| Link(s): | Companies House to bring in changes to accounts filing from April 2028 – GOV.UK Companies House to bring in changes to accounts filing from April 2028 – GOV.UK |
Context
Companies Huse has announced that it is to introduce changes to accounts filing for certain Companies from April 2028. Small companies and micro-entities will be able to file profit and loss accounts but can opt out of publication. All companies will need to file accounts via commercial software, with more time to prepare.
Key points to note and next actions
The government has announced how accounts reforms measures set out in the Economic Crime and Corporate Transparency Act 2023 (ECCT Act 2023) will be implemented.
Under the ECCT Act 2023, the government will reform how companies report information and what information they report when filing their annual accounts with Companies House. The accounts reforms seek to:
- improve the transparency, accuracy and reliability of data on the companies register;
- inform business decisions;
- modernise practices in line with other countries; and
- tackle economic crime.
After some consideration, the government will proceed with the accounts reforms, including the following:
- Requiring small companies and micro entities to file profit and loss accounts with Companies House as other companies do, but with the option to opt out of publishing this information on the public register.
- Requiring all companies to file their annual accounts via commercial software.
- Removing the option for companies to file abridged accounts.
- A strengthened eligibility statement for all companies claiming an audit exemption.
- Requiring component parts of the filed accounts and reports to all be filed together.
- Reducing the number of times a company can shorten its accounting reference period.
To give companies more time to prepare, this package of accounts reforms will now come into effect from April 2028, rather than April 2027. This means all companies will have one full accounting year, plus 9 months (21 months) to get ready.
Companies House will be contacting all companies via their registered e-mail address to tell them about these changes and signpost available guidance.