UK: New non-compliance penalties for companies
- Farrell & Farrell
- Oct 4, 2024
- 1 min read
New non-compliance penalties for companies
Registered companies are being warned to keep on top of their responsibilities ahead of new penalties being applied by Companies House.
Companies House will support businesses to comply with their legal obligations, for example, the requirement to file a confirmation statement on time. However, those that ignore warnings could face a financial penalty.
New penalties
More serious offences could result in civil action, director disqualification, or potentially even criminal prosecution. Companies House will work to investigate and prosecute offences in partnership with the Insolvency Service and other enforcement partners. If convicted, a director could end up with a criminal record.
Companies House will also work with these enforcement partners to share intelligence, refer cases, and promote holistic enforcement action when appropriate. The wider approach to enforcement is set out in the Companies House enforcement policy.
The new regime is the latest stage in the implementation of the Economic Crime & Corporate Transparency Act 2023 which gave Companies House greater powers to help improve corporate transparency and tackle economic crime.
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