Companies House has issued an official update on the accounts filing reforms due to come into effect from 1 April 2028.
The changes form part of the wider reforms under the Economic Crime and Corporate Transparency Act 2023 and will affect how UK companies file their annual accounts.
For many small companies and micro-entities, the most important point is that profit and loss accounts will need to be filed with Companies House. However, the government has confirmed that small companies and micro-entities will be able to opt out of having their profit and loss account published on the public register. Further details on how that opt-out process will work are expected in due course.
Another major change is the move to software-only filing. From 1 April 2028, all companies will need to file their accounts through commercial software. Companies House web and paper routes will close for accounts filings, although they will remain available for other statutory filings.
The reforms were previously expected to take effect from April 2027, but the timetable has now been pushed back to April 2028. Companies will therefore have additional time to prepare.
Key points for members and clients
- The reforms are now scheduled to take effect from 1 April 2028.
- Small companies and micro-entities will need to file profit and loss accounts.
- Small companies and micro-entities will be able to opt out of having the profit and loss account published publicly.
- All companies will need to file annual accounts using commercial software.
- Companies House web and paper filing routes will close for accounts filings.
- Abridged accounts will no longer be available.
- Companies claiming audit exemption will need to provide an enhanced directors’ statement.
- Further guidance is expected during the 21-month preparation period.
What should companies do now?
Companies that already use an accountant, agent or software provider may not need to make major changes immediately, but they should still check that their current filing process will be compliant by April 2028.
Companies that currently file accounts directly through Companies House web filing or by paper should begin planning for the move to software filing. This may include reviewing accounting software options, checking access to the company authentication code, and speaking to an accountant or adviser well before the deadline.
Although April 2028 may seem some way off, this is a significant change for small companies and micro-entities. Early preparation will help avoid disruption when the new filing requirements come into force.
