From April 2028, small and micro companies must file profit & loss accounts and all companies must use commercial software.
Companies House has announced major reforms that will reshape how companies report financial information.
What’s changing in April 2028?
- Mandatory filing of profit & loss accounts for small and micro entities
- Option to opt out of publication
- All companies must file via commercial software
- Abridged accounts will be removed
- Stricter audit exemption statements
- Reduced ability to shorten accounting periods
Why the change?
The reforms aim to:
- Improve transparency
- Modernise UK reporting
- Tackle economic crime
What companies should do now
- Prepare for digital-only filing
- Review accounting software
- Plan for P&L disclosure (or opt-out strategy)
Final thought
These reforms give companies 21 months to prepare but early planning will prevent last minute stress.