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Companies House Accounts Changes From 2028

Last week, the government announced how accounts reform measures set out in the Economic Crime and Corporate Transparency Act 2023 (ECCT Act 2023) will be implemented.

This sounds complex and like a lot to take in, so let’s break it down a little.

Software-only filing

All UK-registered companies will be required to file their accounts using commercial software. This change includes dormant companies.

From April 2028, the web filing and paper-based filing systems will be closed for accounts filings, meaning companies will have no option but to file their accounts in eXtensible Business Reporting Language (iXBRL) format, in other words, commercial software.

However, the web filing service will remain open for other filings, such as updating directors’ details and submitting confirmation statements, etc.

Small and micro-entity accounts filing

Under the changes, micro-entities will be required to file a balance sheet plus a profit and loss account. Small companies will be required to file a balance sheet, directors’ report, auditors’ report (unless exempt), plus a profit and loss account.

Although this information must be provided to Companies House, there will be an option to opt out of having it published on the public register. As yet, no information has been provided as to how this option will be implemented.

Additional changes

There are smaller changes being implemented alongside these two major ones, including:

  • The removal of filing abridged accounts
  • All companies claiming audit exemption will need to provide a strengthened statement identifying the exemption and confirming their eligibility
  • Component parts of accounts and reports are to be filed together
  • The number of times a company can shorten its accounting reference period will be reduced
  • The public register will be annotated where the company has not complied with a notice regarding the compliance of its accounts

For more information about these upcoming changes, check out the Companies House News Story, and for more information about using commercial software, check the Companies House guidance.

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