Companies House has been a crucial part of the country's business landscape for over 150 years. It collects fees for various transactions, such as incorporating a company, filing annual accounts, and changing company details ...
Firstly, it's essential to understand that the new fees are increasing as Companies House has taken on a lot more responsibility due to the Economic Crime and Corporate Transparency Act. The increase in fees will enable the necessary new investigative and enforcement activities it now has to undertake to maintain the integrity of the register.
There is a comprehensive list of fees here, but the highlights include the fee for incorporating a company online increasing from £27 to £65 with a matching increase to £86 for incorporation by paper.
Processes such as changing a company name or director's details will also see a significant increase which will have an impact on the financial planning for businesses, especially in the small and medium-sized enterprise sector.
With the UK economy still recovering from the impact of the COVID-19 pandemic (yes, we're still not there yet), many businesses are already facing financial challenges. The increase in Companies House filing fees could add to the burden, particularly for struggling businesses. However, the government has stated that the new fees will help fund the digitisation of Companies House services, which will ultimately benefit businesses in the long run.
So, what can businesses do to navigate these changes? One option is to switch to electronic filings, which will not only save on fees, but also streamline the filing process. Companies House has also announced a new 'Same Day Processing' service, which will allow businesses to receive their documents on the same day for a fee of £100.
The increase in Companies House fees is a significant change that will undoubtedly have an impact on UK businesses, particularly SMEs. However, it is also an opportunity for businesses to review their filing processes and consider more efficient and cost-effective options.
With proper planning and adaptation, businesses can navigate these changes and continue to thrive in the ever-evolving business landscape.
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