UK Company Law: big changes coming in March 2024

Big changes to UK Company Law are coming in March 2024 that will impact businesses of all sizes. Accounting and Business Services Associate Director, Martin Kerr summarises the updates and how Consilium Chartered Accountants are preparing clients for these changes.

UK Company law changes focus on accuracy and fighting fraud

The Economic Crime and Corporate Transparency Bill has become law, giving Companies House more power to fight fraud and make sure company information is accurate. The act also introduces new objectives for the Registrar of Companies, including making sure companies provide accurate information and keeping the register up-to-date.

Companies House will have new powers to investigate and share information with other groups. Some changes will happen right away, like requiring companies to have a registered email address. Other changes, like identity verification for company directors, will take longer to implement.

What do the UK Company law changes mean for business owners?

If you are a business owner in the UK, you should be aware of these changes and how they will affect your business. Consilium Chartered Accountants are working to help clients comply with the new requirements ahead of the proposed 4 March 2024 deadline.

Specifically, our Accounting and Business Services team will be:

• Reviewing company information to ensure it is accurate and up-to-date;
• Helping clients obtain a registered email address, if they don’t already have one;
• Advising clients on the new identity verification requirements for company directors; and
• Helping clients understand the more complex changes introduced by the Economic Crime and Corporate Transparency Bill. 

By working with an experienced firm like Consilium, our clients will be able to rest assured that their business is compliant with the new laws and avoid any penalties.

Consilium: keeping clients compliant and up-to-date

The team at Consilium would be happy to discuss these changes or to talk about how we help our clients remain compliant across Accounts and Audit. For more information, please contact Martin Kerr.

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