Additionally, non-compliance could result in the company, director or owner being marked as ‘unverified’ at Companies House, potentially causing reputational damage or issues obtaining credit.
Concerns have been raised that the requirements imposed by the ECCTA are overly burdensome and could potentially stifle businesses with excessive administrative work and costs. It is hoped that secondary legislation will provide some clarity on how companies, directors and owners can efficiently maintain their compliance.
Nonetheless, it is strongly recommended that companies, directors and owners maintain regular contact with their professional advisers so they can be sure to meet any upcoming obligations or requirements.
Giorgio Pizzetti is an associate at Hunters
