Penalties for Companies House Non-Compliance
Posted on 11th December 2024
Companies House has introduced stricter penalties under the Economic Crime and Corporate Transparency Act 2023 to tackle fraud, corruption, and money laundering. Fines start at £250 for minor first offences and can escalate to £2,000 for repeat violations. Serious breaches may result in civil action, director disqualification, or even criminal prosecution.
Key Points to Note:
• Penalty Structure
o Minor offences: £250 to £1,000
o Serious offences: £500 to £1,500
o Very serious offences: £750 to £2,000
• No penalties if issues are resolved within 28 days of receiving a warning.
• New powers include ensuring accurate records, preventing unlawful activity, and enforcing compliance with delivery requirements.
Martin Swain from Companies House emphasised a "proportionate approach" to enforcement, aiming to improve register accuracy and combat economic crime.
Tom Payne comments:
"Compliance with Companies House is not just about avoiding penalties; it's about protecting your business’s reputation. Taking timely action is crucial to steer clear of these new fines."
For tailored advice on staying compliant, contact Abaqus today
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