Companies House Accounts Filing Changes from April 2028: What Businesses Need to Know
Summary
From April 2028, Companies House will introduce significant changes to how UK companies prepare and file their annual accounts. These reforms will affect what is filed, how it is filed, and the level of disclosure required, particularly for smaller businesses.
Key Changes
- Small companies will be required to file their file profit and loss accounts however there will be an option to opt out of including these in the public domain
- Mandatory software-only filing of accounts
- Removal of the option to file abridged accounts
- Stronger audit exemption statements
- Restrictions on the number of times companies can shortening their accounting periods
What Companies Need To Know
The government has decided to go ahead with balance sheet and profit and loss filing for small companies and micro-entities from 1 April 2028.
While they will have to file more detailed accounts, these smaller businesses will not be required to have their full accounts details published on Companies House for public view on the register as small companies and micro-entities will be able to opt out of publication.
Another change will see the end of abridged accounts, which will no longer be allowed. This will result in more information being disclosed in filed accounts. Companies will also be required to include a more robust statement explaining their eligibility for exemption from audit.
Additionally, from 1 April 2028, companies will be required to file their accounts using commercial software. The option of filing paper accounts is being removed.
What This Means For Companies
For companies that use an accountant to prepare and file their accounts, the practicalities of complying with the new requirements will be minimal. Accountancy firms like CFW are already preparing the information being requested by Companies House and filing accounts using software.
Companies will see more of their financial information submitted to Companies House and more of it in the public domain however the ability to opt out of the publication of Profit and Loss accounts will be welcomed by small and micro companies. The default position at CFW will be to opt out for our clients that are elegible to do so, keeping filing disclosures to the minimum.
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