The cost of starting and maintaining a company in the UK is set to increase from 1 May 2024, due to a fee hike by Companies House. However, they are keen to point out that these changes are based on a "cost recovery basis," meaning the increased fees solely cover their service delivery without generating a profit.
Key Changes:
• Online Registration: The online registration fee for a business or limited liability partnership (normally completed within 24 hours) jumps significantly from £12 to £50, a 300% increase.
• Same-Day Incorporation: Need a company set up quickly? The fee for same-day incorporation rises from £30 to £78.
• Voluntary Striking-Off: Closing down a company will now cost £33, compared to the current £8 fee.
• Overseas Entities: The most significant increases target overseas entities registering with Companies House. The registration fee goes from £100 to £234, and the removal fee increases to £706 from £400.
Impact on Formation Agents:
Many people use company formation agents to streamline the incorporation process. Their basic services typically add a small mark-up to the Companies House fee. As a result, you can expect similar price increases from these agents.
Confirmation Statements:
Don't forget about confirmation statements! Every company, including dormant ones, needs to file a statement at least once a year. The current £13 fee increases to £34, but this covers a 12-month period. This means you'll only pay for the first filing within a specific period, with no additional charges for subsequent filings during that time.
