Update April 2024: Changes to UK Company Law Announced by Companies House

HMRC Tax Agents would have received an update from Companies House regarding how to implement the changes to the UK Company Law. These changes are part of the Economic Crime and Corporate Transparency Act and aim to boost confidence and curb economic crime in the UK economy.

Companies House now has enhanced powers to query and request supporting evidence for information that appears incorrect or inconsistent. Inaccurate, incomplete, false, or fraudulent information will be removed, and annotations will be used to alert users about potential issues with the supplied information.

Stricter Compliance Procedures to Come 

Following the announcement, stricter procedures have been implemented to monitor respective processes and applications, for example, forming new companies and filings, verifying taxpayer identity, locations, and contacts in the UK, as well as overseas/non-resident identity and filings. It mandates electronic filing of tax returns and other filings through authorised persons, accountants, and HMRC Tax Agents only. The assurance process is in response to global events such as the Russia-Ukraine war and concerns over hostile countries, terrorist financing, and money laundering activities.

Result of Non-Compliance

Non-compliance with the new requirements could result in non-compliance, refusal or rejection of filings and applications, and/or financial penalties, an annotation on the company's record, even prosecution. These changes are expected to enhance the integrity of the register and safeguard against misleading or unlawful activity. This article is a summary of the recent announcement from Companies House.

Ensure Compliance Importance

The April 2024 UK Company Law updates strengthen transparency and accountability for all businesses. Staying compliant is key—work with authorised accountants or HMRC tax agents to ensure your filings meet the new standards and safeguard your company.

Need help navigating these new UK Company Law changes? Our experienced accountants and HMRC-registered tax agents can guide you through compliance, filings, and verification requirements. Contact Elaga Accountancy today and ensure your business stays fully up to date and protected.

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