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Companies house to increase fees

In an important announcement likely to impact many UK businesses, Companies House has disclosed plans for a revision of its fee structure for company registrations and other related services, effective from May 1, 2024. This update signifies a pivotal shift in how businesses will manage their registration and compliance costs moving forward.

The revision in fees is part of the annual evaluation by Companies House and is aimed at not only aligning the charges with the operational costs of providing these services but also accommodating the financial demands of implementing new measures introduced by the Economic Crime and Corporate Transparency Act (ECCTA). These adjustments reflect the organisations effort to balance the need for financial sustainability with its commitment to facilitating business operations in the UK.

Here’s a brief overview of the revised fees:

  • For Online Incorporation: The fee is set at £50, providing an accessible option for businesses looking to register through the digital route.
  • Incorporation Using Software: This option also carries a fee of £50, catering to those utilising specific software solutions for incorporation.
  • Same-Day Incorporation via Software: For those in need of expedited service, the cost will be £78, ensuring that urgent registrations are processed swiftly.
  • Paper-Based Incorporation: Reflecting the additional administrative efforts, this method will cost £71.
  • Annual Confirmation Statement Online: A fee of £34 has been introduced, encouraging businesses to utilise the online platform for their annual compliance submissions.
  • Confirmation Statement via Paper: For businesses opting for traditional paper submissions, the fee will be set at £62.

A representative from Companies House elaborated on the rationale behind the fee adjustments, highlighting their necessity in covering the operational costs and supporting the enforcement of new regulatory powers under the ECCTA. These changes encompass modifications to rules regarding registered offices, amendments to the confirmation statement requirements, and potential alterations in the use of abridged and filleted accounts.

The ECCTA is set to introduce significant changes affecting various aspects of business operations and compliance. Businesses are advised to familiarise themselves with these forthcoming adjustments to ensure smooth continuity of their operations.

Further information on the adjusted fees for other services provided by Companies House, including name changes, voluntary strike-offs, and specific charges for Limited Liability Partnerships (LLPs), overseas companies, and limited partnerships, can be accessed through their official website.

Additionally, details regarding revised charges for Community Interest Companies (CICs) have also been made available, ensuring transparency and preparedness among businesses operating within this category.

As Companies House transitions to this new fee structure, businesses across the UK are encouraged to review these changes carefully and consider their implications for their registration and annual compliance processes. This adjustment marks a significant step in ensuring that Companies House can continue providing its vital services to the UK business community while adapting to the evolving economic landscape.

The information provided in this blog is for general informational purposes only and is not intended to be a substitute for professional advice. While we strive to ensure accuracy and relevance, the content may not apply to all individual circumstances. We encourage you to consult with a professional accountant or financial advisor for advice tailored to your specific situation. The views expressed in this blog are those of the author and do not necessarily reflect the official policy or position of our firm.

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