Changes to company accounts filing from 2028The way small companies file their annual accounts is set to change from April 2028. To follow is an overview of what’s coming and what it could mean for your business.
Profit and loss accounts – what’s changing?
One of the biggest changes is that small companies will need to file profit and loss accounts with Companies House. However, the government has listened to concerns raised by smaller businesses around privacy and commercially sensitive information. Companies will be able to choose whether their profit and loss information is made available publicly, with further details on how this will work expected in due course.
The aim of these reforms is to improve the quality and usefulness of the information held by Companies House, while balancing the need for transparency with practical concerns faced by smaller businesses.
Accounts filing moving to software only
Another important change is that all UK-registered companies will need to file their annual accounts using commercial accounting software. The current Companies House online and paper-based filing options for accounts will be removed, meaning businesses will need to use suitable software either themselves or through an accountant.
For many businesses, this will simply mean making sure their accounting records are maintained using compatible software and that their year-end filing process is ready for the change. If you already use cloud accounting software and work with an accountant, there may be little disruption.
The reforms will also introduce a number of other changes, including updates to filing requirements and changes around audit exemption statements and the way certain company information is recorded.
Planning ahead
There are still some details to be confirmed, including exactly how companies will manage the publication of profit and loss information where they choose to opt out.
We’ll monitor the changes and provide updates as more information becomes available. In the meantime, if you have any questions about how these changes could affect your business, please get in touch – we’re always happy to help you plan ahead.