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Some of the changes to UK company law set out under the Economic Crime and Corporate Transparency Act 2023 (the Act) were implemented on 4 March 2024. Here we explore what you need to know and what the changes could mean for you.
The Act aims to improve the accuracy and completeness of the register of companies and to prevent companies from being used to facilitate or carry out unlawful activities.
The key changes:
This means that companies will no longer be able to use a PO Box as their registered office address.
If Companies House consider an address inappropriate, they could change that address to a default address at Companies House. The company will have 28 days to provide an appropriate address and evidence of proprietary ownership. If they fail to comply, Companies House may begin the process to strike the company off the register.
Yes, an imminent change is the increase to Companies House fees, due to be implemented on 1 May 2024.
There are further changes to look out for over the next few years. These include the introduction of identity verification for directors and a move to software-only accounts filing.
Reform will impact company directors and secretaries; those who act or undertake Companies House filings on behalf of companies and limited liability partnerships (LLPs); and those intending to incorporate a new private limited company or LLP.
If you require support to ensure your compliance with the Act; advice relating to your existing company or business; or are considering incorporating a new private limited company or LLP, please contact Scott Richardson in our Corporate and Commercial Team by phone on 01329 227907 or by email on scott.richardson@glanvilles.co.uk.
If you require further legal advice, please contact one of our experienced solicitors by emailing hello@glanvilles.co.uk who would be happy to assist.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute, legal advice, and should not be relied upon as advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. All content was correct at the time of publishing. Legal advice should always be sought in relation to specific circumstances.