Increased powers, increased fees: Companies House filing fees to increase on 1 May
Companies House has announced that its fees will increase on 1 May. This short note sets out details of the new fees.
Why are the fees increasing?
This fee increase is expected. The Economic Crime and Corporate Transparency Act 2023 (“ECCT Act”) aims to deliver “the biggest upgrade to Companies House for 170 years” and includes the introduction of a new system for identity verification and a new statutory role for Companies House to promote the integrity of its registers.
The new increased fees will help to fund these reforms. The fees at Companies House are set on a cost-recovery basis – in other words, the fees only cover the costs of the services it delivers, and do not include a profit.
Are the fees increasing significantly?
The fees will increase significantly across the board. For example, it currently costs £12 to incorporate a private limited company online, and this will increase to £50 from 1 May. A Confirmation Statement will cost £34 to file online (until 1 May, it costs only £13).
It is worth bearing in mind that the current Companies House fees are far lower than the global average, and there has been criticism in the past that Companies House is not properly funded. Even after the current fee increases takes place, in comparison to other jurisdictions, the UK will continue to have some of the lowest fees.
Where can I find details of the new fees?
A full list of the new fees has been published online.
For further details of the key reforms to be introduced by the ECCT Act, please see our earlier briefing note.
If you have any questions about the issues discussed in this note, please get in touch with our corporate finance team.