Written By: Zoe Ford 

Source: Why Media London 

Website Non-Compliance can see your company faced with a £15,000 fine. 

In 2006, the government laid out its new law for companies across the UK. The Companies Act 2006 was born to modernise corporate governance across the country. The intention was to provide transparency and accountability, ensuring business owners were more open with shareholders, the public, and regulators. Fast-forward 18 years, and failure to comply can land you a hefty fine of up to £15,000. The exact number of penalties is unknown, but research conducted by Why Media in 2023 suggests over 8,000 firms have received these fines.

Information, including company number VAT details and specific policies depending on the sector you operate in, is law in the United Kingdom. 

The Companies Act 2006 significantly modernised corporate governance, aiming to improve transparency and accountability for business owners. It also aimed to streamline corporate governance and reduce businesses' overwhelming administrative burdens. It set a more explicit legal framework that continues to guide thousands of companies today. The principles of clarity and transparency remain as crucial as ever in today’s business landscape. 

The Companies Act requires companies to display their names at their registered offices, other places of business, and on all business communications. This includes displaying their company details on all websites, aiming to make all company details readily available and accessible at all times. Failure to comply with these regulations can result in a hefty fine. 

The government can impose penalties for a number of offences, including failing to file accounts and reports, failing to update Companies House of any changes, and failing to deliver the annual return on time. With the new Financial Penalty Regulations 2024, Companies House has more authority than ever to issue financial penalties of up to £10,000. These fines are an alternative, albeit expensive one, to commencing criminal proceedings. 

The British parliament continuously generates new and tighter legislation with fines resulting in money for the HM Treasury. 

In essence, the Companies Act 2006 continues to lay down the law for businesses, and it proves to be just as effective and relevant in today’s corporate world as it was nearly two decades ago. WhyMedia are going the extra mile to provide clarity, with a rollout of a direct link to Companies House on all websites. This ensures people in a position of responsibility can do their diligence with ease ahead of possible tightening legislation in the years to come. 

Why Media is an award-winning design, marketing, digital communications and PR agency offering tailored solutions to companies on a global scale. We have extensive experience in delivering design and marketing services to a spectrum of companies, including professional services, property companies, financial institutions and shopping centres. We have offices in London UK, Hertford UK, Finestrat, Spain & Brescia, Italy.

Press Contact

Why Media
E-Mail:  press@whymedia.com
Telephone:  020 3007 6002

Press Contact

Why Media Press Department
Website: whymedia.com / marketingnewscast.com
Email: press@whymedia.com
Telephone: 020 3007 6002