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Companies House reform impacts SMEs

The Government has announced that there will be reforms made to Companies House to help its "priorities in national security, anti-corruption, tackling fraud and boosting enterprise".

The reforms will give Companies House the power to challenge and remove information if it cannot be validated, transforming the registrar into a "gatekeeper" rather than a "passive administrator''.

Small companies will have to file profit and loss (P&L) so that key information will be available on the public register.

The reforms were announced alongside a range of other operational changes to Companies House In a whitepaper published by the department for Business, Energy and Industrial Strategy.

Louise Smyth, chief executive officer of Companies House, said:

"We need the right data in the right place at the right time. This is fundamental to ensuring we drive confidence in the UK economy, which is our purpose. And people need to have confidence in that data.

"The challenge is always going to be trying to work across governmental organisations. People will always have slightly different requirements and needs, and there will always be different ways of working"

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