Clive Owen LLP

A leading independent regional accountancy firm is warning businesses of extra Companies House checks and charges after legislative changes came into effect.

Clive Owen LLP, which has offices in Darlington, Middlesbrough, Durham, and York, is highlighting the recent changes brought about by the Economic Crime and Corporate Transparency Act 2023.

The Act, which came into effect on 26th October 2023, has brought about significant changes to the way in which Companies House operates, including enhanced powers and increased fees for the submission of various documents.

Martin Hobson, partner at Clive Owen LLP, highlights the importance of these changes for UK businesses. "The new regulations mark a pivotal shift in ensuring greater transparency and accountability within the corporate landscape of the UK. It's crucial for businesses to understand these changes and adapt accordingly to remain compliant.”

As of 4 March 2024, several changes have been implemented, including:

• Registered Office Address: Companies must use an 'appropriate address', effectively prohibiting the use of PO Box addresses to ensure greater transparency.
• Lawful Purpose Declaration: Companies are now required to declare their intended future activities as lawful upon incorporation and annually in the Confirmation Statement.
• Registered Email Address: An email address must be provided upon incorporation and annually, to make communication with Companies House easier. This address will not be public.
• Increased Powers to Challenge: Companies House has been granted enhanced powers to check, challenge, and enforce changes in the information provided, with the ability to issue penalties or take further action as necessary.

Starting 1 May 2024, Companies House will implement a significant increase in fees for various submissions. For example, the fee for filing an annual Confirmation Statement will rise from £13 to £34 for digital submissions, and the cost of forming a new company online will increase from £27 to £65. These adjustments are attributed to the additional workload anticipated due to the new powers granted to Companies House.

Martin Hobson added: “In addition to being aware of the recent changes, businesses need to prepare for the future and things that have been announced but are yet to be implemented. These include the requirement for small and micro entities to disclose more information in their public accounts and the mandatory verification of identity for directors and people with significant control. These changes will require further legislation and are part of the ongoing efforts to enhance corporate transparency and combat economic crime.”

ENDS

NEWS RELEASE: ISSUED ON BEHALF OF CLIVE OWEN LLP

CONTACT: Caroline Walker on 01325 363436

Notes to editors:

Clive Owen LLP are Chartered Accountants and Business Advisers.

The firm has 13 partners and 134 staff across four offices in Darlington, Middlesbrough, Durham and York.

It is an independent and commercially driven regional accountancy firm providing value added services to corporate, commercial, public sector and private clients.

Over the past forty years the firm has established itself as one of the largest and most trusted professional firms in the North East. This has been achieved by working closely with its clients to understand their needs and aspirations to ensure they achieve their financial goals.

Its services include:

Audit and Accountancy

Tax

Business Planning

Managed Services

Corporate Finance

Grants

It is a member of Kreston Global which is a worldwide network of independent accountancy and advisory firms.

Founded in 1971, Kreston offers reliable and convenient access to high-quality services through member firms located around the globe. Currently ranking as the 12th largest accounting association in the world, Kreston now covers 125 countries providing a resource of over 25,000 dedicated professionals.

This global network can be of huge value to our clients who can benefit from enhanced research coverage, local market knowledge, and cross-border professional expertise.