Subscribe
Share
Share
Embed
Optimum Professional Services are delighted to launch the new monthly conversational series, “Optimum: LIVE!” which will provide the opportunity for you to hear from members of the Optimum team and special guests each month as they delve into a variety of subjects in light-hearted, fire-side chat style productions.
Each episode will be shot or broadcast live (yep! One take!) which means that it is not scripted or edited and has a more natural and engaging tone.
This is a https://www.visual-pr.co.uk production
00:00:04:22 - 00:00:46:12
Chris
Did you know that identity verification with companies House is a new addition to UK company law this year? In this episode, we're going to look at what it is, who it affects and what everybody needs to do.
00:00:46:15 - 00:01:11:21
Chris
So welcome back. It's episode 119 of Optimum Live, and it is companies House identity verification changes. Absolutely snappy as heck as you'd expect from companies House. And all of those authorities delighted to say. I mean, being joined by somebody who, has to know all about this. Tracy Heath, operations director. Hi, Tracy.
00:01:11:21 - 00:01:12:07
Tracey
Hi.
00:01:12:09 - 00:01:30:03
Chris
You're the scapegoat for this one. This, And I guess it is because all of us as business owners have suddenly kind of gone. Did I just receive an email asking me to do something? And you, as you know, ultimate professional services, you're you're all over this. Is it a big change?
00:01:30:05 - 00:01:32:03
Tracey
It is a big change. Yes it is.
00:01:32:08 - 00:01:37:04
Chris
Simple terms. Then let's start with the obvious question. What is it?
00:01:37:06 - 00:02:03:04
Tracey
So there's new rules that have been introduced by, companies House. They are basically trying to disrupt economic crime and support economic growth. So they're bringing in more and more, stringent rules to try and capture those people that are maybe not following the rules. So, basically, they have brought this in in April. This, this new rule.
00:02:03:04 - 00:02:06:28
Chris
And for a time stamp on this one, we, just into July now.
00:02:06:28 - 00:02:40:27
Tracey
Yes. Sorry. But it's really only been hitting people's inboxes in the last month or so. And so what people now need to do is make changes that it's actually mandatory from autumn 2025. And we need to have everything completed by autumn 26. So it's basically, and all directors and PSC, and that's persons of significant control that are listed, linked to a company at companies House are now going to have to go online and verify their identification.
00:02:40:29 - 00:03:06:02
Chris
Okay. In fairness, I mean, it sounds a fair thing to be doing if we're really trying to combat, crime. Yeah, underhand practices or whatever. Within organizations. And did I get the impression this even could be including, like illegal immigration and things like that, as well as fraud and whatever else? Yes. It's quite broad, isn't it?
00:03:06:03 - 00:03:07:14
Tracey
It is. Yeah. Well, as.
00:03:07:14 - 00:03:22:04
Chris
Myself, as a, as a as a company director with no, you know, guilty conscience of anything for me, it kind of goes, yeah that's fine. Yeah. So other than, you know, making sure that we do all the tasks, it's like there's nothing to be worried about.
00:03:22:04 - 00:03:44:24
Tracey
About it. Absolutely. If you're all completely, straight and you're doing everything right, nothing to worry about. It's just the inconvenience of it, really. And if you have not become if you've not verified yourself online with companies House by autumn 26, you will not be allowed or able to file your confirmation statements, your director changes, etc. at companies House.
00:03:44:27 - 00:04:12:12
Tracey
So it absolutely has to happen. And obviously for a lot of people will use their accountants to file those kind of documents for them. But still they have to have verified themselves and that they can do that independently, or they can actually get the help of an accountant to do that. It basically gives you once you've done that, you get an identification code, a think of a National Insurance number that stays with you for life.
00:04:12:14 - 00:04:27:15
Tracey
So you only do it once and that stays with you for life. And then companies House, HMRC, etc. may have various points in your lifetime. Ask you for that code and that confirms that you have verified your ID online and you are who you say you are.
