Understanding Company Renewal in the UK: A Detailed Breakdown

April 19, 2024
Understanding Company Renewal in the UK: A Detailed Breakdown

Want to renew the registration of your company in the UK? Don’t worry. You have come to the right place. When it comes to the renewal of company registration in UK, you have to go through the process of confirming and updating the details of your registered company with the appropriate authority which is the Companies House.

In this article, we will go through a detailed breakdown of the complete process to renew company registration in UK so that you don’t have to look here and there for correct information. However, first, we will go through an overview of the renewal process in the UK. So, without any further ado, let us dive into the article.

Overview Of The Renewal Process Of Company Registration In The UK

The foundation of company renewal lies within the statutory framework governed by the Companies Act 2006. Under this legislation, companies incorporated in the UK are mandated to comply with regulatory obligations administered by Companies House, the registrar of companies. Companies House serves as the custodian of company records, overseeing the registration process and ensuring adherence to statutory requirements.

The Complete Process To Renew Your Company Registration

Here is the complete process to renew the company registration in UK for 2024.

File An Annual Confirmation Statement

In the UK, all the registered companies have to file an annual confirmation statement with Companies House. Dormant companies may have reduced reporting requirements compared to active companies, but they still need to ensure that their information is accurate and up to date. The confirmation statement includes all the details of the company. You have to make sure that the Companies House has all the updated details of your company. The details in the statement include the registered office address, directors, shareholders, share capital, etc. You can find all the updated details to share here.

The statement has to be filed after every 12 months. In case there are any updates in the details of the company within the time frame 12 months before the next filing, then you can file it earlier.

Update The Information About Your Company

In the renewal process, you have to ensure that all the information about your registered company with Companies House is correct and up to date. This includes updating information about directors, shareholders, registered office addresses, and significant changes in the company’s structure or activities. In case you are not able to update the information with Companies House at the right time, then it can result in legal issues and even penalties.

Payment Of The Annual Fee

You have to pay an annual fee to the Companies House for your registered company. The overall amount will depend on the size and type of your company. You have to pay the fee when you file for the annual confirmation statement.

You have to pay £13 for a confirmation statement if you file it through online mode. In case you use the paper form then you have to pay £40. You have to pay the amount at the time of confirmation statement submission.

Remember, if you fail to file the confirmation statement or update company information on time can result in late filing penalties. The amount of the penalty depends on how late the filing is and the size of the company. Persistent failure in this process can lead to severe penalties which can further lead to the dissolution of the company.

Company Dissolution In Case Of No Renewal

In case the directors wish to close down the company, or the company is no longer trading, then you can apply to strike off the register. In this case, you have to settle all the outstanding debts of the company, ease the trading license, and notify the Companies House.

More than half of all the directors of the company have to sign the application of closing before you submit it. The application submission fee will be £8. There are some other things that you need to add to the application for which you can check this link.

Once Companies House approves the application for dissolution, the company is removed from the register, and it ceases to exist as a legal entity.

So, here is the complete breakdown of the renewal process of company registration in the UK. You have to make sure that you give a timely prompt to the Companies House about all the updated information about your company. Make sure you go through all the details and complete the process on time to avoid any penalties and legal issues.

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