The Economic Crime and Corporate Transparency Bill has been through the House of Commons and is at Report stage in the House of Lords – just a couple of steps away from Royal Assent.
One of the effects of this will be additional reporting with accounts filed at Companies House, and as a result a profit and loss account and directors report will need to be filed.
For some, this is viewed as being more transparent in dealings with the public, whilst others consider this an unnecessary and increased administrative burden. There will also be an admin burden in having to verify director’s identity with Companies House.
Some companies may consider disincorporation to avoid their finances being in the public domain.
We await the final details!
