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Personal Verification Checks: what you need to know!

Personal Verification Checks:
What Company Owners Need To Know

If you’re a company owner or director, you may have been asked to complete a “Personal Verification Check”. 

We know these requests can raise questions, so here’s a simple breakdown of what personal verification is, why it’s required, who needs to do it, and how to complete it.

What is a "Personal Verification Check"?

A Personal Verification Check is a process used to confirm an individual’s identity.

It typically involves verifying personal details such as your name, date of birth, address, and a valid form of identification (for example, a passport or driving licence).

These checks are standard across many industries and are designed to ensure that businesses are operating transparently and securely.

Why do company owners have to complete it?

Personal verification is a legal and regulatory requirement. Authorities and regulated service providers must confirm who is behind a company to help prevent:

  • Fraud and identity misuse
  • Money laundering and financial crime
  • The use of companies for illegal or unethical activities

By verifying company owners and key decision-makers, regulators help create a safer and more trustworthy business environment for everyone.

Who needs to complete a personal verification check?

Personal verification usually applies to individuals who have significant control or responsibility within a company, including:

  • Company directors
  • Company owners or shareholders above a certain ownership threshold
  • Persons with Significant Control (PSCs)
  • Partners or senior officers, depending on the company structure

If you are legally responsible for the company or benefit from its activities, you will likely be required to complete the check.

When does it need to be done?

Deadlines can vary depending on the regulator, service provider, or specific legal requirement. In most cases, verification must be completed:

  • When setting up a new company
  • When registering with a regulated service
  • When there is a change in company ownership or control
  • By a specified deadline communicated to you

Our advice? Complete it as soon as you can to avoid any delays or interruptions.

How to complete a personal verification check...

The process is usually quick and completed online. While steps may vary slightly, it typically involves:

  1. Submitting personal details – such as your full name, date of birth, and address

  2. Providing photo identification – for example, a passport or driving licence

  3. Confirming your identity – sometimes using a selfie or short video for verification

  4. Submitting for review – checks are often completed within minutes or a few working days.

You can verify your identity through the Gov.uk one log-in app. This can be downloaded on your mobile phone you just need an Android or iPhone that’s not more than a few years old.

You’ll be guided through each step and in many cases, verification can be confirmed the same day.

What happens if I don't complete it?

Failing to complete a required Personal Verification check can lead to:

  • Delays in company registrations or filings
  • Restrictions on services
  • Compliance issues or potential penalties

Completing the check promptly helps keep your business running smoothly and fully compliant.

Need a hand?

Personal Verification is just one of those admin tasks that comes with running a business — and we know your time is valuable.

If you’re unsure why you’ve been asked to verify or need help completing the process, our team is happy to help!

To get in touch you can drop us an email to [email protected] or call one of the team on 0161 410 0020.

You can also click here to contact us.

Disclaimer

You must take professional advice before making any decisions based on the information that you have learnt here. While every effort has been made, to make sure it is accurate it cannot be precisely tailored to your personal circumstances. This article is for general information only and no action should be taken, or refrained from, as a result of this information.  Professional advice should be taken based on specific circumstances in each individual case.  Whilst we endeavor to ensure that the information contained in the article is correct, no liability will be accepted by Krystal Clear Accounting which is a trading name of Kim Marlor Associates Ltd or damages of any kind arising from the contents of this communication, or for any action, inaction or decision taken as a result of using any such information.

Related Articles

In short, bank feeds create a digital link between your business bank account and your accounting software, such as Xero or QuickBooks.  

This means bank transactions are automatically downloaded into the accounting software. This simple piece of automation, completely removes the need to manually input every bank receipt and payment into the accounting software. 

Having bank feeds in place, saves a HUGE amount of time bookkeeping. That’s because it completely removes the need to manually input bank transactions into the accounting software. 

Saving time bookkeeping isn’t the only benefit for the business…. 

 

 

What are the main benefits to a business using bank feeds?

  • Saves Time & Money Bookkeeping

Bank feeds automate, what was previously, a time-consuming task of entering all the bank transactions into the accounting software. 

 This saves the business a HUGE amount of time (& money) spent on bookkeeping.  

  • Improves Cash Flow Visibility

With bank transactions being downloaded from the bank every day, it means it’s quicker and easier to keep the bank balance in the accounting software up-to date. 

With the accounting software up-to date, the bank is updated daily which gives you a clearer, real-time view of your business’s cash flow.  

This makes it easier for you to plan your cashflow, and take action to improve it. 

  • Enhanced Accuracy

There is always the risk of errors being made when data is being manually inputted into the accounting system. It is often time-consuming to find and correct any errors. Also, if an error is large then the Profit & loss and Balance Sheet reports will be inaccurate and potentially misleading. 

 Automating the bank transaction entry previously manual process, reduces the risk of errors being made and ensures that the bookkeeping records and reports are accurate. 

How to Link Your Bank to Xero

  • 1. Setup Online Banking:

Ensure that your bank account is set up for online banking. This feature is typically available from all major banks. 

  • 2. Add Bank Account in Xero:

Log into your Xero account and navigate to the banking section. Select ‘Add Bank Account’ and follow the prompts to search for your bank. 

  • 3. Enable Bank Feeds:

After adding your bank account details, you’ll see an option to set up bank feeds. Click ‘Agree’ to the terms, then securely log into your online banking portal through Xero to authorize the connection. 

 

Are Bank Feeds Safe & Secure?

Yes. 

Firstly, having bank feeds in place ONLY means bank transactions are downloaded into the accounting system. They do NOT give anyone else access to the business bank account. 

 Secondly, XERO has various security measures in place to give you a piece of mind that your financial data is safe and secure: 

 

  • Encrypted Connections: Xero uses advanced encryption technology to secure the data transmission from your bank to Xero. This means your sensitive information is encrypted during transit and cannot be intercepted or read by unauthorized parties. 

 

  • Compliance and Standards: Xero adheres to high standards of data security compliance, thus ensuring that its practices meet or exceed industry security standards and regulations. 

 

  • Regular Renewals: To maintain a high level of security, XERO requires that the bank feed connection is renewed every 90 days. This process is straightforward and helps ensure that the integrity of your financial data is always protected. 

 

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KIm Marlor the MD of Krystal Clear Accounting
krystal clear accounting

In Summary

In short, having bank feeds really saves businesses time and money on their bookkeeping.  

 They automate and eliminate what is otherwise a time consuming and error prone manual process.  

 Bank feeds is just one of the ways technology can be used to help business owners improve the financial side of their business.

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