We have written this article summarising what company directors need to know about the new Economic Crime and Corporate Transparency Act.

The first set of changes under the Economic Crime and Corporate Transparency Act came into effect on 4 March 2024. These are the most substantial reforms to Companies House since 1844 and are designed to tackle economic crime, improve transparency, and build trust in UK business data.

There are more significant changes to come into force this year that affect all new and existing company directors, people with significant control (PSCs), and anyone who files on behalf of a company.

Whether you are setting up a new company or managing an existing one, it’s essential to understand what these changes mean for you.

New responsibilities for company directors and PSCs

Anyone involved in running, owning, or filing on behalf of a UK-registered company will now need to verify their identity. This requirement applies to:

• All company directors
• People with significant control (PSCs)
• Agents or accountants filing documents on a company’s behalf

Key changes already in effect

• Stronger checks on company names and registered office addresses
• New requirement to confirm that future company activities will be lawful
• All companies must now provide a registered email address
• Higher Companies House fees from 1 May 2024 to support the expanded regulatory role

What’s coming next

From 2025 onwards, identity verification will be rolled out in phases. There will also be:

• New rules for shareholder transparency and corporate directors
• Changes to small company accounts and digital filing requirements
• Removal of the need to keep certain company registers
• New compliance rules for limited partnerships

What this means for your company

If you are a company director, PSC, or you file company documents, you now have legal obligations to meet under the new Act. These changes apply to private and public limited companies, LLPs, limited partnerships, CICs and overseas companies registered in the UK.

We are already supporting clients through these changes. Whether you are planning to start a company or need to ensure compliance for an existing one, we can help you:

• Understand and meet the new identity verification rules
• Register and manage filings as an Authorised Corporate Service Provider (ACSP)
• Keep on top of your company’s legal obligations
• Adjust your structure and processes to stay compliant

For more details about these changes, click here – Changes to company law.

If you would like advice or support with these new responsibilities, please get in touch with our team on 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it.