Economic Crime and Corporate Transparency Act
The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023.
The act gives Companies House the power to play a more significant role in tackling economic crime and supporting economic growth. Over time, the measures will lead to improved corporate transparency and more accurate and trusted information on our registers. The act introduces the biggest changes to Companies House since corporate registrations were established in 1844, and applies to all entities registered on Companies House in England and Wales, Scotland and NI.
At a glance
- Introducing identity verification for all new and existing registered company directors, people with significant control (PSCs), and those who file on behalf of companies. Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity
- More reliable and accurate financial information on the register, which reflects the latest advancements in digital technology and enables better business decisions. Transitioning towards filing accounts by software only, and changes to small company accounts filing options
- Providing Companies House with more effective enforcement powers, and increasing their ability to share relevant information with partners
- Enhancing the protection of personal information to protect individuals from fraud and other harms. Individuals will be able to apply to suppress personal information from historical documents, and apply to have personal information protected from public view because of risk of harm
- Checks on company names, new rules for registered office addresses, a registered email address and to confirm that the future activities of the company will be lawful
- Broadening Companies House power to become a more active gatekeeper over company creation and more reliable public data alongside more effective investigation and enforcement powers for Companies House, and new powers to share data with law enforcement agencies and other government departments
- And an increase in filing fees, of course!
Link to the new website, set up by Companies House can be found here: https://changestoukcompanylaw.campaign.gov.uk/
Get Company Accounting Advice
In a rapidly evolving financial landscape, staying on top of changing accounting legislation is essential. At Moorgate, we understand the challenges that businesses and individuals face when it comes to compliance and financial reporting. Our team of expert accountants are here to provide you with the guidance and advice you need to ensure your financial affairs are in order. Please call us for a free 30-minute consultation.
Moorgate Chartered Accountants
01883 730044