The UK government has confirmed a series of Companies House filing changes, forming part of the wider reforms introduced by the Economic Crime and Corporate Transparency Act 2023. While initially expected sooner, the implementation date has now been deferred to April 2028, giving businesses a valuable window to prepare for the transition.
Our Audit team explain the upcoming reporting changes and what they mean for your business.
Key Companies House filing changes coming in 2028
The reforms are designed to enhance the transparency, accuracy and usability of financial data on the Companies House register, while also strengthening efforts to combat economic crime. The most notable changes include:
Expanding filing requirements for smaller entities: Small companies and micro-entities will be required to submit profit and loss accounts to Companies House, aligning their obligations more closely with larger organisations. However, they will have the option to withhold this information from public disclosure, addressing concerns around commercial sensitivity.
Mandatory digital filing via software: From April 2028, all companies will need to file accounts using commercial software in iXBRL format. Existing web-based and paper filing routes for accounts will be withdrawn, marking a decisive shift towards fully digital reporting.
Removal of abridged accounts: The option to file abridged accounts will be eliminated, simplifying the reporting framework and improving consistency across filings.
Tighter audit exemption requirements: Companies claiming audit exemption will need to provide a strengthened eligibility statement, reinforcing accountability.
Streamlined filing process: Companies will be required to submit a complete set of accounts in one submission, and restrictions will be introduced on how often accounting reference periods can be shortened.
How businesses can prepare for the Companies House changes
A key theme of the reforms is striking the right balance between increased transparency and minimising administrative burden. The opt-out provision for publishing profit and loss accounts is a direct response to concerns raised by smaller businesses, particularly around privacy and competitive risk. Importantly, even where publication is withheld, relevant authorities such as Companies House, HMRC and law enforcement will retain access to the data.
With implementation now set for April 2028, businesses have an extended timeline providing an opportunity to:
- Review current financial reporting processes
- Identify and implement suitable accounts preparation software
- Engage with advisors to ensure compliance with the new requirements
Looking ahead to Companies House changes in April 2028
These reforms represent a fundamental evolution in how company financial information is reported in the UK. While they introduce new compliance considerations, they also promise greater data quality, improved comparability and increased confidence in the UK business environment.
For businesses, early preparation will be key. Taking proactive steps now can help ensure a smooth transition and position organisations to benefit from the enhanced transparency and insights the new system aims to deliver. Get in touch with our team today to see how we can help you prepare for these changes.
