33 (from £8) 
  • Change of name has risen to £20 (from £8) 

For the full list of fee increases, please click here

Why was the ECCTA brought in? 

The ECCTA was brought in to improve transparency, strengthen the business environment, combat economic crime, all whilst delivering a more reliable companies register to underpin business activity. Companies House can now check company details, correct errors, and have the authority to impose penalties, sanctions, and take legal action, if necessary. 

Here’s a quick summary of some of the key changes that are happening due to the implementation of the ECCTA: 

  • Identity verification required for all company directors, enhancing data accuracy. 
  • The Registrar's powers expanded to actively oversee company creation and manage reliable data. 
  • Improving financial information on the register for better accuracy and business-decision support. 
  • Companies House now has more effective investigation and enforcement powers, with data cross-checking capabilities to detect anomalies. 
  • Better protection of personal information to fend off fraud. 
  • Broader reforms planned to deter misuse of corporate entities. 

In addition, the government has introduced some new measures, including: 

  • A 'failure to prevent fraud offence' which holds organisations accountable if they profit from employee-committed frauds. 
  • 'Identification doctrine' which has reformed corporate criminal liability laws through corporations now being held liable for economic crimes. 

This means that agents must make sure that all paperwork is correct, as being non-compliant to these new rules could lead to serious consequences for both you and your clients.  

Where can I find more information on the ECCTA? 

The ECCTA introduces significant changes for all companies and their filing requirements. We get that you want to help your clients with these new changes by educating yourself on these new rules (hence as to why you clicked into this article). However, we understand how difficult it can be to find expert knowledge on the topic of ECCTA without spending hours digging through HMRC’s website. 

That’s why we’ve got a webinar coming up on Wednesday, the 12th of June at 11:00 am with ECCTA expert, Julia Penny, who'll cover what the key changes ECCTA have brought on to companies, and how you and your clients can best navigate them. 

Sign up for upcoming webinar on ECCTA now by clicking the link below. 

Register now

 

eleanor vaughey     

 

Written by Eleanor Vaughey | Bright