Starting 1 May 2024, the costs for incorporating and maintaining a company will rise, following a hike in fees by Companies House.
Companies House has said that the fee structure is based on a cost-recovery model. This means that the fee increases aim exclusively to cover the expenses of the services, without the intention of generating a profit.
Incorporation
Currently, the cost of registering a company with Companies House ranges from £10 to £40, depending on the channel used. With fees increasing across-the-board from registration to exit, increased costs include:
- Online registration for a business or limited liability partnership: this is normally completed within 24 hours at the cost of £12. However, online registration fees will rise to £50, an uplift of 300%.
- Same-day incorporation: the fee for this service is going up from £30 to £78.
- Voluntary striking off: When a company is no longer required, voluntary striking off will now incur a fee of £33; it is currently £8.
- Overseas entities: the largest increases apply to overseas entities who need to register with Companies House. The registration fee goes up from £100 to £234, with the removal fee increasing to £706 from £400.
Many people set up a new company through a company formation agent. Their most basic offerings only add a small margin to the Companies House charge. This means the fees charged by agents are going to see similar increases come 1 May.
Confirmation statements
Every company, including dormant companies, must file a confirmation statement at least once a year. The cost is currently £13 and rising to £34. This fee, at least, covers a 12-month period. It’s paid with the first filing during the period with no further charge for any subsequent filings during the same period.
For a full list of Companies House’s current fees visit the government website and for an update on price increases.
For more information, contact our Yorkshire and Derbyshire based Chartered Accountants can assist on 0114 266 4432 or info@smh.group
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