ECSH45792 | Fit and proper and approvals: contents: operational guidance: who needs to be declared as a BOOM? BOOM identified on companies house but missing from business application

As part of the checks carried out by HMRC during the registration process, the Companies House website and the business’ own website are checked to identify all beneficial owners, officers, or managers (BOOMs) who have not been added to the application/registration.

The individuals named as BOOMs on Companies House, must also be included on the anti-money laundering application/registration.

Sole proprietors and partnerships will not be found on Companies House as they are not required to register on Companies House.

If a missing BOOM is identified

You should contact the business via email or telephone call to request that the missing person(s) are included in its online registration. Economic Crime-Supervision (EC-S) authorisations decision makers may instead issue a secure communication giving the business 21 days to make the update.

The business will then need to add the missing BOOM to its registration within 21 days.

Businesses have 30 days to notify HMRC of any changes within the business, this includes updating the BOOMs on the application/registration. This timeframe is reduced to 14 days when a business must notify HMRC of the appointment of a nominated officer or compliance officer. If HMRC finds in the course of carrying out the required checks that a BOOM has been omitted from the application/registration, you can consider a type 3 failure to notify penalty for this breach. Guidance on type 3 penalties is available in ECSH82800.