Economic Crime and Corporate Transparency Act

New measures – and requirements for businesses were rolled out with the introduction of the Economic Crime and Corporate Transparency Act.

These changes to UK company law come into effect in March 2024. It is of the utmost importance that you have a full grasp on these changes and how they impact you. Our clients already know they have a helping hand from Francis Accountancy as we are always up to date – and willing to assist.

Who Will Be Affected?

  • all new and existing company directors 
  • people with significant control of a company (PSCs) 
  • anyone who files on behalf of a company 

What Are The Changes

In a nutshell the act is intended to reduce financial irregularities and crime by increased transparency and more rigid verification of person identities. There will also be an increase in fees.

The main changes will be:

Improving the quality of data held

From March 2024,

  • Greater powers for Companies House to query information,
  • Stronger checks on company names
  • New rules for registered office addresses,
  • New lawful purpose statements.

Identity verification

Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity.

Changes to filing accounts

Moving towards filing accounts by software only, and changes to small company accounts filing options.  

Confirmation statement changes

New requirements to provide a registered email address and to confirm that the future activities of the company will be lawful.  

Changes to Companies House fees

As mentioned previously there will be an increase in fees. 

More protection of personal information

Individuals will be able to apply to suppress personal information from historical documents, and apply to have personal information protected from public view.  

Changes to limited partnerships

Limited partnerships will need to file their information through authorised agents, and they’ll need to file more information with Companies House.

More transparency of company ownership

New requirements to provide additional shareholder information, and restrictions on the use of corporate directors.  

Investigation, enforcement and data sharing

More effective investigation and enforcement powers for Companies House, and new powers to share data with law enforcement agencies and other government departments. 

Get the full low down on these changes by visiting: