Companies House reforms to combat fraud and assist businesses

Companies House, the UK’s register of company information, is to be reformed under new plans designed to prevent fraud and money laundering.

As part of the reforms, directors will have to have their identity verified by Companies House before they can be appointed.

The amendment will increase the accuracy of data that Companies House holds, ensuring that businesses have greater assurance when they are entering into transactions with other companies.

The move will also assist law enforcement agencies, such as the National Crime Agency, to trace the activity of suspected fraud or money laundering.

Companies House is understood to be developing a 24/7 digital verification process to reduce the administrative burden on businesses and prevent delays to incorporation and filings.

The Government has said that these reforms won’t impact the typical speed at which a company or organisation is formed and other filings are completed – with most companies able to be incorporated easily within 24 hours.

The changes are a result of the Government’s 2019 consultation on Corporate Transparency and Register Reform. As part of this, Companies House will be given additional powers to query and reject information, improve the quality of data on the register and provide greater protections to users’ personal data, to help protect them from fraud and other harms.

It is not yet clear when this new system will be in place but we will aim to keep you up to date, as and when new guidance is issued.

Link: Reforms to Companies House to clamp down on fraud and give businesses greater confidence in transactions

Loading Quotes...

Latest News

14
Feb
Tax basis – Getting ready for the end of the transitional year

Are you a sole trader or a member of a partnership? Here is what you need to …
Read more…


14
Feb
Putting the brakes on excessive National Insurance payments through car allowances

Businesses may be able to reclaim significant amounts of National Insurance …
Read more…


Don’t pay more tax
than you need to

Register for our newswire

Our regular Newswire mailings are designed to keep you up to date with the latest industry news and events.

Register here

Client Login
Complete our Client
Satisfaction Survey

Autumn Statement 2023

With a General Election looming on the horizon, Jeremy Hunt rose to deliver...

Read full our summary