GREGORY ABRAMS DAVIDSON SOLICITORS
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In 2024, Companies House implemented significant reforms under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) to enhance corporate transparency, compliance and combat financial crime.
If you are an entrepreneur looking to form a company, or any one of the following – Board Director, Company Secretary, Shareholder, Person of Significant Control, Beneficial Owner of Shares, Trustee or other stakeholder – you should be aware of the key changes, which include:
1. Identity Verification
2. Authorised Corporate Service Providers (ACSPs)
To qualify, they must:
Companies House has the authority to suspend or revoke an ACSP’s registration if they fail to comply with the required standards.
3. Financial Penalties and Enforcement
It is worth noting, however, that reports indicate that less than half of these fines were collected in the 2023/24 period, highlighting challenges in enforcement.
New criminal offences and civil penalties have been introduced to complement these measures.
4. Changes to Company Accounts
This service currently allows companies to file both their annual accounts with Companies House and their Company Tax Returns with HM Revenue & Customs (HMRC) simultaneously.
After this date, companies will need to adopt alternative filing methods.
Alternative Filing Methods Available:
1. Commercial Software: Companies will be required to use commercial software to file their Company Tax Returns with HMRC. This shift aligns with HMRC’s move towards digital tax reporting and aims to modernize the filing process.
2. Companies House Web Services: For filing annual accounts, companies can utilize Companies House’s web services. This platform will continue to support digital submissions, ensuring a streamlined process for companies.
3. Paper Filing: Although digital methods are encouraged, companies retain the option to file their annual accounts with Companies House via traditional paper-based submissions. However, it’s important to note that HMRC will require the
use of software solutions for Company Tax Returns, reinforcing the push towards digital tax reporting.
Our Advice and Preparation Recommendations:
In summary, these changes underscore the UK’s commitment to enhancing corporate transparency and streamlining regulatory processes, aiming to deter fraudulent activities and ensure the integrity of the corporate register.
By proactively adapting to these new requirements, companies can ensure continued compliance and efficient management of their filing obligations.
If you require any assistance or support with Company Law or Companies House questions, please contact our Business Services Team at 0151 236 5000 or by email at [email protected]
Liverpool City Centre: 20/24 Mathew Street, Liverpool L2 6RE
Liverpool – Penny Lane: 123 Penny Lane, Liverpool, L18 1DF
London – North West: 746 Finchley Road, Temple Fortune, Golders Green, London, NW11 7TH
Whilst our solicitors are based in one location, we are always happy to try to make an appointment to meet you in any of our office locations, if this is more convenient for you.
© 2025 Gregory Abrams Davidson Solicitors
Gregory Abrams Davidson Solicitors and GAD Commercial are trading names of National Law Partners Limited, registered in England and Wales under number 08312439 and are Authorised and Regulated by the Solicitors Regulation Authority, under number 646548. Gregory Abrams Davidson Solicitors registered office: 20-24 Mathew Street, Liverpool, L2 6RE. VAT Registration Number: 290 6677 68.