00:04:27:17 - 00:04:31:21
Chris
The most scariest thing for me there is then making sure I don't lose that code anyway.
00:04:31:22 - 00:04:33:14
Tracey
Yes, absolutely.
00:04:33:16 - 00:04:57:23
Chris
It must be securely stored somewhere. Don't lose it, for goodness sake. He says with zero trust in himself there. An interesting comment that I read. And interestingly, you guys have already done a blog post on this as well. And I suspect it will appear along the bottom there. But go to the website o p t p s as in optimum Professional Services.
00:04:57:26 - 00:05:08:18
Chris
Opt. Co.Uk. Yeah. Why am I asking myself? Is right there. And, go to the news page. I think it is, and it will be on.
00:05:08:18 - 00:05:10:01
Tracey
There will be that. Yeah.
00:05:10:02 - 00:05:27:18
Chris
Read some information there. But one of the interesting things for me was that I got the to help disrupt, disrupt economic crime. But and to support economic growth was the line. If you got any feel of how it's supposed to help, you know, support economic growth?
00:05:27:21 - 00:05:32:17
Tracey
I don't know. I mean, there's still so much that they haven't actually confirmed and clarified in this that, you know, I'm.
00:05:32:17 - 00:05:33:23
Chris
Shocked.
00:05:33:25 - 00:05:53:15
Tracey
About that, but they're going to tell us later. But I would imagine it's more about actually trying to, wheedle out those people that are actually following the rules and money laundering and so on and so forth. The more that we can get rid of that, across the industry, the more chance those people that are operating fairly have of operating.
00:05:53:16 - 00:05:54:26
Tracey
Yes, of course.
00:05:54:27 - 00:06:19:08
Chris
That makes sense. That's, that's that's a logical way. I would agree with that. Maybe and I guess it's giving everybody accountability for what they're doing. So that makes sense. So it ends up giving assurances about who is setting up, running, owning and controlling companies in the UK. Yeah, this is at companies House. Is it purely them?
00:06:19:08 - 00:06:24:04
Chris
You mentioned HMRC for example. Is it almost like, in conjunction with each other?
00:06:24:10 - 00:06:44:16
Tracey
It's bound to overlap at some point. You know, they do work very closely together. Whenever we make changes at companies House for Limited companies. It links eventually back through to HMRC. So if you change a registered office for example, that will eventually go back to HMRC. So I'm sure HMRC will be looking at ways of using those codes as well.
00:06:44:18 - 00:06:47:17
Tracey
I'm sure this is just the beginning of a lot of changes.
00:06:47:20 - 00:06:55:19
Chris
And none of it seemed like, you know, Big Brother or anything like that. It seems fairly almost staggering that we didn't have it in the first place, if I'm honest.
00:06:55:20 - 00:06:56:15
Tracey
Yeah.
00:06:56:18 - 00:07:17:26
Chris
I'm even trying to think now with HMRC is that I know we've had the discussion. The, associated businesses. I'm, I have as well as this production company. I've got a public speaking training company, I do media work and they were in theory, they were separate entities because they were they were separate things, separate that they didn't want them to cross over.
00:07:17:29 - 00:07:48:03
Chris
But suddenly that would mean that way, because I'm owning or a person of significant control. Yeah. Suddenly things like corporate tax threshold and limits and everything was spread over the two of them, two companies that I have, and I wonder whether that could help sort that out. I don't know, maybe I'm just being romantic, that some things that I felt were unfair on on people doing business innocently could eventually get resolved.
00:07:48:06 - 00:07:51:20
Chris
We'll see. We'll see. Who does it affect?
00:07:51:22 - 00:08:15:11
Tracey
So it does. It affects all directors. People of significant control that are listed, on a come against the company at companies House. So I think there are slightly different rules for anybody that might be live outside of the UK that, directors or but those again, that it's a bit sketchy in terms of what they have to do.
00:08:15:13 - 00:08:20:24
Tracey
But they've been quite prescriptive in terms of what the people that are based in the UK have today.
