February 14, 2024 Software-only filing
Even before its first reading on 22 September 2022 the Economic Crime and Corporate Transparency Bill was already making headlines. Early on the focus may have been on identity verification but, as you may have gleaned from our articles covering changes brought about by the Bill, the additional powers which it grants to Companies House are many and varied.
Some of the changes, such as greater powers to query information, new rules on registered office and e-mail addresses, and a new requirement to make a lawful purposes declaration, take effect from 4 March 2024. We highlighted these in our January article entitled ‘Start date given for major Companies House changes.’ Other changes are still in development. One such, which was flagged up in a Companies House article on 10 February 2023, relates to a move towards software-only filing.
At the time of the article Companies House anticipated that they would be sharing the timetable for the roll-out within a short period of time; with changes being phased in over the subsequent two to three years. With 65% of companies already using software systems to file their accounts, Companies House took the opportunity to encourage those that were still to do so to consider moving towards software-only filing at the earliest opportunity. Commenting that “there’s no need to wait,” Companies House highlighted the fact that companies would “need to find suitable software before web-based and paper filing options are no longer available.”
One year on and although the full implementation timetable has yet to be announced, that doesn’t mean that companies should become complacent. Whilst Companies House have confirmed that companies will be given sufficient time to transition to the new regime, that doesn’t mean that companies could or should put digital filing on the back burner. With these reforms Companies House has committed to moving towards a fully digital offering which, it says, will help to: “fulfil our organisational priorities of delivering legislative reform and preventing economic crime.”
Elemental is committed to helping its clients to meet with their obligations under the Economic Crime and Corporate Transparency Act. Our accounting professionals can provide a range of services from advice or bookkeeping to full accounts preparation and audit. We can also facilitate the online filing of statutory returns including annual accounts. For more information on the options available take a look at the information provided on the website or get in touch.
