Introduction
Big changes are coming for UK businesses. The government has confirmed that a new set of accounts filing reforms will come into effect from April 2028, giving companies more time to prepare than originally planned. Whether you’re a small business owner, a micro-entity, or running a larger limited company — these changes will affect how you file your annual accounts with Companies House.
Here’s a clear breakdown of what’s changing and what you need to do.
Whats Changing?
- Small Companies & Micro-Entities Must File Profit & Loss Accounts Previously, smaller businesses could avoid submitting full profit and loss accounts. Under the new rules, this will no longer be the case — all small companies and micro-entities will be required to file P&L accounts. However, there is an important privacy option: you can opt out of having this information published on the public register.
- Paper and Web Filing Will No Longer Be Accepted From April 2028, all companies must file accounts using commercial software in iXBRL format. Companies House’s web-based and paper filing options will be closed for accounts submissions. This applies whether you file yourself or use an accountant.
- Abridged Accounts Are Being Removed The option to file abridged accounts — a simplified version that omitted certain financial details — will be abolished entirely.
- Additional Changes Include:
- A stronger eligibility statement required for companies claiming audit exemption
- All parts of the accounts must be filed together as one complete submission
- Limits on how many times a company can shorten its accounting reference period
Why Has the Deadline Moved to 2028?
The reforms were originally planned for April 2027 but have been pushed back by a year following feedback from businesses and stakeholders. Companies will now have one full accounting year plus 9 months (21 months in total) to prepare and get the right software in place.
What Does This Mean for Your Business?
If you’re not already using accounting software, now is the time to start. The shift to iXBRL filing means manual and paper-based processes will no longer be compliant. Choosing the right software early will save you stress closer to the deadline.
If you’re concerned about your profit and loss information becoming publicly visible, the opt-out option gives you control — but the specifics of how to opt out will be confirmed by the government in due course.
How Accounting Crunchers Can Help
At Accounting Crunchers, we stay ahead of regulatory changes so you don’t have to. Whether it’s transitioning to compliant software, restructuring how your accounts are filed, or simply understanding what these changes mean for your specific business — our team is here to guide you every step of the way.
Get in touch today, and let’s make sure your business is ready well before April 2028.
