Welcome to the May 2025 Newsletter from Walsh & Co
Companies House has started to verify individuals' identities through GOV.UK. More than six million individuals will need to comply in the 12 months after identity verification becomes a legal requirement later this year. According to Companies House, identity verification will play a key role in improving the quality and reliability of data and tackling misuse of the companies register.
Companies House begins to verify identities
A new service has been launched that allows individuals to verify their identity directly with Companies House through GOV.UK.
The introduction of identity verification is one of the key changes to company law as part of the Economic Crime and Corporate Transparency Act 2023. Companies House has landmark new and enhanced powers to combat economic crime and boost economic growth.
More than six million people will be required to comply in the 12 months after identity verification becomes a legal requirement later this year. According to Companies House, identity verification will provide more assurance about who is setting up, running, owning and controlling companies in the UK.
Louise Smyth, CEO of Companies House, said: 'Identity verification will play a key role in improving the quality and reliability of our data and tackling misuse of the companies register.
'To save time later, we encourage directors, people with significant control of companies (PSCs) and those filing information with Companies House to verify their identity during the voluntary window.
'We expect identity verification to become mandatory from Autumn 2025.'
Spending Review 'could brighten living standards outlook'
Think tank the Resolution Foundation has suggested that the government's upcoming Spending Review could help to brighten the 'bleak living standards outlook' for low-to-middle income families.
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Business group welcomes launch of Code of Practice
The Institute of Directors (IoD) has welcomed the launch of the government's new Cyber Governance package, which is underpinned by the Cyber Governance Code of Practice.
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Price rises 'most likely response' to US tariffs
Price increases are the most likely response to US tariffs by affected firms, according to a survey conducted by the British Chambers of Commerce (BCC).
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Pension reforms needed to help people through retirement
Reforms are needed to make the pension system easier to navigate successfully in order to help reduce the risk of a shortfall in retirement, according to the Institute for Fiscal Studies (IFS).
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Government calls time on red tape for pubs, clubs, and restaurants
Pubs, clubs and restaurants will benefit from a reduction in the red tape that has stifled hospitality business, the government said.
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