The UK Government has confirmed that significant reforms to Companies House accounts filing will come into effect from April 2028 under the Economic Crime and Corporate Transparency Act 2023.
These changes represent a material shift in both reporting requirements and compliance processes, particularly for small and micro‑entities.
Key reporting and compliance changes
From April 2028:
Overall, the direction of travel is clear: greater standardisation, digitisation and completeness of financial data submitted to Companies House.
The critical development – private vs public information.
The most commercially significant change is the introduction of a dual‑visibility model:
Small and micro‑entities will still be required to file full profit and loss information with Companies House.
However, they will have the option to opt out of having that P&L published on the public register. This is a notable softening of earlier proposals, reflecting concerns around commercial sensitivity and competitiveness.
Importantly:
The information is not “unfiled” – it is still submitted in full. It remains accessible to government bodies, including Companies House, HMRC and law enforcement, to support fraud and economic crime detection.
This effectively creates a distinction between:
Regulatory transparency (full access for authorities); and Public transparency (potentially reduced).
Details on how companies will be able to opt out of publishing filed profit and loss accounts is still to be confirmed.
Implications for clients and advisors
1. Reporting: more disclosure – operationally unavoidable
Even with an opt‑out, businesses must prepare and submit full P&L data, meaning: No simplification of statutory reporting workload Greater scrutiny over accuracy and completeness
2. Compliance: higher bar and less flexibility
The removal of abridged accounts and move to digital filing will: Reduce flexibility in presentation Increase reliance on compliant software and tagging Tighten the overall compliance framework
3. Privacy: a partial but meaningful safeguard
The opt‑out provides a practical middle ground:
Protects sensitive metrics (turnover, margins, profit)
Retains access for regulators and tax authorities
For many owner‑managed businesses, this will be a key decision point each year - balancing privacy against potential benefits of disclosure.
What does this mean for larger companies?
The main impact is likely to be operational rather than one of additional public disclosure.
From April 2028, annual accounts will need to be prepared and filed using recognised commercial software in iXBRL format, which may require a change in process for businesses that currently prepare accounts using non-standard methods outside a compliant software environment.
The requirement to file all component parts together will also affect companies relying on group audit exemption, as exemption claims will need to be supported within a more complete and standardised filing framework.
Looking ahead
The direction of travel is clear: greater transparency for regulators, combined with more targeted public visibility. For businesses, the priority will be ensuring compliance while protecting commercially sensitive information.
By taking action early, businesses can put the right processes and strategies in place and approach these changes with confidence.
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