Following extensive engagement with stakeholders, changes to accounts filings will now be implemented from 1 April 2028. The changes include:
- requiring small companies and micro entities to file profit and loss accounts with Companies House, but with the option to opt out of publishing this information on the public register
- requiring all companies to file their annual accounts via commercial software (in iXBRL format)
- removing the option for companies to file abridged accounts
- 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
To give companies more time to prepare, the reforms have been postponed from 1 April 2027 to 1 April 2028.
This article is published for information only. It provides only an overview and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the above can be accepted by the author or the firm.