The Government has announced that, from 1 April 2028, small companies and micro-entities will be required to file profit and loss accounts with Companies House.
However, following lobbying from the small business community, companies will have the option to opt out of public disclosure of their profit and loss accounts. Further details on how this opt-out process will work are expected in due course.
The changes also mean that abridged accounts will be abolished, and all companies will be required to file their accounts using commercial software.
The Government has also indicated that there will be no requirement for small companies to produce a directors’ report as part of their annual report and accounts.
More information will follow as further guidance becomes available.
