Dear all,
The government has now confirmed how the Companies House accounts reforms measures set out in the Economic Crime and Corporate Transparency (ECCT) Act 2023 will be implemented. This follows a pause in implementation last year and extensive engagement with stakeholders to address concerns about the impact some of the reforms might have on companies.
The government has taken the decision to proceed with the reforms. These include, requiring small companies and micro-entities to file profit and loss accounts, as other companies do; all companies having to file their accounts at Companies House via commercial software; and other smaller technical amendments.
However, to help address concerns, the government is introducing two changes:
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Opt out of profit and loss publication: small and micro-entities will be able to opt out of having their profit and loss accounts published on the public register. Details of how smaller companies can opt out of publication will be confirmed in due course.
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Postponed timings: Implementation of these reforms will now come into effect from April 2028, rather than April 2027. This will provide companies with additional time to prepare with one full accounting year, plus nine months (21 months) to get ready.
We appreciate there may be questions about the practical and technical implications of these changes, and we’re committed to offering ongoing engagement and providing the support and clarity needed as implementation progresses.
Further information is available here:
Thanks,
KAJ