Company incorporation registration and other statutory fees are set to increase from the 1st of May 2024. In the words of Barrett Strong “Give me money, that’s what I want”.
Companies House has advised; “Companies House fees are set on a cost recovery basis. This means our fees must cover the cost of the services we deliver. We do not make a profit on our fees.” That being said, businesses all over the UK are not happy.
What does this mean for your business?
Due to the price increases, mandatory filings are now more expensive than ever before. Forms such as confirmation statements now cost £34 to file online, compared with the £13 it previously cost. Similar to confirmation statements, company incorporation has increased by more than 300% going from £12 to £50! Just as the Bank of England are refusing to lower interest rates and saying that “if everybody tries to beat inflation – and that is in both price-setting and wage-setting – it doesn’t come down”, it seems like one branch of Government doesn’t like to take another’s advice.
A full breakdown of the new fees can be found here on Companies House website https://changestoukcompanylaw.campaign.gov.uk/changes-to-companies-house-fees/
Evie Tait, M&S Accountancy and Taxation