00:08:20:27 - 00:08:28:14
Chris
Okay. And, you know, maybe some time, at some point they'll try to tidy that side up as well. But they've got less control there aren't they.
00:08:28:17 - 00:08:40:05
Tracey
I think so, yeah. And it's and it's just become so unwieldy. There are so many out there and probably a lot of those, some of the people are more likely to be away from the radar. So yeah.
00:08:40:05 - 00:08:56:21
Chris
Absolutely. And I guess what it can do is that it can help identify the weak points or the, you know, the leaky holes, whatever we want to call it, even if it's by hang on, that's information we can't get. It's like okay.
00:08:56:21 - 00:08:57:20
Tracey
Yeah, absolutely.
00:08:57:22 - 00:09:04:29
Chris
So it does pinpoint things. It's interesting. Limited companies only or does it involve partnerships.
00:09:04:29 - 00:09:20:06
Tracey
So anything it's if you're incorporated so LP's limited liability partnerships will also be included. Yeah. So if you basically if you have any kind of filing to do a companies house. Yeah. Then it affects you.
00:09:20:09 - 00:09:33:16
Chris
You mentioned that it was bought in in April this year. I've got a loss going aside. It was that rushed in. It just sounds like completely out of the blue.
00:09:33:16 - 00:09:57:19
Tracey
But honestly I don't know. I mean, I've, I've been reading up just this last week, and it was, it was a surprise to me that it had been announced in April. But probably just in certain areas, but not necessarily that widely. So they're obviously now just starting to roll out the emails to directors of companies, because that's when we're starting to get the queries from our clients to say, well, we've got this email.
00:09:57:19 - 00:10:00:02
Tracey
What does it actually mean? Can you help us?
00:10:00:02 - 00:10:16:20
Chris
Yeah. Hence we're doing this episode. And I guess the reality is don't panic for people that maybe haven't because we would speak like I haven't had it yet, but that's a lot of people they've got to try and get the information out too isn't it. Yeah. And it could potentially go to our accountants and us as well. Yeah.
00:10:16:26 - 00:10:29:05
Chris
Depending on how it's set up. Okay. So that's fine. So that was bought in in April. But it's not mandatory until autumn this autumn.
00:10:29:09 - 00:10:29:12
Tracey
Yeah.
00:10:29:19 - 00:10:42:05
Chris
Me well quite I was going to ask is there anything more specific than that. So presumably it's what's this space on that one. But there's a year before it becomes a problem that you're not.
00:10:42:05 - 00:10:59:05
Tracey
Yes. So all of the, all of the advice that everyone would give you is obviously try and get ahead of the curve. Let's actually try and get organized now, because we have the ability to do it, a lot of the softwares where you file this kind of information through are not yet set up to take that code up, but they obviously all know they have to be.
00:10:59:11 - 00:11:13:21
Tracey
So this is why they've set this kind of mandatory date, I believe, so that all of the software companies will then be set up to actually put that information in. But for now, there's nothing stopping you today going to get that code. So you know that you're well and you're well organized.
00:11:13:24 - 00:11:36:05
Chris
And that's the point that's made me suddenly think my accounting software that will probably store that code somewhere, hopefully. Yes, he says, hoping that he doesn't. I'm having those nightmares before it's even begin. I think that comes on the anxiety battle. That one doesn't that? Goodness me. I agree, it's plenty of time to then do it. Do you know what the process involves?
00:11:36:08 - 00:11:58:22
Tracey
Yeah. So there is, there's a website that, companies House have provided, so you can click on there and you can go on to go online to verify yourself. And it's very straightforward. There are the step by step instructions as you go. Initially when you go on you have to have an account. So if you haven't already got a companies house account, it will ask you to register.
00:11:58:25 - 00:12:23:16
Tracey
And then which again it's very straightforward. You'll just get the confirmation through to your email. Once you've set up your account you can then go in to get this one login login. Okay. Which then takes you through the steps in terms of what you need to do to, to actually get this code. So they list out, the items that you need to have in front of you are a biometric passport from any country.
