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Update: The Economic Crime and Corporate Transparency Act

1st Mar 2024
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Bright was created in 2021 when Thesaurus Software Ltd. and Relate Software Ltd. decided to join...
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In late 2023, the UK Parliament passed the Economic Crime and Corporate Transparency Act (ECCTA), and it is now becoming law. Companies House are expecting the first changes to requirements for businesses to register or file CS01 statements to go live on 4th March 2024. There's also a change in Companies House fees coming after 1st May 2024.  

What’s changing after 4th March  2024? 

The ECCTA will have a significant impact for agents handling company secretarial matters for their clients. This legislation aims to enhance corporate transparency and combat economic crime by requiring companies to disclose beneficial ownership information.  

The ECCTA now requires companies to give detailed information about their company directors and People with Significant Control (PSCs). Agents must keep accurate and current records for them. Not following these new rules can lead to serious consequences for UK businesses and their representatives. 

The ECCTA is now examining company documents more closely. They have also made it easier for authorities to investigate economic crimes. Agents are important for making sure all paperwork is correct to prevent legal issues. Companies House can now check company details and correct errors, with authority to impose penalties, sanctions, or legal action if needed. 

Direct filing fees are increasing  

Companies House is also increasing its fees from 1st May 2024. The cost of incorporating a company online will rise to £50 (from £12) and the cost of filing a confirmation statement will rise to £34 (from £13).   

For us at Bright, the ECCTA has meant updates to our company secretarial software to help users streamline their processes and ensure compliance with the new regulations.  

You can now confirm clients' email addresses automatically with information from their client record in one click. The declaration of legal intent will be active after March 4, 2024. We will continue to add more features as needed during the implementation period.  

BrightCoSec makes managing Company Secretarial work easy with key date syncing, workflows, direct filing to Companies House, and other helpful features. 

Get ready now 

The ECCTA has brought more transparency and accountability for companies, affecting agents who work on company secretarial tasks. Agents can keep helping clients by staying ahead and following new rules. This way, they can provide good services and stay legal. 

See how our company secretarial software for accountants, BrightCoSec, can help you stay on top of changes to Companies House requirements. Click the link below to book your demo.  

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