AUTUMN BUDGET – 30 OCTOBER 2024

Rachel Reeves delivered her Autumn Budget on 30 October 2024.  

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Companies House Reforms

Identity Verification & AML Changes

From 2025, Companies House is introducing major changes aimed at increasing corporate transparency and reducing economic crime. These include new identity verification requirements and broader anti-money laundering (AML) obligations, which will affect all company directors, owners, and anyone filing documents with Companies House.

As your accountants, we’re here to help you through these changes — we are registered as an Authorised Corporate Service Provider (ACSP) so we can manage the identity verification process for you.

Identity Verification Becomes Mandatory

From autumn 2025, all directors, People with Significant Control (PSCs), LLP members, and individuals submitting filings on behalf of a company will be legally required to verify their identity. This will apply:

  • At the point of forming a new company

  • For new appointments as they happen

  • For existing directors and PSCs during a 12-month transition period (aligned with the company’s confirmation statement)

There are two ways to complete the identity verification:

  • Directly via Companies House using GOV.UK One Login

  • Or through us – as your accountant and registered ACSP

Without verification, you won’t be able to incorporate a company or file certain documents. Companies House may also issue fines or take enforcement action against companies that don’t comply.

We’re an ACSP – What This Means for You

From March 2025, professional firms like ours were able to apply to become Authorised Corporate Service Providers. This means:

  • We will be able to carry out identity checks on your behalf

  • You won’t need to use the GOV.UK system yourself

  • We’ll ensure all filings meet the new Companies House standards

Enhanced Powers for Companies House

These changes aren’t just about ID checks. Companies House is also being given wider powers to improve data quality on the register. These include:

  • Rejecting or querying suspicious or incorrect filings

  • Removing inaccurate or fraudulent information

  • Sharing data with law enforcement and HMRC

  • Imposing civil penalties of up to £10,000

  • Scrutinising company names, addresses, and registered officers

This marks a significant shift in the way Companies House operates — moving from a passive registry to an active gatekeeper of company data.

What You Need To Do

If you're a director, PSC, or responsible for company filings, from autumn 2025 you will need to verify your identity before a confirmation statement can be filed.

What we recommend:

  • No action right now – we’ll be rolling out verification for directors over the next couple of months, we will be in touch about that   

  • If you manage your own company filings, consider letting us take over this responsibility so we can ensure compliance

  • Keep your personal details up to date with us so we can complete verification smoothly when the time comes

Final Thoughts

The reforms are a major step towards cleaner, more transparent company records — but they will bring additional compliance obligations for all UK-registered businesses.

If you have any questions about how these changes might affect you or want help with company secretarial work, please get in touch with us.



 

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