Significant fee increases at Companies House effective from 1 May

From the 1 May 2024, Companies House have significantly increased their fees in preparation for the digital transition needed towards ensuring that documents delivered to the register are accurate and are not false or misleading. We will start to see strengthened procedures regarding verifying identifications for anyone setting up, running, owning, or controlling a company. For existing companies, all directors, PSCs (Persons of Significant Control) will have a transition period to verify their identification. Failure to respond to any formal requests from Companies House could result in a financial penalty or prosecution.

One of the key aims of the Economic Crime and Corporate Transparency Act is to improve the accuracy and quality of the data held on the register, to help tackle economic crime. From March 2024 Companies House will have greater powers to query information filed, with stronger checks on company names, new rules for registered office addresses and new lawful purpose statements when filing Annual Confirmation Statements.

According to GOV.UK, Companies House has indicated that these fee adjustments are essential to cover the costs of service provision and to implement new powers under the Economic Crime and Corporate Transparency regulations.

These fee changes reflect substantial regulatory shifts. The new pricing structure aims to promote digital filing, making paper-based filings more expensive and aligning with the broader trend towards digitalisation and efficiency in the legal framework. These adjustments also suggest that administrative processes at Companies House will become more complex as the new regulations take effect.

If you are looking for business advice, from incorporation to exit and everything in between, call JW Hinks on 0121 456 0190. Our friendly and experienced team can help ensure your business is on firm footing and primed for growth.