Limited companies slow to report officer changes

More than half of incorporated businesses are failing to tell Companies House within the legal timescale when changes to the details of their officers are made.

According to legislation, such businesses must inform Companies House within 14 days of changes to officers or officer details being made, but 53% of companies neglect to do so.

The type of changes not being declared quickly enough relate to directors and company secretaries, such as new appointments, resignations or amends to their personal details.

Companies House says late declaration hurts the reliability of the companies register – which recent searches of by the public were for ‘company officers’ 47% of the time.

It may also cost the late declarer. Companies House said: “Filing your documentation late can affect your credit standing as this is one of the indicators to your company’s reliability.”

Under the Companies Act 2006, a private company must have at least on director but a company’s articles of association could impose a higher minimum requirement.

The articles may also say a secretary should be appointed but such a position is no longer ordinarily required of a private company, which must have a person as at least one of its directors.