Unlock Your Complete Guide to the New Companies House Compliance Phases: What You Need to Know for Triumph with Klea
The UK’s Economic Crime and Corporate Transparency Act, enacted in early 2024, has already changed the rules of the game for businesses. This powerful legislation positioned Companies House as an active guardian of the UK’s business landscape, stepping up in the fight against financial crime. Now, as Companies House outlines its seasonal roadmap for implementation, businesses are receiving clearer objectives for achieving compliance under this new regime.
What’s on the Agenda for Companies House?
With the Act firmly in place, Companies House has unveiled a phased, seasonal plan to enforce the Act’s objectives. This schedule allows companies to align with evolving compliance requirements in a structured manner.
Spring 2024: Laying the Foundations
Companies House began by focusing on educating companies and strengthening its capacity for oversight. This foundational phase set up the necessary infrastructure to allow for real-time data verification, and early guidance was issued to help companies understand upcoming requirements.
Autumn 2024: Enforcement Begins
By autumn, Companies House initiated enforcement activities, leveraging its new authority to investigate, query, and reject filings that did not meet transparency standards. Companies faced new compliance checks, and financial penalties were introduced to underscore the importance of accurate filings. This phase signaled a decisive shift, showing that compliance was now being actively monitored.
Spring 2025: Identity Verification Rollout
Looking ahead, spring 2025 marks the start of mandatory identity verification for all directors and persons with significant control (PSC). Existing companies will have a one-year window to complete verification, aligning with their annual confirmation statements. This requirement will bolster accountability, making it harder for fraudulent entities to hide within the UK’s corporate landscape.
Autumn 2025: Digital-Only Filings and New Fee Structure
As Companies House advances its digital transformation, all financial filings will shift to a digital-only format by autumn 2025. This change aligns with an adjusted fee structure, designed to fund increased compliance efforts. Companies are encouraged to implement digital filing tools now, ensuring a smooth transition.
Spring 2026: Enhanced Transparency for Partnerships and Shareholders
In spring 2026, the focus will shift to limited partnerships (LPs) and shareholder transparency. LPs will face heightened partner disclosure requirements and identity checks, while shareholder information will become more accessible. This final phase will establish a comprehensive view of ownership across all companies, especially those with exemptions from listing PSCs.
Why Early Action Matters?
For companies, the staggered implementation offers both time and a structured framework to achieve compliance. Early action remains critical, as each phase introduces specific obligations that require planning and preparation. By aligning now, companies can stay ahead, avoid penalties, and demonstrate their commitment to responsible governance.
Need help navigating the Act’s objectives? Klea’s expertise in compliance and partnerships with Authorised Corporate Service Providers (ACSPs) provides the guidance needed to meet these requirements with confidence. Contact us to ensure your business stays compliant and competitive in this evolving regulatory landscape. Book your Klea demo and understand what it can offer you.
For further details, check out our blog, Revealing The UK’s Economic Crime & Transparency Act: A Thrilling Exploration. This post unpacks the fine details of the Act, offering insights into how it reshapes compliance and transparency in the UK business landscape.