00:12:23:19 - 00:12:30:09
Tracey
And that's the the passport that's got the tiny little rectangular symbol on the front. Yep. That's the sort that you can go through the electronic gates.
00:12:30:17 - 00:12:31:09
Chris
When they're working.
00:12:31:13 - 00:12:56:00
Tracey
Yeah. And a UK photo driving license, full or provisional. Those are the two that most people I think will have. Yeah. But they also have a UK biometric residence permit, a UK biometric residence card, or a UK frontier worker permit. But as I say, I think most people would have a passport or a driving license. So you go on and you actually say that you have these things in front of you.
00:12:56:00 - 00:13:12:27
Tracey
It will then ask you to scan one of those things and it gives you a link, a QR code and so on. And so that's when it might lose some people. Yeah. But then it actually says, yes, you verified here's your code and it will then send you an email. So you get the code on the screen and you get an email with the code as well.
00:13:13:04 - 00:13:19:29
Chris
Okay. And I could keep that email safe. I've got. Yes.
00:13:20:02 - 00:13:26:07
Tracey
You also they say you will also need your current address on the year you moved in. And obviously, as I say, you also also.
00:13:26:08 - 00:13:28:10
Chris
Home or off work.
00:13:28:13 - 00:13:29:04
Tracey
Your home address.
00:13:29:04 - 00:13:31:08
Chris
My home personal home. Yes. Yeah.
00:13:31:10 - 00:13:38:09
Tracey
And then to sign in you need that Gov.uk account which if you haven't got it will say register. Yeah. And then it will take you through.
00:13:38:15 - 00:13:49:05
Chris
How do I, I don't even know I this is really stupid. And I apologize for the stupid question. I should know as the as the owner of this business, whether I've got a companies house account.
00:13:49:07 - 00:14:08:06
Tracey
Well, I think the easiest way is if you've ever followed anything on companies House, you will have an account if you never have, because your accountant probably does it for you, then you won't have. But actually, what will happen is you go in to the link, which I think you're probably going to show on the page. And then click on that link and it will say either sign in or create an account.
00:14:08:08 - 00:14:22:29
Tracey
So obviously you could sign in and put your email address in and say you'd forgotten your password. And it will say it doesn't recognize you then, which will tell you that you don't have an account yet. Or if you create an account and put your email address in, it'll say you've already got an account, you know, so vice versa.
00:14:22:29 - 00:14:23:23
Chris
Fine. Okay.
00:14:23:24 - 00:14:35:06
Tracey
So you've got both options on that page when you click on the link. And it's very straightforward in terms of the step by step instructions. It's just when it gets to that scanning bit that some people just might get a little bit confused with it.
00:14:35:12 - 00:14:52:09
Chris
And I presume with it with you saying it's a QR code, that's the point where we can use our phones to scan that. Yeah. And then is linked to what we're doing with the QR code. Exactly. Okay. That sounds fairly straightforward. I mean, you guys in my account and so on, and you'll have done everything for me handheld.
00:14:52:09 - 00:15:08:19
Chris
Me too high heavens. So I'd imagine I will need to set up the account, but it sounds straightforward. Photo, I think I remember you and I speak in that it kind of almost says have both, but it probably only asks for a scan of one of them. Exactly that, I say. Both, obviously I'm talking passport, driving license.
00:15:08:19 - 00:15:09:12
Chris
The most obvious.
00:15:09:12 - 00:15:25:01
Tracey
Yes. I, for example, logged onto to do mine just to see what it looked like, and I said that I have my passport and my driving license with me and it only needed me to scan the driving license. Yeah. But I think that's because the driving license and the passport office are now linked in some way.
00:15:25:06 - 00:15:27:27
Tracey
So they can marry that up. No trouble.
00:15:28:03 - 00:15:51:29
Chris
Okay, fine. So your theory, your, support level is that if people suddenly start getting thrown by this, you know, scan with phone and connect with the QR code, if that's just a little bit confusing, speak to I'm going to say, in my case, you guys. Yeah. But whoever your accountant is, the likelihood is that they'll be able to to, to help you.
