The Changes To Company Law You Need To Know

Are you aware of the Economic Crime and Corporate Transparency Act 2023, and the changes to company law that you need to know? This is what our corporate lawyers look at in this blog post. If you have any company law changes or concerns for your business that you want to run by our corporate solicitors in Peterborough, call the corporate legal team now.

In the meantime, these are the changes to company law that we think you need to know about and when you can expect them to come into play.

Identity Verification is one of the key changes you need to be aware of if you are a company director or person with significant control. Members of LLP organisations will also need to be aware of these changes. It is expected that these changes will be introduced in the autumn of this year, but there will be a 12-month transition period for current directors, persons with significant control and members of LLPs. Anyone acting on behalf of a company, such as accountants, will also need to verify their identity from spring 2026.

The government have confirmed that changes are taking place to allow individuals to apply to conceal their personal information from being seen by the general public. There will also be an option to apply for personal information on certain documents to be supressed. This may include the concealing of a residential address or date of birth for example.

There will also be changes to company accounts. The government will be introducing changes for small and micro-businesses when filing their profit and loss accounts. There will no longer be the option to file abridged accounts. Small companies that are not micro entities will have to file a directors’ report. If directors claim an audit exemption details of this will need to be given on an additional balance sheet.

There are other smaller changes to company law that you need to know too. For example, there will be changes for shareholders too. They will be required to provide additional information to Companies House. There will be restrictions on the use of corporate directors too. However, these are all things that our corporate solicitors will advise our clients on.

The aim of the changes to company law is to improve the transparency of the corporate world. All while tackling economic crime. While we are not sure what these changes will look like when put into practice. However, our corporate lawyers will continue to support business owners with their corporate law concerns, now and in the future.