Companies House has already implemented various changes enabled by the Economic Crime and Corporate Transparency Act 2023 (ECCTA). These changes include new approaches to communication channels, fee levels and the penalty charges regime and are part of a holistic overhaul for Companies House. A transition plan for further major changes enabled by ECCTA has been published and demonstrates a significant ramp-up in the pace of changes at Companies House.
Identity Verification
Identity verification will begin to be phased in from 25 March 2025, initially on a purely voluntary basis. This will become one of the rapidly-growing range of services available via the new GOV.UK One Login service.
Beginning in Autumn 2025, at the time of incorporation of new legal entities, all directors, and Persons with Significant Control (PSCs) will be required to verify their identities to Companies House.
Following a 12-month transition period, the identity verification requirement will be applied to all existing entities on the register. This will include verification of the officers of any entities which are themselves PSCs of their subsidiaries and associated companies. This is expected to be managed as part of the confirmation statement process.
By Spring 2026, Companies House plans to restrict who can make filings on behalf of companies to certain verified individuals and Authorised Corporate Service Providers (ACSPs).
The Government has also indicated that it is to bring the ban on corporate directors into effect, although the timeline for this has still not been confirmed. New regulations will be required to enable the planned exceptions to the rule. Under the expected regulations, a UK-registered entity may act as a corporate director only if its own directors are all natural persons, and there is also a natural person appointed as a director of the entity in question.
Accounts Filing
Companies House is planning to stop accepting paper-based annual accounts submissions. Accounts will need to be filed electronically, likely utilising the iXBRL format. The timing for this has not been confirmed and is expected to be some time away.
Companies House is also seeking to:
- acquire the authority to prohibit small and micro businesses from filing abridged accounts;
- require companies claiming an audit exemption to include an enhanced statement from their directors within the balance sheet, specifying the exemption claimed and confirming the company’s eligibility for such exemption; and
- limit the frequency with which a company can change its accounting reference date.
Protection of Personal Information
Companies House has also introduced additional processes through which individuals will be able to apply to suppress their information on the historic register. From January 2025, this includes registered office addresses where these are home addresses and, from Spring / Summer 2025, this will include residential addresses (in most instances), dates of birth (where historically available), signatures and business occupation. This represents an updating and expansion of the current SR01 process and balances the increased transparency of ECCTA with further protections where necessary.
Companies House has also stated that individuals at personal risk of physical harm or violence as a result of their personal information being on the public register can apply for more comprehensive protection and suppression from the register.
Limited Partnerships
Under ECCTA, Companies House is also proposing significant reforms to the filing requirements for Limited Partnerships (LPs). These will bring the requirements for LPs in line with those for other entities.
From Spring 2026, LPs must provide partners’ names, dates of birth and usual residential addresses, as well as verify the identity of general partners. Where a general partner is a legal person, it is expected that the legal person will need to provide identity verification of a registered officer, who is a natural person.
LPs will also have to provide a registered office address in the UK, provide a standard industrial classification (SIC) code and file an annual confirmation statement.
LPs will be required to submit information to Companies House through an ACSP. In addition, Companies House will have increased powers to close and restore limited partnerships, apply sanctions, protect partners’ information and operate a statutory compliance process.
How One Advisory can help
To support our clients with these new verification processes One Advisory will become a registered ACSP and will continue to make Companies House compliance as simple as possible for our clients. The timing of passage of secondary legislation may vary the timetable set out above.
If you would like to discuss any of the points discussed in this article, please get in touch with us at co-sec@oneadvisory.london
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