Earlier this year the Economic Crime and Corporate Transparency Act gave Companies House more powers to improve the accuracy of the data they hold and crack down on misuse of the register, today they have announced the implementation of new penalties for non-compliance from Companies.
Companies that do not comply with their legal duties (for example, not filing their confirmation statement on time) could now face financial penalties, more serious offences could result in civil action, director disqualification or potentially even criminal prosecution. Companies House will work to investigate and prosecute offences in partnership with the Insolvency Service and other enforcement partners. If convicted, a director could end up with a criminal record.
Companies House will support businesses to comply with their legal obligations.