When registering your business in the UK, you will come across Companies House, which is the executive agency of the British Government that maintains the register of companies, employs the company registrars and is responsible for incorporating all forms of companies in the United Kingdom. If you are wondering what role they play in the business world, read the article to find out.
We will talk about in detail what Companies House is, its purpose, and what they require from businesses when registering their company.
What is Companies House?
Companies House is the registrar of companies in the UK under the Department of Business and Trade. It is responsible for incorporating, dissolving, recording, and maintaining companies’ records according to Companies Act.
Established in 1844, Companies House plays a leading role in the registration and listing of companies in the UK.
The UK has three jurisdictions, that is, England and Wales, Scotland, and Northern Ireland, and as a result of that, there are three different branches of Companies House in place. Each branch deals with company incorporation in their jurisdiction.
What are the roles of Companies House?
Companies House plays an essential role in maintaining transparency and accountability in the business. The roles are:
- Company Registration
- Update and Maintain Company Records
- Filing of Annual Returns
- Monitor and enforce compliance
- Dissolve limited companies
- Make companies’ information open to the public
- Promote transparency and growth in the UK economy
What to consider when incorporating a business with Companies House?
There are several important factors to keep in mind when adding a business to Companies House. Before registering your company with Companies House, you must:
- Choose the company structure that suits your business
- Name of the Company
- Appoint directors and company secretary
- Decide who the shareholders or trustees are
- Identify the people with the most power (PSC) over your company
- Prepare documents agreeing on how to run your company
Once you have all this information, the registration process will be easier and smooth. You will fill out an application to register your business using form IN01.
Wondering where to start with the UK company formation process? Well, BusinAssist is here to help. Starting from only £0.99, you will be able to incorporate your company with ease. To register your company, you can either use your address or you can purchase one of our virtual office packages which allows you to use one of our addresses for all of the registration and marketing requirements of your company.
With the new Companies House changes, companies will need to ensure that it registers an ‘appropriate address’. An appropriate address is one where any documents sent to the registered office should be expected to come to the attention of a person acting on behalf of the company or any documents sent to that address can be recorded by an acknowledgment of delivery.
PO Boxes are no longer permitted. If you currently use a PO Box as your registered office address, you’ll need to change it using your company’s authentication code.
What information is required after incorporating a company with Companies House?
Once your business is registered and you have the incorporation certificate, you must submit annual confirmation statements and annual accounts.
Annual accounts:
After company formation, every UK limited company formation must submit annual accounts to Companies House. The director is responsible for filing annual accounts failure which can lead to major problems like compulsory strike-off. Annual accounts must be filed within nine months after your accounting reference date.
To eliminate the stress that comes with filing annual accounts, BusinAssist has an accountancy service that will help you stay compliant with Companies House legal regulations. At an affordable price, we will file your annual account on your behalf.
Annual Confirmation Statement:
A confirmation statement is designed to update Companies House about any changes to the corporate structure of your company and its trading activities.
Confirmation statements need to be filed annually within 14 days of the end of your confirmation period. The 12-month period starts on either your company formation date or the date you filed your last confirmation statement.
With the new changes, companies must provide a registered email address for Companies House communications.
The email address will be used by Companies House to communicate with you about your company, so you must choose an appropriate email address.
With BusinAssist, you can file your confirmation statements quickly and accurately at an affordable price.
Significant changes in your company information
If your limited company makes any changes, it is important to notify the Companies House. The changes include:
- directors and company secretaries’
- changing your company name
- changing your registered office address
- changing your accounting reference date
- changes to your ‘people with significant control’ (PSC) information
- changes to your company’s share structure
- details of any new mortgages it has or mortgages it has paid off
You need to change your business records and regularly update any changes in company details including those of the directors to stay up to date.
It is important to note that all these documents are retained and displayed as public record, allowing anyone to search and retrieve information about a company.
What is the purpose of Companies House?
The purpose of Companies House is to:
- ensure that anyone who is required to deliver a document to the registrar does so (and that the requirements for proper delivery are complied with)
- ensure the information contained in the register is accurate and not misleading.
- ensure that records kept by the registrar do not create a false or misleading impression to members of the public.
- prevent companies and others from carrying out unlawful activities or facilitating the carrying out by others of unlawful activities.
There is no doubt you will cross paths with Companies House during incorporating your limited company and after. They play a crucial role in making sure there is transparency and improving data quality.
Register your limited company with BusinAssist at an affordable price. We also offer virtual office packages that come with a free virtual address which is vital when registering your business. To stay compliant with Companies House, we offer an accountancy package where we create and file your annual accounts. We also file your annual Confirmation Statement accurately and promptly.
