From April 2028, small companies will be required to file a profit and loss account, and all companies will be required to file their statutory accounts digitally.
The long-debated changes were delayed after concerns from business owners, but the government has now confirmed a revised package that includes an important opt-out for smaller companies and will take effect from April 2028.
Background
Following the postponement of the original April 2027 timetable, Companies House has now confirmed that the reforms will take effect from April 2028.
On 9 June 2026, the government confirmed significant changes to Companies House accounts filing requirements under the Economic Crime and Corporate Transparency Act 2023. From April 2028, all companies will be required to file annual accounts using commercial software in Inline eXtensible Business Reporting Language (iXBRL) format. Paper and web-based filing routes for accounts will close, giving businesses 21 months to prepare.
The revised timetable reflects feedback from businesses and advisers, giving companies more time to prepare while allowing the reforms to proceed in a more practical form. The package also includes several further changes to accounts filing requirements.
Mandatory filing of profit and loss accounts
Small companies and micro entities filing accounts on or after 1 April 2028, will now need to file a profit and loss account at Companies House.
To address privacy concerns and commercial sensitivity, the government has made an important concession: eligible companies can opt out of publishing this information on the public register.
Details of how the opt-out will work are still to be confirmed by Companies House. Even where an opt-out is used, the filed profit and loss account will still be available to Companies House, law enforcement and HMRC.
New disclosures and simplifications
The reforms also introduce a number of additional changes that businesses should be aware of.
- The removal of the ability to file simplified abridged accounts for Small and Micro-sized Companies that have previously been used to disclose less information in the public domain.
- The wording used to claim an exemption from audit must be explicitly stated to help Companies House identify those incorrectly claiming it.
- A limit to the amount of times a company can shorten its accounting reference period, often used to extend the filing deadline, meaning companies will need to think carefully before shortening in future.
Why are these measures being brought in?
These changes form part of the wider reform programme being implemented under the Economic Crime and Corporate Transparency Act 2023.
The aim is to improve the transparency, accuracy and reliability of data filed at Companies House, making it easier to identify fraud and other economic crime, while also improving the quality of information available for wider economic analysis.
HMRC is also likely to welcome more detailed profit and loss information as part of its broader focus on compliance, and reducing the tax gap often associated with smaller companies.
The additional administrative burden was one of the main reasons these reforms prompted significant debate and were temporarily paused. The revised version seeks to balance greater transparency with concerns around privacy and business sensitivity.
How we can help
We are already working with clients to prepare for these changes. Our support includes:
- Guidance on software selection and iXBRL readiness.
- Assistance with transitioning to digital filing processes.
- Advice on compliance with new accounts disclosure requirements.
- Review of audit exemption eligibility statements.
If you would like more information about how these changes may impact your business, please get in touch with your usual Crowe contact.
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