The UK Government continues with its Companies House accounts reforms set out in the Economic Crime and Corporate Transparency (ECCT) Act 2023.
The proposals last year of reforms so that small companies and micro-entities would publish profit and loss accounts was reconsidered in the light of stakeholder concerns. The concern was about potential impacts on smaller companies from disclosing commercially sensitive data.
The government has now decided to proceed with changes including the following:
- small companies and micro-entities will have to file profit and loss accounts
- small and micro-entities will however be able to opt out of having their profit and loss accounts published on the public register
- all companies will have to file their accounts at Companies House via commercial software
- option for companies to file abridged accounts will be removed
- reducing the number of times a company can shorten its accounting reference period
- The changes will now come into effect from April 2028, rather than April 2027.
There are some other changes :click for full details in UK government news item on changes to accounts filing and a parliamentary statement on the accounts filing changes.
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