Corporate Governance On the Horizon: UK private companies and LLPs

The new Labour government seems set to continue with most of the reforms on corporate governance, transparency and reporting that were already under way, or had been promised, by the previous regime. 

Our latest overview aims to help clients to plan ahead and focus on some of the major legislative and regulatory developments that are set to impact on governance and reporting at UK private companies and LLPs over the next few years. For a summary of key dates in 2025 and beyond, see also the timeline at the back of our briefing. 

Specific actions for you to take this year will include: 

1. considering “reasonable procedures” which you can implement to help guard against future risks of liability for failures to prevent fraud, 

2. keeping up to speed with modernised Companies House procedures, including for your directors and others to be ID-verified, and for software-only filings of accounts in the future, 

3. assessing possible changes to your existing climate and sustainability disclosures because of new UK and wider regulation, 

4. evaluating opportunities arising out of UK reforms to encourage capital raising and share trading by unquoted and private companies, and 

5. adjusting company and group reporting systems, as necessary, for updates to turnover and balance sheet scoping thresholds, the streamlining of certain directors’ report disclosure requirements, and new payment practices reporting obligations.

For information relevant to UK-listed companies, see our separate dedicated guide.