Registration fees set to rise

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Company incorporation and registration fees will rise in May just weeks after new legislation that has given Companies House greater powers.

The cost of incorporating a company online is set to up go from £12 to £50, while the fee for a postal application will increase from £40 to £71.

The new fees, taking effect from May 1, 2024 follow the new Economic Crime and Corporate Transparency (ECCT) Bill, which has implications for all companies.

Its introduction means that Companies House will be much more active in dealing with non-compliance.

The new and enhanced powers that came into force in March have been described as most significant change for Companies House in its 180-year history.

They include powers to query information and request supporting evidence, along with stronger checks on company names.

There are new rules for registered office addresses. All companies must have an appropriate address at all times – they will not be able to use a PO Box as their registered office address.

There is also a a requirement for subscribers to confirm they’re forming a company for a lawful purpose when they incorporate, and for a company to confirm its intended future activities will be lawful on its confirmation statement.

Companies House has also been given powers to tackle and remove factually inaccurate information and the ability to share data with other government departments and law enforcement agencies.

New criminal offences and civil penalties complement the measures, with Companies House declaring: “Our priority is cleansing the register to remove details of those appointed without consent.”

Companies House chief executive Louise Smyth said: “We’ve known for some time that criminals have misused UK companies to commit fraud, money laundering and other forms of economic crime.

“As we start to crack down on abuse of the register, we are prioritising cases where people’s names and addresses have been used without their consent.

“It will now be much quicker and easier to report and remove personal information that has been misused. This will make a real difference to individuals.”

Companies House says the increase in fees will ensure it can recover the cost of the services it offers. A spokesperson said: “Companies House fees are set on a cost recovery basis. This means our fees must cover the cost of the services we deliver. We do not make a profit on our fees.

The changes include the following:

• Incorporation online – £50
• Incorporation software – £50
• Incorporation software (same day) – £78
• Incorporation by paper – £71
• Confirmation statement online – £34
• Confirmation statement by paper – £62

WNJ has invested in company secretarial software and implemented training procedures to ensure that both matters relating to Companies House and HMRC compliance are adhered to so that client companies can concentrate on what they do best, safe in the knowledge that such matters are dealt with.

Amongst WNJ’s various but sometimes less understood services is the company secretarial support that we offer clients.

In its simplest form, this means assisting the directors of a company ensure that they fulfil their statutory duty to ensure the statutory records of the company are kept up to date, and if there are no changes to shareholdings, directors’ details or the registered office details then the filing the annual Confirmation Statement each year is relatively straightforward.

WNJ can continue to support you with the following service packages:

  • Bronze – Registered Office, Registered Email, Assistance with Lawful Purpose Statements and filing of annual Compliance Statements: from £150 plus VAT.
  • Silver – as above but also maintenance of statutory records, including share records, dividend documentation including recording minutes, producing dividend vouchers and entering into dividend registers, informing Companies House of any significant changes in the company’s structure or management, for example the appointment or resignation of directors: from £350 plus VAT.
  • Gold – as silver but also include non-executive directorship, arranging meetings of the directors and the shareholders. This responsibility will involve the issue of proper notices of meetings, preparation of agenda, circulation of relevant papers and taking and producing minutes to record the business transacted at the meetings and the decisions taken. Compliance with data protection and human resource requirements (we usually refer our client to associated firms of specialist advisors): from £995 plus VAT.
  • To discuss any of the issues raised here and how WNJ can assist you please contact me on 01772 430000