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Companies House have published information that suggests their fees may be increasing in the near future. And it’s all to do with the ECCT Bill currently passing through parliament.
To give it its full name, The Economic Crime and Corporate Transparency (ECCT) Bill will change the role and purpose of Companies House and will provide the powers needed to improve the accuracy of the information on their registers and to play a significant role in tackling economic crime.
Companies House are quoted as saying:
“We want to be ready to take action, and we’re working hard on a number of different workstreams to make sure we’ll be ready to implement many of the measures as soon as possible after the Bill achieves royal assent.”
As a reminder, the measures in the ECCT Bill include:
If implemented in full, Companies House costs will increase to meet the additional functions dictated by the Bill.
Companies House fees are set on a cost recovery basis. This means their fees must cover the cost of the services delivered. They do not make a profit on fees charged.
In a recently published blog post Companies House said:
“We review our fees every year to make sure they’re set at the right level. This year, we’ve taken new future expenditure into account as well as making sure we recover costs from our existing expenditure.
Companies House fees are much lower than the global average and have not changed since 2016. Many believe our fees are too low. During the debates while the ECCT Bill has moved through Parliament, there’s been a focus on the low levels of our fees and on making sure we’re adequately funded in the future.”