Companies House Fee Hike: What You Need to Know?
Company House has announced a major cost hike on various services, which will be applied from May 1st, 2024. This major fee hike for the UK company filing will impact various services, including forming a new company and filing annual confirmation statements. These fee changes are primarily made to mitigate financial crimes and fund investigative capabilities. In this blog, you will get a comprehensive view of all the fee changes and the importance of iXBRL filing.聽
What Does the Fee Change Involve?
All the Company House services are affected by the fee increase. The majorly impacted services are mentioned below:
- Registration and Incorporation of Companies: With more than 400% increase, the fee for incorporating a new business will change from 拢12 to 拢50.
- Confirmation Statements: The cost of annual confirmation statements, which are an essential compliance requirement, will increase from 拢13 to 拢34.
- Name Changes: Previously, the fee was 拢8, but changing the name of your business will now cost 拢20 for online filings.
- Voluntary Strike-off: The previous 拢8 cost has increased to a 拢33 fee when a firm dissolves voluntarily.
聽Additional Reasons:
- Long-Term Benefits: Companies House may see long-term advantages due to the fee rise, including improved productivity, quicker processing times, and an easier-to-use online filing system.
- Government Funding: The fee increase will minimise the government funding that will eventually free up some funds for other crucial projects.
Companies House Fee Increase Summary (Effective May 1st, 2024)
Service |
Old Fee |
New Fee |
Company Incorporation & Registration |
||
Incorporation (Digital) |
拢12 |
拢50 |
Incorporation (Same Day) |
拢30 |
拢78 |
Incorporation (Software) |
– |
拢50 |
Incorporation (Paper) |
– |
拢71 |
Service |
Old Fee |
New Fee |
Registration under s1040 (Part 33 Chapter 1) CA06 (Paper) |
– |
拢71 |
Re-registration of a company (Paper) |
– |
拢71 |
Service |
Old Fee |
New Fee |
Confirmation Statement |
||
Confirmation Statement (Digital) |
拢13 |
拢34 |
Confirmation Statement (Software) |
– |
拢34 |
Confirmation Statement (Paper) |
– |
拢62 |
Service |
Old Fee |
New Fee |
Change of Name |
||
Change of Name (Paper) |
拢8 |
拢30 |
Change of Name (Same Day) |
拢30 |
拢83 |
Change of Name (Digital) |
– |
拢20 |
Service |
Old Fee |
New Fee |
Registration of a Charge |
||
Registration of a Charge (Paper) |
拢24 |
拢15 |
Registration of a Charge (Digital) |
– |
拢15 |
Service |
Old Fee |
New Fee |
Voluntary Strike-off |
||
Voluntary Strike-off (Paper) |
拢8 |
拢44 |
Voluntary Strike-off (Digital) |
– |
拢33 |
Service |
Old Fee |
New Fee |
Reduction of Share Capital |
||
Reduction of Share Capital (Same Day) (Digital) |
– |
拢136 |
Reduction of Share Capital (Paper) |
– |
拢33 |
Reduction of Share Capital (Digital) |
– |
拢33 |
Service |
Old Fee |
New Fee |
Administrative Restoration (Paper) |
– |
拢468 |
Application to Make Address Unavailable (Paper) |
Service |
Old Fee |
New Fee |
Limited Liability Partnerships (LLPs) |
||
Registration of LLP (Digital) |
拢35 |
拢50 |
Registration of LLP (Same Day) |
– |
拢78 |
Registration of LLP (Paper) |
– |
拢71 |
LLP Confirmation Statement (Paper) |
– |
拢62 |
LLP Confirmation Statement (Digital) |
– |
拢34 |
LLP Change of Name (Paper) |
拢8 |
拢30 |
LLP Change of Name (Same Day) |
拢30 |
拢83 |
LLP Change of Name (Digital) |
– |
拢20 |
Registration of a Charge by an LLP (Paper) |
拢24 |
拢15 |
Registration of a Charge by an LLP (Digital) |
– |
拢15 |
LLP Voluntary Strike-off (Paper) |
拢8 |
拢44 |
LLP Voluntary Strike-off (Digital) |
– |
拢33 |
Administrative Restoration of an LLP (Paper) |
– |
拢468 |
Application to Make Address Unavailable (Paper) |
– |
拢30 |
Service |
Old Fee |
New Fee |
Overseas Companies |
||
Registration (Paper) |
– |
拢71 |
Change of Name (Paper) |
拢8 |
拢30 |
Registration of Annual Accounts (Paper) |
– |
拢62 |
Service |
Old Fee |
New Fee |
Limited Partnerships & Scottish Qualifying Partnerships |
||
Registration (Paper) |
– |
拢71 |
Annual Fee (Paper) |
– |
拢62 |
Annual Fee (Digital) |
– |
拢62 |
Service |
Old Fee |
New Fee |
UK Economic Interest Groupings (EEIG) & UK Societas |
||
Registration of an EEIG Establishment (Paper) |
– |
拢71 |
Registration of Change of Name (Paper) |
拢8 |
拢30 |
Registration of a Charge (Paper) |
拢24 |
拢24 |
Registration of Public Company (Paper) |
– |
拢71 |
Service |
Old Fee |
New Fee |
Overseas Entities |
||
Registration (Digital) |
– |
拢234 |
Update Fee (Digital) |
– |
拢234 |
Application for Removal (Digital) |
– |
拢706 |
Reasons to Consider the iXBRL Format
Inline Extensible Business Reporting Language, or iXBRL, is a mandated format for filing financial statements. iXBRL filing is more necessary than ever as it offers effortless data extraction and analysis. From streamlined processes to minimised errors and quicker processing times, the entire filing procedure is accelerated with iXBRL. It will prove to be a strategic approach for the business to outsource iXBRL conversions to a proficient company and enjoy increased productivity.聽 聽 聽
How 福利视频 Will Be Your Partner?
When it comes to financial reporting solutions, 福利视频 is the leading assistance to navigate . We will ensure that your financial statements are filed accurately and effectively, complying with the recent laws. With our iXBRL tagging process, you can save a significant amount of time and money as we have the most intuitive software on the market. Connect with 福利视频 to discuss your iXBRL requirements today.