BIT assessment 8 May 2015 to 26 May 2016
Updated 20 December 2022
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This publication is available at https://www.gov.uk/government/publications/companies-house-business-impact-targets/bit-assessment-8-may-2015-to-26-may-2016
1. Qualifying regulatory provisions that came into force 8 May 2015 to 26 May 2016
| Title of measure | Description | Business impact score (£ millions) | Regulatory policy committee reference number |
|---|---|---|---|
| Not applicable | Not applicable | Not applicable | Not applicable |
No qualifying regulatory provisions came into force during the first period.
2. Non-qualifying regulatory provisions summary
There are some measures that are a ‘non-qualifying regulatory provision’. This means that they aren’t scored against the business impact assessment. The list of excluded categories can be found in BEIS’ guidance.
2.1 8 May 2015 to 26 May 2016
| Excluded category | Summary |
|---|---|
| A - EU and international | Not applicable |
| B - Economic regulation | Not applicable |
| C - Price control | Not applicable |
| D - Civil emergencies | Not applicable |
| E - Fines and penalties | We take compliance action against company directors who don’t file their annual accounts and confirmation statement (annual return) on time. We have a target of 94.5% compliance for annual accounts filed on time. The compliance rate for companies who either filed early or on time is 99.3% in 2015-16. Companies who filed their annual return up to date was 99.3% in 2015-16. 190,800 civil penalties for late filing of accounts by private limited companies were issued during 2015-16, and 1,493 were cancelled. For public limited companies 593 civil penalties were issued, and 19 were cancelled |
| F - Pro-competition | Not applicable |
| G - Large infrastructure projects | Not applicable |
| H - Misuse of drugs/national minimum wage | Not applicable |
| I - Systemic financial risk | Not applicable |
| K - Industry codes | Not applicable |
| L1 - Casework | We take enforcement action against directors who don’t meet their legal obligations. 3,456 convictions were made for not delivering accounts or confirmation statements (annual returns) between April 2015 and March 2016. We were notified of 1,327 directors that had been disqualified between April 2015 and March 2016 under the Companies Disqualification Orders Regulations 2009. We added the directors details to the register of disqualified directors |
| L2 - Education, communications and promotion | During this period, we held 27 first time director seminars, 16 legislative seminars, 37 exhibitions and 4 IFA/Reuters/Iris World/AAT/ACCA conferences. We published 13 news stories on our website, and 20 of our corporate blogs were viewed a total of 243,047 times |
| L3 - Activity related to policy development | We’re working on digitally enabling an application to close a company (form DS01 - striking off application by a company). The online DS01 is currently available to a limited number of invited customers as part of a ‘private beta’. Testing is ongoing. Work is also being carried out to enable companies to update their record electronically for filings that can currently only be done on paper. These include digitally enabling share capital forms, ‘promise to file’ and other forms |
| L4 - Changes to management of regulator | Not applicable |
| Tax, duty, levy or other charge | We must meet our obligations as a ‘trading fund’ and company registry, which means we must introduce or amend fees to accurately reflect the cost of providing each service. In some cases, changes can only be made by amending the fees regulations and alternatives to regulation aren’t appropriate. Fees were amended to align with costs and implemented following the Small Business Enterprise and Employment Act 2015 |