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.
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 £12 to £50.
- Confirmation Statements: The cost of annual confirmation statements, which are an essential compliance requirement, will increase from £13 to £34.
- Name Changes: Previously, the fee was £8, but changing the name of your business will now cost £20 for online filings.
- Voluntary Strike-off: The previous £8 cost has increased to a £33 fee when a firm dissolves voluntarily.
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) |
£12 |
£50 |
|
Incorporation (Same Day) |
£30 |
£78 |
|
Incorporation (Software) |
– |
£50 |
|
Incorporation (Paper) |
– |
£71 |
|
Service |
Old Fee |
New Fee |
|
Registration under s1040 (Part 33 Chapter 1) CA06 (Paper) |
– |
£71 |
|
Re-registration of a company (Paper) |
– |
£71 |
|
Service |
Old Fee |
New Fee |
|
Confirmation Statement |
||
|
Confirmation Statement (Digital) |
£13 |
£34 |
|
Confirmation Statement (Software) |
– |
£34 |
|
Confirmation Statement (Paper) |
– |
£62 |
|
Service |
Old Fee |
New Fee |
|
Change of Name |
||
|
Change of Name (Paper) |
£8 |
£30 |
|
Change of Name (Same Day) |
£30 |
£83 |
|
Change of Name (Digital) |
– |
£20 |
|
Service |
Old Fee |
New Fee |
|
Registration of a Charge |
||
|
Registration of a Charge (Paper) |
£24 |
£15 |
|
Registration of a Charge (Digital) |
– |
£15 |
|
Service |
Old Fee |
New Fee |
|
Voluntary Strike-off |
||
|
Voluntary Strike-off (Paper) |
£8 |
£44 |
|
Voluntary Strike-off (Digital) |
– |
£33 |
|
Service |
Old Fee |
New Fee |
|
Reduction of Share Capital |
||
|
Reduction of Share Capital (Same Day) (Digital) |
– |
£136 |
|
Reduction of Share Capital (Paper) |
– |
£33 |
|
Reduction of Share Capital (Digital) |
– |
£33 |
|
Service |
Old Fee |
New Fee |
|
Administrative Restoration (Paper) |
– |
£468 |
|
Application to Make Address Unavailable (Paper) |
|
Service |
Old Fee |
New Fee |
|
Limited Liability Partnerships (LLPs) |
||
|
Registration of LLP (Digital) |
£35 |
£50 |
|
Registration of LLP (Same Day) |
– |
£78 |
|
Registration of LLP (Paper) |
– |
£71 |
|
LLP Confirmation Statement (Paper) |
– |
£62 |
|
LLP Confirmation Statement (Digital) |
– |
£34 |
|
LLP Change of Name (Paper) |
£8 |
£30 |
|
LLP Change of Name (Same Day) |
£30 |
£83 |
|
LLP Change of Name (Digital) |
– |
£20 |
|
Registration of a Charge by an LLP (Paper) |
£24 |
£15 |
|
Registration of a Charge by an LLP (Digital) |
– |
£15 |
|
LLP Voluntary Strike-off (Paper) |
£8 |
£44 |
|
LLP Voluntary Strike-off (Digital) |
– |
£33 |
|
Administrative Restoration of an LLP (Paper) |
– |
£468 |
|
Application to Make Address Unavailable (Paper) |
– |
£30 |
|
Service |
Old Fee |
New Fee |
|
Overseas Companies |
||
|
Registration (Paper) |
– |
£71 |
|
Change of Name (Paper) |
£8 |
£30 |
|
Registration of Annual Accounts (Paper) |
– |
£62 |
|
Service |
Old Fee |
New Fee |
|
Limited Partnerships & Scottish Qualifying Partnerships |
||
|
Registration (Paper) |
– |
£71 |
|
Annual Fee (Paper) |
– |
£62 |
|
Annual Fee (Digital) |
– |
£62 |
|
Service |
Old Fee |
New Fee |
|
UK Economic Interest Groupings (EEIG) & UK Societas |
||
|
Registration of an EEIG Establishment (Paper) |
– |
£71 |
|
Registration of Change of Name (Paper) |
£8 |
£30 |
|
Registration of a Charge (Paper) |
£24 |
£24 |
|
Registration of Public Company (Paper) |
– |
£71 |
|
Service |
Old Fee |
New Fee |
|
Overseas Entities |
||
|
Registration (Digital) |
– |
£234 |
|
Update Fee (Digital) |
– |
£234 |
|
Application for Removal (Digital) |
– |
£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.
How DataTracks Will Be Your Partner?
When it comes to financial reporting solutions, DataTracks is the leading assistance to navigate Company House’s recent adjustment in filing. 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 DataTracks to discuss your iXBRL requirements today.