00:15:51:29 - 00:15:52:06
Chris
Yeah.
00:15:52:06 - 00:16:17:25
Tracey
So what we're planning to do now, we've kind of got our heads around a little bit more is we're going to be writing out to all of our clients to say this will affect you. You know, there'll be some links to this video, to the blog and so on to give more information, but basically to say we are going to be setting up, one of these kind of calendly type links where you can book a slot in a calendar, come in, and we will sit and go through it with you because unfortunately, because of the rules.
00:16:17:25 - 00:16:19:24
Tracey
Now we can't just take a copy.
00:16:19:24 - 00:16:21:24
Chris
Yeah. You can't do it for us.
00:16:21:24 - 00:16:41:07
Tracey
No, but we can do it with you. Yes. So we need to have we need to have verified that we are sat with you and we have the original documentation in front of us. It's not a copy. So that then it's all done properly is as good as you doing it yourself. Yeah. So as I say, I think for those people that are going to get a bit confused by it, it could be a bit time consuming.
00:16:41:10 - 00:16:54:13
Tracey
We obviously have got offices in Swindon and Cheltenham, so if Cheltenham is the right side of the world for you, then that's that obviously would be better. And we can do it either all so that's what we're going to do, but we'll still be putting out that out in the email with full instructions.
00:16:54:13 - 00:17:13:13
Chris
It's fine. So no need for someone to get in contact, proactively contact you guys right now. That'll be something soon with, set ability to set up that meeting or, the links, which I'll have to remind myself what that link is after this, and, well, we'll get it put along the bottom of the screen. Yeah. I know the screen.
00:17:13:13 - 00:17:22:06
Chris
The link I mentioned before was to your, blog post, but I think it's on within the blog post as well. That link I might be wrong.
00:17:22:07 - 00:17:41:03
Tracey
It says it is. Yeah, perfect. And it'll be for those directors that have had the email that will be in there as well. It's all over the place. And as I say, those people that are very comfortable with that technology, it's very easy to go in and do it themselves, but they'll obviously just need to let us have the code because we'll be continuing to file information for them going forward.
00:17:41:05 - 00:17:56:25
Chris
I, if I give an example again of my company, it is myself, my wife's wife's wife. I can't even speak now, myself and my wife, directors, owners of the company. So she will have to do this as well. Yes.
00:17:56:28 - 00:18:08:21
Tracey
For anybody that is listed at companies House, there is also, I think in one of the blogs that I've read, so I'm not sure if it's in ours. There's a link to say, find out whether you do.
00:18:08:21 - 00:18:09:10
Chris
That in yours.
00:18:09:10 - 00:18:30:16
Tracey
Yeah. Whether you are actually on a on companies House. Basically it will come up with a search page which is companies House standard search page you put in your company name. It will then take you to that and it will tell. It will show you who's listed as directors, who's listed as persons of significant control. And all of those people listed that are currently active needs to have a code.
00:18:30:22 - 00:18:42:20
Chris
Yep. Okay. Because I don't think I have a was a person of significant control, obviously other than the obvious as in, so what's different to them to a director? I don't know why I bring this up in this episode, but I am anyway.
00:18:42:22 - 00:19:02:25
Tracey
That's fine. So a person's significant control might not necessarily be the director. So for most companies, you know, you maybe have like your situation, you have a husband and wife to direct a company. Typically they'll be 5050 shareholders. So they own really 50% of the company each. Yeah. So their joint, so it's basically who has control.
00:19:02:29 - 00:19:21:12
Tracey
Yeah. What you might have is you might have five directors in the company, but actually there's another guy over here somewhere that's nothing. But isn't the director, but he effectively makes all the decisions, right. So he is actually regardless of who the directors are, he's the guy that is calling all the shots. So he is the PSC, the person significant control.
