Important Reporting Changes for Company Directors: What You Need to Know
There are some significant changes that will affect how you interact with Companies House over the next few years as a limited company director. The government is introducing new measures to increase transparency and reduce economic crime. While this might sound daunting, I'm here to break down what this means for you and your business.
What's Changing?
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) is bringing substantial changes to how companies report and file information. These changes will particularly impact small business owners and company directors . Let's look at what's coming and when.
🗓️ Timeline of Key Changes
Summer 2025
You'll be able to request the removal of personal information from old Companies House documents, including:
Day of birth (for documents before March 2015)
Signatures
Business occupation
Residential addresses
Autumn 2025
Identity verification becomes mandatory for:
New company incorporations
New director appointments
Personal service companies (PSCs)
Existing directors will have 12 months to verify their identity during their annual confirmation statement filing
Spring 2026
ID verification will be required for filing any document
Your accountant or lawyer will need to be registered as an authorised corporate service provider (ACSP) to file on your behalf - Mirandus Accountants are authorised
Disqualified directors won't be able to file documents unless through an ACSP
End of 2026
Final deadline for all directors to complete identity verification
Enhanced information sharing between Companies House and other bodies
More comprehensive reporting requirements for limited partnerships
Changes to Financial Reporting
While there's no fixed timeline yet, some significant changes to financial reporting are also on the horizon :
All companies will need to file full accounts (including profit and loss)
Small and micro-companies won't be able to file abridged accounts anymore
All filing will need to be done through software
Directors' reports will be required for small companies
There will be limits on shortening your accounting period
What Do You Need to Do?
Don't Panic: These changes are being phased in gradually to give everyone time to adjust.
Plan Ahead: Make sure you're ready for identity verification when it becomes mandatory. We recommend not waiting until the last minute .
Stay Digital: Consider moving to digital accounting software if you haven't already, as this will be mandatory for future filings.
Keep in Touch: We'll continue to guide you through these changes and handle many of the new requirements on your behalf.
How We Can Help
As your accountants, we're already preparing for these changes. We are registered as an authorised corporate service provider and we are updating our systems to ensure we can continue to support you seamlessly.
We understand these changes might seem overwhelming, but they're designed to protect legitimate businesses and reduce economic crime. Our role is to make this transition as smooth as possible for you.
What's Next?
We'll keep you updated as more details become available, particularly regarding the financial reporting changes. In the meantime, if you have any questions about how these changes might affect your business specifically, please don't hesitate to get in touch.
Remember, while these changes represent a significant shift in how companies interact with Companies House, they're being introduced gradually to give businesses time to adapt. We're here to help you navigate these changes every step of the way.
Note: All timelines are subject to parliamentary approval and may be adjusted. We'll keep you informed of any changes to these dates.
