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Changes for small companies – Companies House update

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If you are a limited company listen up!! Major change…
Small & micro companies will have to file full profit and loss and balance sheets as part of reforms introduced in the Government’s ‘Corporate Transparency & Register Reform White Paper’. Further reforms give new powers to the Registrar including identity checks for directors and restrictions on corporate directorships.
The Government’s ‘Corporate Transparency & Register Reform White Paper’ sets out the next stages in its plans for wide-ranging reforms to the powers and role of Companies House. It aims to achieve the following: * Improve the quality and value of financial information held on the Register.

Increase the powers of the Registrar in order to protect the integrity of the Register to promote enterprise and reduce economic crime.
Increase transparency by restricting corporate directorships.
The exact timescale for the introduction of these provisions is unclear, with certain measures coming into force in 2023 as part of the Companies House’s five-year strategy.

Seems like another reason for some to avoid limited companies to me!

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