00:19:21:15 - 00:19:38:11
Tracey
Yeah. And the companies House introduced that to try and highlight those people because they obviously want listed anywhere before. So you would look at the list of directors and assume that that was all of the people that were involved in that company and not realized there was somebody else over here that was basically in charge.
00:19:38:12 - 00:19:56:07
Chris
I'm glad I asked that. So it was relevant in the context of this. What about a, slight branch off from that? I remember going back. Is that, I was a 10% shareholder in a company that that I work for. Would I be on that list? I wasn't a director.
00:19:56:14 - 00:20:09:06
Tracey
No, no. Basically, the when you actually list a person of significant control, there are different bindings. So it's 20. I think it's 20% or more gets listed.
00:20:09:09 - 00:20:09:19
Chris
Fine.
00:20:09:22 - 00:20:13:09
Tracey
So yeah, if you're over that, if you're under you, you still don't get listed.
00:20:13:09 - 00:20:14:21
Chris
I was irrelevant, it was fine.
00:20:14:21 - 00:20:16:09
Tracey
Yeah, yeah.
00:20:16:11 - 00:20:17:15
Chris
I guess story of my life I.
00:20:17:15 - 00:20:29:21
Tracey
Told them I had I can't remember it's 20 or 25% and then it goes to 50 and then 75. So there are, there's bindings where it will actually show. And actually at companies House it will say 75% or whatever.
00:20:29:21 - 00:20:30:10
Chris
I got you.
00:20:30:10 - 00:20:57:08
Tracey
So it shows who's got more control, but still that's actually in terms of shareholding. And not necessarily decision making. You still got that extra thing that you need to click to say, do they have authority to basically appoint and dismiss directors? And that's the overall control. Yeah. So you might you might have a 7,525% shareholding situation.
00:20:57:12 - 00:21:06:21
Tracey
In fact now I've remembered it's not it has to be over 25%. So if you're a 25% shareholder you don't get listed. But if you've got 26 oh blimey.
00:21:06:21 - 00:21:06:28
Chris
Yeah.
00:21:06:29 - 00:21:26:10
Tracey
Right. So but still it still could be the 25% shareholder that has the control over appointing. Yeah. So they would have a different line under there. So it is all listed under the. And when you go into the offices section there is one line for directors and one one page for Icesave.
00:21:26:10 - 00:21:42:15
Chris
Fine. Okay. So we can see that. And I did do that myself though. Not not because I need to remind myself I knew who owned my company, but I was like, okay, let's see what it does. And sure, it's that one that's even got where you've set of accounts that have been put in on one tab and directors and all that sort of stuff.
00:21:42:16 - 00:22:10:16
Chris
Okay. That's fine. We can double check that to make sure we haven't forgotten that there's someone else that's got to say, each of those people with that are either directors or significant control. Have to go through this process. If when you do this. Calendly. Or whoever, I'm supposed to say that, appointment cannot be the company with potentially more than one person within.
00:22:10:22 - 00:22:19:25
Tracey
Like, yep, yep. It's just about booking that slot so we know someone's coming in. We need to make sure we've got a room available and a laptop available so that we'll be able to actually get onto the software and help you.
00:22:20:03 - 00:22:29:13
Chris
Perfect. Anything I haven't asked or talked about on this.
00:22:29:15 - 00:22:53:03
Tracey
I think directors need to be aware. Obviously, we're going to be writing to all of our clients, and nine times out of ten, those clients of ours are directors and people are still in control. So we'll be capturing them all. There are on occasion there are. We might work for represent a couple of the directors, but there's there are people of significant control over there that we have nothing to do with.
00:22:53:05 - 00:23:11:28
Tracey
So we won't have any contact information for them, etc.. So there's going to be some onus on the directors there. And in that situation, making sure that those people have got the code. Because when we come to find in their confirmation statement next time, we will have to enter all of those codes.
00:23:11:29 - 00:23:12:19
Chris
Oh really?
00:23:12:19 - 00:23:14:26
Tracey
Yeah. So if we haven't got them we can't file.
