Report on Companies House progress released – Accountants in WImbledon

The Economic Crime and Corporate Transparency Act 2023 introduced significant reforms to Companies House procedures and powers, with the first phase effective from 4 March 2024. These reforms aim to enhance the reliability and usability of the information in the company register, protect individuals and businesses from fraud, and prevent the misuse of UK companies by international money laundering networks.

The Department for Business and Trade has released a progress report on the implementation and operation of the Act and will continue to publish updates annually until 2030. According to the report, between 4 March and 1 April 2024, Companies House achieved the following:

• Removed 4,000 inappropriate registered office addresses.
• Eliminated 2,100 officer addresses and 2,300 addresses of people with significant control.
• Redacted 3,600 incorporation documents to remove personal data that was used without consent.
• Deleted 1,250 documents from the register, including 800 false mortgage satisfaction findings, which previously required a court order to remove.
• Contacted 3,800 companies using PO Boxes as their registered office addresses to inform them of the new legal non-compliance and requested alternative appropriate addresses. By 1 April 2024, the number of companies using a PO Box had reduced to 1,900.

Companies House has also made changes to the process of setting up companies, making it much more difficult to file anonymously and discouraging the concealment of company ownership through nominees or opaque corporate structures.

For the complete report, visit the official publication.

For personalized advice on how these changes might impact your business, get in touch with our Wimbledon accountants. Our experts are here to help you navigate these reforms and ensure your business complies with the new regulations.