A of 1st May 2024, Companies House will be rolling out a new fee structure. This comprehensive update, a first since 2016, will affect a wide range of services, from company incorporation to annual filings.
Reason for change
Companies House aims to fund its ongoing operations and new activities with the fee increase, as part of the Economic Crime and Corporate Transparency Act. This strategy seeks to boost the business register’s integrity and fight economic crime, promoting a healthier business environment.
Change in fees
Company Incorporation and Registration Fees:
- Digital Incorporation: The cost will jump to £50, reflecting the improved digital services at Companies House.
- Same-Day Incorporation: For urgent requests via software, fees will rise to £78, ensuring quick processing for those tight on time.
- Paper-Based Incorporations: These will cost £71, serving those who prefer or need traditional filing methods.
Annual Filings and Compliance:
- Digital Annual Confirmation Statements: Fees will increase to £34, aligning with the operational costs of keeping public records current.
- Paper-Based Confirmation Statements: Submitting these will cost £62, pushing for a shift towards digital submissions for greater efficiency.
Business Name Changes and Other Transactions:
- Digital Name Change: Setting this at £20, with a fast-track option at £83, supports businesses in rebranding or restructuring swiftly.
- Digital Registration of Charges: Adjusting to £15, this streamlines financial transactions and the securing of company assets.
For a detailed breakdown of the new fee structure, please click here, alternatively you can view the previous fees here.
Financial Planning
The new fee structure calls for a thorough review of budgeting and financial management across startups and established businesses. Preparing for these increased costs is vital for compliance and smooth operations. Accountants and financial advisors become even more crucial, offering guidance through these changes and highlighting the need for proactive financial planning.
Our team provides expert advice and customised services to help your business efficiently adapt to these changes. Contact us today for support!