A Shocking Increase In Companies House Fees | Coming on the 1st of May 2024 ... |
Posted by Roger Eddowes on 29/04/2024 @ 8:00AM 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 ... The increase in Companies House fees is a significant change that will undoubtedly have an impact on UK businesses! created by yourai using chat gpt and dall-e Recently, the Government announced a significant increase in Companies House filing fees, which will come into effect from the 1st of May 2024. These changes have been met with surprise, with some businesses expressing concerns about the impact on their bottom line.
"So, what are these changes, and how will they affect businesses?"
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.
"Another concern is the timing of these changes!"
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.
"This could be a viable option for businesses
that require urgent filings!"
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. Until next time ... 
ROGER EDDOWES
Business Godparent
Would you like to know more? If anything I've written in this blog post resonates with you and you'd like to discover more about the increase Companies House fees, it may be a great idea to call me on 01908 774320 and let's see how I can help you.
Don't forget to stay updated with our daily social media posts on Facebook. About Roger Eddowes ... |  | | Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions. |
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