As of 1 May 2024, businesses across the United Kingdom are set to face a significant change in their operational costs with the implementation of rising Companies House fees. This adjustment, while seemingly subtle on the surface, carries weighty implications for companies of all sizes.
Navigating the Increase
On 19th February 2024, Companies House declared that starting from 1st May 2024, their fees would see an increase. This adjustment is in accordance with their yearly evaluation to ensure that the fees reflect the costs of the services rendered. This marks the initial rise in Companies House fees since 2016. The increased fees primarily aim to enhance funding, especially to accommodate the substantial changes anticipated under the Economic Crime and Corporate Transparency Act 2023 (ECCTA).
The revised fees impact services such as incorporation, name changes, confirmation statements, company re-registration, and other related services.
The agency clarified that the pricing is determined on a cost recovery basis.
Role of Companies House
The Companies House, the official registrar of companies in the UK, plays a pivotal role in maintaining transparency and integrity within the corporate sector. Its services facilitate the registration and disclosure of vital information about businesses, serving as a cornerstone for accountability and trust in the business environment.
However, the forthcoming rise in Companies House fees introduces a new financial strain for businesses, amplifying the already mounting pressures stemming from various economic uncertainties.
Companies House recently revealed in a blog post that they have dedicated 24,000 hours to training 730 individuals, ensuring they possess the necessary skills to effectively utilise the new authorities granted under ECCTA.
Changing of Fees
Among the notable fee increases are those concerning the incorporation and registration of companies. Specifically, the fee for digitally incorporating a company will rise from £10 to £50, and for same-day incorporation, it will increase from £30 to £78.
Additionally, there will be a substantial increase in the fee for confirmation statements, climbing from £13 to £34 for online filings and from £40 to £62 for paper filings.
The forthcoming rise in fees reflects the necessity to uphold the quality and effectiveness of services provided to businesses across the country.
To gain a better understanding of the revised charges, click here.
Further Information
If you would like more information on the rising companies house fees or wanting to ensure you are staying compliant with HMRC, please contact your usual NRB advisor.
Find out more about the support NRB provide with our range of services by clicking here.
