Changes for small companies – Companies House update

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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