CPP Group, a leading provider of Life Assistance products and services said company owners hit by identity fraud faced an average bill of £13,500, which such a spot check could have avoided.

In a recent spate of attacks, fraudsters have been able to change company directors’ details or the registered office address by submitting false documents to the registry. Companies House does not verify the validity of paper documents submitted to it, including those requesting a change to a company record.

Companies House are aware of this and are making efforts to stop fraudsters doing this. One initiative is Proof – Protected Online Filing which ensures secure e-filing and a ban on paper forms. However, only one out of ten companies have signed up for this.

A service called Monitor is also available; this ensures existing directors are alerted as soon as specified company documents are added to the registry.

So are you a contractor working through your own limited company? If so, check your details on Companies House today.

Independent Contractor Services (ICS) offer a range of services,  including a Limited Company Service for contractors and freelancers. To find out more about it, visit our page dedicated to our Limited Company Service here.

Among the words whose commercial use will now require permission, in order to stop businesses feigning some type of authority, are ‘adjudicator,’ ‘bank,’ ‘chamber of’ and ‘tribunal.’

Before any name on the restrictive list can be used, permission will need to be sought from Companies House the legislation states.

The organisation said in its guidance: “If you choose a name that includes any of these words you will need to write to the relevant body to ask whether they have any objection to the proposed name.”

Contractor UK recently reported that there are more than 70 words that remain from a previous list of names or expressions which are restricted, meaning permission must be sought before use, or that are banned outright.

Decades-old regulations on using company names “that are so misleading that they would be likely to cause harm to the public”, such as the 42 new entries on the list, were refreshed on October 1st.

As a contractor, a limited company is often considered the most prudent option if you are outside of IR35 (although it can also be an option if you are within IR35), as in many cases you will take home a greater proportion of your income than through an umbrella company.

Almost any firm of local accountants can help you to set-up a limited company for a fee, but they will almost certainly not have the specialist knowledge required to ensure you are compliant with specific contractor legislation such as IR35 and MSC.

For more information about the Limited Company Service we offer here at ICS, you can download a guide here.

ICS Accounting Ltd offers an innovative solution for the contractor market, designed specifically to support contractors in the running of their limited company. The comprehensive accounting, financial and tax planning package allows contractors to focus mainly on developing their business and maximising their income, in the knowledge that they have professional experts at hand to help deal with changes of this kind.

Key things which those with a limited company need to know from 1^st October, 2009 are:

• Every director will have a service address and a usual residential address however only the service address for each directorship will be made publicly available. The residential address will only be made available to public authorities and credit reference agencies. On 1^st October, a director’s current residential address will automatically become the service address. You can change this address on Companies House website from 1^st October.
• A companies registers may be held at the registered office address or at a single alternative inspection location (SAIL). However you must notify Companies House if you set up a SAIL address or if the SAIL address is moved. There may only be one SAIL address for each limited company. Once a SAIL address is set up, you can move the registers to that address by notifying Companies House. New forms are available by visiting the Companies House website.
• There have been a number of changes to make it easier to set up a limited company. Further details can be found by visiting the Companies House website.
• Company articles for new companies will now include the company’s objects and liabilities. These were previously in the memorandum.
• Any amendments to the company’s articles must be sent to Companies House within 15 days. Failure to do this could mean you could be liable to a criminal office and a civil penalty of £200.
• All Companies House accounts filing deadlines have been reduced by one month. For a private company it is 9 months and six months if you are a public company. If accounts are filed late, you will be liable for a late filing penalty of up to £1500.

Protected Online Filing (PROOF)

Corporate Identity Fraud is on the increase and smaller firms are just a vulnerable as large firms. Companies House have introduced a scheme called PROOF which ensures customers are protected from changes to their company details. Once you agree to file certain documents electronically, any attempt to file a piece of paper will be rejected.

More detailed information on the Companies Act 2006 can be found on the Companies House website.

Click here to learn more about the ICS Limited Company Service.