00:23:14:27 - 00:23:26:12
Chris
Wow. So every time, like for example, myself and mine's small compared to the example you were using there. But every time anything is filed from now on, you as my accountants, would then be having to put mine on my wife's codes.
00:23:26:12 - 00:23:30:23
Tracey
And I'm hoping that we put it in one time and the software holds.
00:23:30:23 - 00:23:31:24
Chris
It got you. Yes.
00:23:31:24 - 00:23:54:03
Tracey
Like the like we've currently we have the company authentication code. We need that. It's yours. But we need that to file on your behalf because that's a secret code. And that's, that says that we're authorized to to file for you. Yeah. This is one step further. So I'm hoping that that software will hold it. So in the same way the code stays with you for life whilst we don't move software, that code will stay in there.
00:23:54:07 - 00:23:56:09
Tracey
So it's a one time job, hopefully.
00:23:56:16 - 00:24:06:17
Chris
One and done. Yes, hopefully Torchwood. Yeah, exactly. Okay. Anything else?
00:24:06:19 - 00:24:28:24
Tracey
I think just to mention, we've listed what you actually do need to be able to go in and do that code, but if you've actually not got any of those documents, because there obviously are some people that don't drive and don't travel. You there is actually a link on that screen again, where you can go to a post office or you have to go to a post office in person, but with those same documents.
00:24:28:24 - 00:24:48:23
Tracey
So if you're not happy with online, you can do that. But also there are some occasions if you don't have the list of requirement required ID, that you can actually potentially use bank or building society information, but there's a link that you have to go through to check that that's going to be eligible for you. There's also, as I say, separate rules for those people that are not resident in the UK.
00:24:48:28 - 00:24:54:01
Tracey
And that's not clear yet in terms of what that means. So that that will follow.
00:24:54:03 - 00:25:00:05
Chris
Okay. Well, they've certainly given himself enough margin to, when this is all to be sorted, but I haven't made.
00:25:00:08 - 00:25:14:26
Tracey
And I think earlier, whilst you said there's no need for people to panic and contact us, of course, if they want to get ahead before they get that email from us, they're at the more than welcome to contact us and we'll arrange for them to come in. Also, you will have some people out there that just panic about using a computer.
00:25:14:29 - 00:25:17:07
Tracey
So it would make sense for us to do it for them.
00:25:17:09 - 00:25:17:28
Chris
Okay.
00:25:18:00 - 00:25:27:11
Tracey
So again, they just have to choose the location, whether it's Swindon or Cheltenham. And obviously, as I say, it needs to be booked so we can make sure there's going to be someone there available to do it for them.
00:25:27:12 - 00:25:46:22
Chris
Of course. No, absolutely. It sounds fair. It doesn't sound an unreasonable thing. If anything, I think it's to our advantage in the long run. There might be some cynicism about it, but I think it it makes sense, and it doesn't sound terrifically nice to get it done either, to be fair.
00:25:46:24 - 00:26:02:21
Tracey
Now, I just think it's just obviously just quite a big it's a big task to if for us to try and capture everybody. Yeah. But there will obviously be those people out there that are happy to do it themselves. Happy days. And then there's people that are just freaked out by it. So they. Yes.
00:26:02:25 - 00:26:07:03
Chris
Yeah, absolutely. Okay. You happy? We've covered everything.
00:26:07:04 - 00:26:29:21
Tracey
The only the one last thing I would say is, again, it's to be confirmed later, but we have had a whisper that any new directors that. So basically, if you're starting a new company tomorrow or you're joining a company as a new director tomorrow, we think they are going to be forced early to get the code because it's coming in now.
00:26:29:21 - 00:26:34:13
Tracey
So it makes sense to do it now. But we've no evidence of that yet.
00:26:34:15 - 00:26:40:13
Chris
It's just got to be at a point. If not, yeah, it's got to be pretty quick something, isn't it? Otherwise you're just adding to the backlog.
