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The Economic Crime and Corporate Transparency Act will bring about significant changes to UK company law, with the initial set of measures set to come into force from 4th March 2024.
These revisions introduce fresh obligations for company directors, individuals holding significant control (PSCs), and those responsible for filing on behalf of a company or LLP.
Redefined Regulations for Registered Office Addresses
Commencing 4th March 2024, all companies will be mandated to designate an ‘appropriate address’ as their registered office. An appropriate address is one where any correspondence sent can reasonably be expected to reach someone representing the company and be acknowledged upon delivery.
These alterations will impact entities utilizing a PO Box as their registered office address. Any company currently employing a PO Box address for this purpose must alter their registered office by 4th March to avoid potential removal from the register.
Failure to comply will result in Companies House automatically assigning a default address. Subsequently, the company will have 28 days to furnish an appropriate address before facing potential striking off.
Amendments to Company Filings
All companies will be required to provide a registered email address to Companies House. Beginning 4th March, newly incorporated companies must furnish this information during the incorporation process, while existing companies must include a registered email address on their subsequent confirmation statement from 5th March onwards. The provided email address will be utilized solely for official communication purposes and will not be publicly accessible.
Furthermore, in the forthcoming years, there will be adjustments to the method of filing annual accounts, with Companies House transitioning exclusively to software-based filing. Companies must adapt to these new requirements by procuring suitable accounting software before the cessation of existing web-based and paper accounts filing methods.
Our company offers such services in collaboration with SAGE, providing fully cloud-based accounting software replete with professional reports and analytics.
Enhanced Verification Process of Companies House
Companies House will implement a new identity verification process aimed at deterring illicit activities associated with companies. Additionally, measures will be taken to combat the misuse of company names, with stringent checks conducted on names that may mislead or deceive the public.
Individuals involved in establishing, managing, owning, or controlling a company in the UK will be obligated to undergo identity verification to substantiate their claimed identity.
Upcoming Alterations to Accounts in the Near Future
Small and micro-entity companies will be required to submit a profit and loss account.
Small companies not meeting the criteria for micro-entities will need to file a directors’ report.
The option to file ‘abridged’ accounts will be discontinued.
Any company availing an audit exemption must include an additional statement by the directors on the balance sheet.
Limitations will be imposed on how frequently a company can truncate its financial year, known as the 'Annual Accounting Period.'
For more, please visit GOV.UK .
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ATTENTION!
This article intends to give only a general informative picture and should not, in any case, be taken as a rule. It is strongly recommended to seek a full and professional guidance specifically for your circumstances before making any decisions.
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