Companies House filing changes delayed until 2028: What small companies need to know
Companies House filing reforms postponed
The Government has confirmed that planned changes to Companies House filing requirements for small companies and micro-entities will now come into effect from April 2028, providing businesses with an additional year to prepare for the new reporting obligations.
The reforms, originally scheduled for implementation in April 2027, form part of the wider changes introduced through the Economic Crime and Corporate Transparency Act implementation. The aim is to improve the quality, accuracy and transparency of information held by Companies House while helping to combat economic crime and enhance trust in the UK business environment.
New requirement to file profit and loss accounts
One of the most significant changes will require small companies and micro-entities to submit a profit and loss account as part of their annual filing with Companies House.
Under the current regime, many smaller businesses can take advantage of simplified filing requirements, allowing them to submit abbreviated accounts that do not disclose detailed information about their trading performance.
The new rules represent a major shift in reporting requirements and will increase the amount of financial information submitted to Companies House by smaller businesses.
Privacy concerns for owner-managed businesses
The proposed reforms have generated considerable discussion among owner-managed businesses and professional advisers.
Many small companies value the privacy provided by the existing filing framework, which limits the amount of commercially sensitive information available to competitors, suppliers, customers and other third parties.
Concerns have been raised that the publication of profit and loss information could reveal valuable insights into a company’s profitability, pricing strategies and overall financial performance.
Option to keep profit and loss accounts off the public register
In response to feedback from the business community, the Government has confirmed that small companies and micro-entities will be able to opt out of having their profit and loss account placed on the public register.
While the information will still need to be filed with Companies House as part of the accounts submission, it is not expected to be automatically included on the public register available for inspection.
Further guidance is expected before the reforms take effect, providing clarity on how businesses can exercise this option and what information will remain publicly accessible.
What should businesses do now?
Although the changes will not become mandatory until April 2028, directors should use the additional preparation time to review their financial reporting processes and understand the potential impact on their business.
Key considerations include:
• Reviewing annual accounts preparation procedures
• Understanding what information will need to be submitted to Companies House
• Considering the implications of increased financial disclosure
• Seeking professional advice on compliance and reporting requirements
• Monitoring further guidance as it is released by the Government and Companies House
How Moore South can help
The upcoming Companies House reforms will introduce new reporting obligations for many small businesses. While the delayed implementation provides additional time to prepare, businesses should not leave planning until the last minute.
Our experienced team can help you understand the changes, assess the impact on your company and ensure your reporting processes are ready well before the new requirements take effect. If you would like advice on the upcoming Companies House filing reforms, please contact Moore South.