In 2024, Companies House, the registrar of companies in the UK, has undergone several updates and reforms to improve transparency, efficiency, and compliance for businesses.
Here are some key changes:
- Digital Transformation: Companies House continues its digital transformation, aiming to make all interactions with businesses and the public digital by default. This includes the move towards fully digital filing systems and online services.
- Improved Transparency: To enhance transparency, Companies House has implemented measures to verify the identity of company directors and persons with significant control (PSCs). This helps ensure that accurate and up-to-date information is available to the public.
- Enhanced Data Quality: Companies House has introduced measures to improve the quality of data submitted by companies. This includes automated checks and validations to reduce errors and inconsistencies in filings.
- PSC Register Reform: Changes have been made to the Persons with Significant Control (PSC) register to improve transparency around who owns and controls UK companies. The reforms aim to make it easier to identify and understand the ownership and control of companies.
- Corporate Governance Reforms: Companies House is implementing changes to corporate governance requirements, including the introduction of new reporting obligations for companies, such as the requirement to report on their environmental and social impact.
- Company Accounts Reform: There are updates to the format and content of company accounts, aimed at improving transparency and making it easier for stakeholders to understand a company’s financial position.
- Beneficial Ownership Register: Companies House is working towards establishing a new beneficial ownership register, which will provide greater transparency around the ownership of UK companies, including information on individuals who ultimately own or control companies.
- Regulatory Powers: Companies House has been granted additional regulatory powers to ensure compliance with filing requirements. This includes the ability to impose penalties for non-compliance and to strike off companies that fail to meet their filing obligations.
These updates and reforms reflect Companies House’s commitment to modernising its services, enhancing transparency, and improving the integrity of the UK’s business environment. It is essential for businesses to stay informed about these changes to ensure compliance with their filing obligations and to benefit from the improved services offered by Companies House.
For more information on how these changes affect your business, contact Onyx Solicitors. With over 20 years of experience, Onyx Solicitors provides expert legal advice to businesses in the Birmingham area and throughout England and Wales. Call us today on 0121 268 3208 for a FREE consultation.
