UK Accounts Filing Reforms Confirmed for April 2028 | Ascentium Fiduciary

Companies House has confirmed how the accounts filing reforms under the Economic Crime and Corporate Transparency Act 2023 will be implemented. The reforms will change how UK companies file their annual accounts and what information smaller companies are required to submit. 

The changes were previously expected to take effect from April 2027, but implementation has now been postponed to 1 April 2028. This gives companies additional time to prepare for the new requirements. 

Set out below is a short summary of the key points. For full details, please refer to the latest Companies House guidance. 

What is changing

The government has confirmed that it will proceed with the accounts filing reforms. These include:

1. Requiring small companies and micro-entities to file profit and loss accounts with Companies House 
2. Requiring all companies to file accounts through commercial software requiring all companies to file accounts through commercial software
3. Closing web and paper filing routes for accounts filings from 1 April 2028 
4. Introducing other smaller technical amendments to accounts filing requirements 
5. The web and paper routes will remain open for other statutory filings. 

Profit and Loss Accounts 

Small companies and micro-entities will be required to file profit and loss accounts, as other companies do.

This represents a significant change for smaller UK companies, many of which are currently able to file reduced accounts without submitting a profit and loss account.

Important to note

The government has confirmed that small companies and micro-entities will be able to opt out of having their profit and loss accounts published on the public register.

Details of how smaller companies can opt out of publication will be confirmed in due course.

Software-Only Filing 

From 1 April 2028, all companies will need to file their annual accounts using commercial software.

Companies that currently file accounts using the Companies House web service or by paper will need to move to a suitable software filing solution before the deadline.

Companies that already file through software, an accountant, or a third-party agent may not need to take immediate action, but should confirm that their current filing process will meet the new requirements.

What Companies Need To Do Now

Companies that do not already file accounts using software should begin preparing for the change. This may include:

1. Confirming what type of accounts the company is required to file

2. Ensuring the company authentication code is available

3. Applying for a Companies House presenter account, where required

4. Reviewing suitable commercial software options

5. Speaking with accountants, agents, or software providers ahead of the deadline

6. Making sure the company is ready to file using software from 1 April 2028

What Happens Next

Companies House has indicated that further guidance and support materials will be published during the 21-month notice period.

Further details are also expected on how the profit and loss publication opt-out process will work for small companies and micro-entities.

Companies should use the additional time to review their filing arrangements and prepare for the move to software-only accounts filing.

If you have any questions or would like to understand how these changes may affect your UK company, please do not hesitate to reach out, contact us.