All Companies to File P&L Accounts at Companies House

Removing the option for companies to file abridged accounts, small companies and micro-entities will have to file profit and loss accounts with Companies House from April 2028.

Under the Economic Crime and Corporate Transparency Act 2023, the plan had been to implement the change in April 2027.

The date has been changed to allow companies more time to get ready. It means they will have one full accounting year, plus 9 months (21 months) to prepare.

Opting Out

Small businesses filing their profit and loss accounts will have the choice to opt out of publishing their information on the public register. This option aims to address concerns about the privacy and commercial risks for smaller companies of disclosing information, government says.

Details on how to opt out will be confirmed “in due course”, Companies House says.

The organisation says, “Companies who wish to enjoy the benefits of publication, such as improved access to finance and enhanced transparency can still do so.”

It adds that Companies House, law enforcement and HMRC will still have access to business’s accounts even if they are not published records. This will help identify and tackle fraud, economic crime and tax evasion, it says.

Software-Only Accounts Filing

Companies will also be obliged to file their annual accounts via commercial software, with effect from April 2028.

From April 2028, all UK registered companies will need to file digitally using software that in the format of Inline eXtensible Business Reporting Language (iXBRL). A list of software providers is on GOV.UK.

The digital format of accounts recording will improve the quality of financial data for analysis, government says.

Other measures include:

• a strengthened eligibility statement for all companies claiming an audit exemption; requiring component parts of the filed accounts and reports to all be filed together
• reducing the number of times a company can shorten its accounting reference period.

Companies House will be contacting all companies via their registered email address to tell them about the changes and signpost guidance.

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