March 2, 2024
Attention all businesses! Significant changes to UK company law are on the horizon, impacting all companies registered with Companies House. Here at Your Tax Accountant, we’re committed to keeping you informed and ensuring you’re prepared for these upcoming regulations.
What’s changing?
The Economic Crime and Corporate Transparency Act 2023 aims to increase transparency and accuracy within UK companies, helping to combat economic crime and boost confidence in the UK economy. The first set of changes is expected to come into effect on March 4, 2024, with the potential for further changes in the future.
Key changes to be aware of:
- Stricter requirements for registered office addresses: Companies must now have an “appropriate” registered office address, meaning it should be a physical location where documents can be received and acknowledged. PO boxes will no longer suffice.
- Mandatory registered email address: All companies will need to provide a registered email address to Companies House. This address will not be publicly available. Existing companies will need to update this information with their next confirmation statement.
- Enhanced powers for the Registrar of Companies: The Registrar will have increased powers to query information, request supporting evidence, and directly impose financial penalties for non-compliance.
- Confirmation of lawful purpose: Companies will be required to confirm their continued operation for a lawful purpose on their annual confirmation statement.
How can Your Tax Accountant help?
We understand navigating these changes can be confusing and time-consuming. Your Tax Accountant is here to assist you in ensuring your company complies with the new regulations. We can help by:
- Reviewing your current company information and identifying potential areas requiring action.
- Guiding you through the process of updating your registered office address and email address.
- Answering any questions you may have about the new regulations and their implications for your business.
- Providing ongoing support and guidance as further changes unfold.
Don’t wait until the deadline! Contact Your Tax Accountant today to discuss your specific situation and ensure a smooth transition under the new UK company law framework.
Additional Resources:
- Changes to UK Company Law: https://changestoukcompanylaw.campaign.gov.uk/
- Companies House: https://www.gov.uk/government/organisations/companies-house
Stay informed and take action today!