Changes to UK Company Law 2025

Big changes coming to UK company law – here's what you need to know

A somewhat factual article this time, but if you’re running a business in the UK, there are some pretty significant changes coming your way. The Economic Crime and Corporate Transparency Act is set to shake things up, and it all actually kicked off from 4 March 2024! Think of it as a big step forward in making the UK's business world more secure, transparent, and efficient.

Here’s a quick rundown of what’s happening, so you can stay ahead of the game.?

What’s changing?

1. Better data and ID checks

From 4 March 2024, Companies House have more power to make sure the info on the register is accurate and trustworthy. This means they’ll be:

• Asking more questions about company details.
• Tightening the rules on company names and registered office addresses.
• Requiring companies to state their purpose is lawful.

And here’s the biggie: starting in spring 2025, anyone involved in setting up, managing, or owning a company will need to verify their identity. It’s all about building trust and weeding out dodgy dealings.

2. A new look for confirmation statements

Got a confirmation statement due after 5 March 2024? You’ll need to include a registered email address and confirm your company’s future activities are above board. Don’t worry – it’s a one-time update for existing companies, and new ones will do this from the get-go.

3. Fee adjustments

From 1 May 2024, Companies House fees got a refresh. The aim is to cover costs and ensure they can keep up the good work.

4. Changes for limited partnerships

If you’re in a limited partnership, heads up: from spring 2026, you’ll need to file more detailed info through authorised service providers. It’s a move towards better oversight and transparency.

5. Spotlight on company ownership

Transparency is the name of the game! Companies will need to share more details about shareholders and there’ll be tighter controls on corporate directors.

6. Going digital with accounts

Say goodbye to paper accounts! In the near future, you’ll need to file accounts digitally via software. There’ll also be fewer options for small company accounts. The goal? Clearer, more accurate data.

7. Stronger investigations and enforcement

From 4 March 2024, Companies House have beefed-up powers to investigate, enforce rules, and work with law enforcement. It’s about keeping the bad actors out of the UK’s business world.

Why does this matter?

These changes are huge – the biggest overhaul to Companies House since 1844! They’re designed to:

• Protect honest businesses from fraud.
• Build trust in the UK as a great place to do business.
• Make things clearer and more efficient for everyone.

What should you do next?

It’s all about preparation:

• Check that your company records are up to date.
• Get ready for identity verification when it rolls out.
• Stay informed about digital filing and the new rules on shareholder info.

While some of these changes may feel like extra admin, they’re actually here to help create a safer and more reliable business environment. And who doesn’t want that?

By keeping ahead of these changes, you’ll be in a great position to thrive in the new landscape. Got questions? Let’s talk – it’s always good to share ideas and get prepared together.