Companies House & the Economic Crime & Corporate Transparency Bill
Oct 30, 2023 4:51:26 PM
Update
The Economic Crime and Corporate Transparency Bill published on 22 September 2022, proposes fundamental changes to Companies House. The changes are intended to improve data reliability at Companies House and deter money laundering and fraud. The bill is expected to receive royal assent late this year, with the reforms phased in thereafter.Key reforms include:
Identity verification
The following people will be required to have their identities verified at Companies House:
• All new and existing directors of companies, members of limited liability partnerships and general partners of limited partnerships
• Persons with significant control (PSCs)
• A relevant officer of registrable relevant legal entities (RLEs)
• All persons making filings at Companies House on behalf of an entity.
Individuals can verify their identities directly or via an authorised corporate service provider, an intermediary, such as a law firm or accountant, registered with a supervisory body.
Accounts
All accounts will need to be digitally submitted to Companies House and tagged using standard labels for the reporting of financial data (iXBRL). Small companies will be required to file audited annual accounts - unless they benefit from an audit exemption. Micro-entities will be required to file accounts including balance sheet and profit and loss. Small companies will no longer be able to file abridged or filleted accounts.
Registered office and email address
A company’s registered office will need to be an appropriate address where documents will come to the attention of someone acting on behalf of the company and acknowledgment of delivery can be recorded. Companies also will be required to keep an appropriate email address with Companies House, although this will not be available for public inspection.
Links: https://www.jdsupra.com/legalnews/companies-house-reforms-the-economic-4653872/