Accounting 4th March 2024
2024 Fee Structure at Companies House: What You Need to Know
Fee structure revision
In a significant update, Companies House has announced a revision of its fee structure, set to take effect from 1 May 2024. This marks the first update since April 2016, underscoring a pivotal shift in how Companies House aims to manage its financial requirements, particularly in light of the new Economic Crime and Corporate Transparency (ECCT) Bill.
Understanding the cost recovery basis
The revised fees are rooted in a ‘cost recovery’ basis, indicating that the charges are aligned with the actual costs of providing the respective services. This approach ensures that Companies House operates without generating profit from these fees, maintaining its focus on service delivery rather than revenue generation.
Implications of the ECCT Bill
The changes come in response to the ECCT Bill’s progression through Parliament, which has spotlighted the need for a revised fee structure to adequately support the implementation of the bill’s new powers. These adjustments are crucial for ensuring that Companies House can continue to fund its operations effectively, including the costs incurred from these new legislative measures.
Key changes to the fee structure
The update encompasses a range of services, with notable increases in fees that will impact several transactions:
| Transaction | Fee from 1 May 2024 | Previous Fee |
|---|---|---|
| Incorporation Digital | £50 | £12 |
| Confirmation statement Digital | £34 | £13 |
| Change of name Digital | £20 | £8 |
| Registration of a charge Digital | £33 | £15 |
| Voluntary strike off Digital | £15 | £8 |
These adjustments highlight a broader trend towards aligning service fees more closely with the actual costs of service provision, ensuring the sustainability of Companies House’s operations in the face of evolving legislative requirements.
What this means for you
For businesses and professionals interacting with Companies House, these changes underscore the importance of planning and budgeting for the increased costs associated with company registrations, modifications, and other statutory filings. As your trusted partner, Eastfield Accountants is here to help you navigate these changes efficiently, ensuring that your business remains compliant and well-informed.
We encourage our clients and the broader business community to familiarise themselves with the full list of fee changes, available here. Understanding these updates is crucial for effective financial and operational planning as we approach the implementation date.
As always, Eastfield Accountants is committed to providing you with the latest information and support to adapt to these changes seamlessly. Should you have any questions or need assistance with your company’s compliance requirements, do not hesitate to reach out to us.