00:26:40:13 - 00:26:47:24
Tracey
Yeah, but all existing directors and SCS have until autumn 26 to be compliant.
00:26:47:26 - 00:26:49:01
Chris
Okay. Fair enough.
00:26:49:01 - 00:26:51:11
Tracey
But we want to do it much sooner than that.
00:26:51:13 - 00:27:06:24
Chris
I don't know whether to open this Pandora's box, but if people are asking the question, do they retain my personal documentation or is it that they check it, verify and then that's deleted? Do you know the answer to that?
00:27:06:27 - 00:27:20:15
Tracey
That has come up in conversation. But I think what they've I think the answer was they've somehow set it up so that it's a tick to say we have verified this person. Yeah. So we don't need we don't need to hold that.
00:27:20:22 - 00:27:38:22
Chris
It does happen doesn't it. Now more and more because otherwise they're responsible for an awful lot of data. I just wanted to tempt, you know, you could sense the nervousness of me asking that question to you. Yeah, but it was like some people might be watching this and be thinking that. And it's like, we're pretty sure that they verify and then it's gone.
00:27:38:22 - 00:27:44:20
Chris
They don't need to because they don't need it after that. No, that's the whole point. No. Okay.
00:27:44:22 - 00:28:03:20
Tracey
I think even if things even if things change, you know, addresses and so on, I think the fact is they verified you are who you say you are. So because that there's there's some silly rule in there. Now where accountants, for example, cannot look at a passport and say, that's you, you know, and what we used to do.
00:28:03:20 - 00:28:25:20
Tracey
So yeah, I can see that she was a true likeness. I'm happy to accept that as your passport. We are now not qualified under these new rules unless we have a specific qualification to say that that passport is not not fraud, not fraudulent. So obviously we don't want to get into those realms. So we said no, we can't possibly do that.
00:28:25:20 - 00:28:26:29
Chris
No, no. Absolutely.
00:28:26:29 - 00:28:30:27
Tracey
Which is why the people have to be coming in. We have to be present. They have to be present.
00:28:31:02 - 00:28:37:12
Chris
Mode to to talk to us. Since I am very conscious. You got lots of notes there. Have we got I.
00:28:37:15 - 00:28:49:04
Tracey
Just I'm just flicking through and the only other thing again, more info to come on this. But they have said at some point these codes will need to be linked to your companies.
00:28:49:06 - 00:28:49:22
Chris
Yeah.
00:28:49:24 - 00:28:58:26
Tracey
But they haven't told us how to do that yet. So they're like, in due course, we will tell you. But as accountants, once we have your case, we'll be able to do that for you.
00:28:58:28 - 00:29:22:14
Chris
Yeah. No, that's all good. Okay. I think we've covered everything for now. So if there are any questions that anybody, comes up with, then, you know, please get in touch. If the answers aren't immediately known. And that's through no fault of anyone. Well, not even them. They're trying to sort something pretty big out. We will, you know, the the answers will be forthcoming.
00:29:22:16 - 00:29:41:16
Chris
Do reach out now if you want to. And you want to get ahead of the curve. Keep your eye out. If you're waiting for your, your email, and then, yeah, I'm going to take the advice. I'm going to just get it done as soon as possible. It makes sense. Yeah. Then it's done. We've got the code, and I'll learn how to keep it safe.
00:29:41:19 - 00:29:44:01
Tracey
That's fine, that's fine.
00:29:44:03 - 00:30:04:10
Chris
Brilliant. Okay, well, thank you for joining us. A nice, short, sharp episode 19, but a really important one. And I know that that will actually be news for some of you that companies House have got this these new identity verification changes coming in. Very important. Sounds to me fair. It's going to benefit me as far as I can see.
00:30:04:10 - 00:30:33:12
Chris
Any way to get rid of the questionable, hopefully. And, and there we go. So, Tracy, thank you for joining me. Thank you. Chris, thanks for your font of all knowledge. And we'll see you next time for episode 20. No idea on the content yet, so keep your eyes peeled. See you next time.