The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023. The new Act provides Companies House with more power to reduce abuse of corporate structures while tackling economic crime.
As part of introduced measures, Companies House will streamline filing options for small and micro organizations. Currently, small businesses can file accounts referred to as filleted accounts. This means small or micro businesses can opt not to submit a profit & loss account and/or director’s report to Companies House, keeping this information from public disclosure.
Other changes as a result of the Act include the following:
- Improving the quality of data on their registers.
- Anyone setting up, running, owning, or controlling a company in the UK must adhere to new identity verification requirements.
- Transitioning towards filing accounts by software only.
- Confirmation statement changes introducing new requirements to provide a registered email address and to confirm that the future activities of the company will be lawful.
- Changes to fees.
- Changes to limited partnerships.
- More effective investigation and enforcement powers for Companies House, and new powers to share data with law enforcement agencies and other government departments.