Companies House set to increase fees

From 1 May 2024, Companies House will be increasing the filing fees for the processing and handling of forms and documents required in order for companies to remain compliant.

Companies House have stated that the increase in fees will fund the cost of Companies House’s new powers and the wider reforms in the Economic Crime and Corporate Transparency Act (ECCTA).

In some cases, the revised fees for filing on paper rather than online, are nearly double, to encourage online filing.

A full list of the price increases can be found here, however some of the most notable changes affecting companies will be (assuming online filing):

• Annual Confirmation Statements, previously £13, will now cost £34.
• Incorporating a new company, formerly £12, will now cost £50.
• A company name change, once £8, is now £20.
• Voluntary company strike-off, which used to be £8, is now £33.

With over 5 million companies in the UK, the additional revenue generated from confirmation statements alone is projected to reach a staggering £105 million annually. But who bears the brunt of these increased fees? Unfortunately, it’s the small businesses of the UK that will feel the pinch.

Old Mill is here to help and advise, if you want to discuss how this and other future legislation affects your business then get in touch, click here.