Companies House has outlined several proposed changes to the way company accounts are filed as part of the Economic Crime and Corporate Transparency Act, aimed at enhancing transparency and modernising the digital filing process.
However, Companies House has confirmed that these reforms will not now come into effect on 1 April 2027 as originally planned. A revised implementation date has not yet been announced, although businesses are expected to receive at least 21 months’ notice before the changes take effect – at this stage, this means no earlier than 2028.
Filing options for small and micro-entities
Under the proposed reforms:
Micro-entities will be required to file a copy of their balance sheet and profit and loss account.
Small companies will be required to file a copy of the balance sheet, directors’ report, auditor’s report (unless exempt) and profit and loss account.
Companies will no longer be able to prepare and file ‘abridged’ accounts.
Accounting reference period
Companies will be restricted from shortening their accounting reference period.
A business reason will now be required if a company wants to shorten the period more than once within 5 years. Currently, there is no restriction on how often this can be done.
Software only accounts filing
Starting 1 April 2027, all accounts, including dormant ones, must be filed through commercial software. Web and paper filing will no longer be accepted for account filings after this date but can still be used for other statutory submissions.
How M+A Partners can help
M+A Partners’ knowledgeable accounts team is on hand to support you with any questions regarding the upcoming accounts filing changes announced by Companies House.
Current clients will not be affected by the switch to commercial software – we will continue filing accounts for you as usual.
Any queries on this topic? Get in touch with your usual M+A Partners’ contact or email enquiries@mapartners.co.uk.