ROSAM INVESTMENTS LIMITED

Companies House

Identity verification
All company directors and people with significant control (PSCs) need to verify their identity to prove who they are. This is a new legal requirement under the Economic Crime and Corporate Transparency Act 2023 to help prevent people using companies for illegal purposes.

Identity verification will become mandatory in autumn 2025.

Act now and verify your identity before it becomes a requirement.

Early action will help you to avoid delays or complications. If your company has multiple officers, allow plenty of time for each one to verify their identity. Directors based outside of the UK may also need extra time if they plan to use an authorised agent, also known as an Authorised Corporate Service Provider (ACSP) to verify their identity.

If you’ve already verified your identity for Companies House, you do not need to do again.

How to verify your identity
You can verify:

online using GOV.​UK One Login – if you have the identity documents or information required

in person at selected Post Offices – you must live in the UK and will need to use the ‘Verify your identity for Companies House’ service first to find out if you can verify this way

using an Authorised Corporate Service Provider (ACSP) – for example, an accountant (eg - ROSAM INVESTMENTS LIMITED - CHARTERED ACCOUNTANTS) or solicitor who has registered as a Companies House authorised agent (you’ll need to provide suitable identity documents)

What happens when you verify
Identity verification is a two-step process.

Step 1: Verify your identity and get your Companies House personal code.

This code is personal to you, not the company. Keep this information secure until you need to use it. You can view your personal code in the ‘manage account’ section of your Companies House account.

Step 2: From autumn 2025, link your verified identity to our records.

You’ll need to provide your personal code and a verification statement for each company role you hold. We’ll provide more information on how to do this in the coming months.

Read guidance on verifying your identity for Companies House

If you or any other directors do not comply with identity verification requirements on time, you will not be able to file your company’s confirmation statement or other filings.

You’ll also be committing an offence and there are a range of consequences, including a financial penalty and being unable to start a new company.

Check the register
It’s important to make sure we hold the correct details for each director and PSC of your company.

You will not be able to complete identity verification if the personal information on your identity documents, such as your date of birth, does not match the information held on our register.

Check the details we hold for you and your company.

You can tell us about some changes online. For other changes, such as incorrect or missing information about directors or people with significant control (PSCs) on your incorporation documents, you’ll need to file a paper form.

If you’ve already verified your identity for Companies House, you do not need to do it again.
If you need more information, please contact us. ROSAM INVESTMENTS LIMITED (CHARTERED ACCOUNTANTS) www.rosaminvltd.com ; [email protected]

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UK EMPLOYERS
30 September 2021
END OF the FURLOUGH SCHEME

IMPORTANT FOR UK BASED COMPANY DIRECTORS
New legislation, which aims to prevent company directors from avoiding investigation into their conduct by informally striking off their company instead of entering an insolvency process, has had its first reading in Parliament and looks set to become law later this year.
The move has been driven, in part, by the fear that some directors will look to avoid repayment of government-backed funding, such as CBILS or Bounce Back Loans, by dissolving their company instead of placing it into a formal insolvency process such as liquidation.
Dissolution and avoiding investigation
Currently, only live companies, or those that enter a formal insolvency process, can be investigated by the Insolvency Service for allegations of fraudulent trading. Directors can face a number of penalties and sanctions if found guilty of misconduct, including being made liable for company debts or being disqualified from acting as the director of a limited company for up to 15 years.
Dissolving a company through the strike-off process is not classed as a formal insolvency procedure and, therefore, directors can avoid investigation if they can successfully close their company in this way. The dissolution process is designed for companies which are not threatened with an insolvency procedure and haven’t been trading for the preceding three months, some directors have been using this as an alternative to formally liquidating their company.
This law, if passed, will not only prevent directors from dissolving companies with active liabilities going forward, but it is also set to be retrospective. This means the Insolvency Service will have the power to investigate companies that have already been dissolved but with a government-backed coronavirus loan still outstanding.
Closure, rescue, and recovery options
For a company with existing liabilities – whether this is a government-backed Covid loan or not – formal liquidation is the optimal closure route for all concerned. Not only does liquidation ensure outstanding creditors are treated fairly, but it also demonstrates a desire on behalf of directors to adhere to their legal obligations once they become aware their company is insolvent.
If the company has a viable future despite any current challenges, there are a range of rescue and recovery processes that can be explored if there is a desire to turn around the company’s fortunes. This can take the form of a Company Voluntary Arrangement (CVA) which facilitates negotiation with outstanding creditors, or Administration, which provides breathing space while a restructuring of the business is executed.
Talk to your accountant/lawyer/financial adviser if you are facing a similar situation

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Overview of Making Tax Digital This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi...