Companies House continues to tighten its belts

Companies House continues to tighten its belts

Companies House is warning companies of the new penalties it is enforcing, although they have said they will ‘support businesses to comply with their legal obligations,’ such as aiding them in filing their confirmation statements on time.

It will be those that ignore the warnings that will be targeted with the non-compliance penalties as well as offences which are deemed more serious which may result in civil action, director disqualifications and at the worst a criminal prosecution.

The director of intelligence and law enforcement liaison said: ‘The introduction of these new penalties marks another significant step forward for Companies House and our transformation.’

They went on to say that the approach Companies House takes will be ‘consistent’ and ‘proportionate’ but will also enforce the law when necessary to ‘prevent economic crime.’

Companies House has said it will also work alongside the Insolvency Service, as well as other enforcement partners to share data and cases between them.

Director of legal services at the Insolvency Service said: ‘We are committed to working collaboratively with Companies House to help improve the integrity and transparency of the data on its register.

‘Where it is appropriate and proportionate to do so, and as part of our overall approach to tackling economic crime and wrongdoing, we will utilise the powers available to us to take enforcement action against misconduct on the register.’

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