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Significant changes to company accounts filing requirements are set to come into effect from 1 April 2028. These reforms are aimed at improving transparency, consistency, and the quality of information held at Companies House. For owners of small companies, including, for instance, management companies for blocks of flats, it is important to understand how these changes may affect you so that you can plan ahead.
Mandatory Digital Filing
All companies will be required to file their annual accounts using commercial software in iXBRL format. This means that those who prepare and file their own company accounts will either need to purchase suitable software or instruct an accountant who already has the appropriate software in place.
Removal of Abridged Accounts
The option to file abridged accounts will be removed.
Greater Transparency
Small companies and micro-entities will be required to file profit and loss accounts with Companies House. However, companies will have the option to opt out of making their profit and loss account publicly available.
Tighter Audit Exemption Requirements
Companies claiming an exemption from audit will be subject to a strengthened eligibility statement.
Filing Requirements: All Documents Together
Another practical change is that all component parts of the accounts and reports must be filed together.
Businesses will need to ensure that their internal processes allow for the preparation and submission of a complete filing package in a single step.
Restrictions on Changing Accounting Reference Periods
The reforms will also limit the number of times a company can shorten its accounting reference period.
What Should You Do Now?
Although the changes do not take effect until April 2028, early preparation is advisable. If you do not currently use an accountant, you are likely to need to engage one to ensure you remain compliant.