From April 2028, the way UK companies file their annual accounts is changing, and the clock is already ticking.
The government has confirmed how it will implement a package of accounts reforms under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act). While the deadline has been pushed back to April 2028, for many smaller businesses that have never had to disclose profit and loss information publicly the implications are significant enough to start planning now.
What’s Changing?
The reforms affect every UK registered company, but the impact varies depending on your size and how you currently file.
Profit and loss accounts for small companies and micro-entities
Previously, small companies and micro-entities could file simplified “abridged” accounts that omitted their profit and loss statement from the public register. From April 2028, all companies will be required to file a full profit and loss account with Companies House. However, recognising the commercial sensitivity this creates, the government has introduced an opt-out: smaller businesses can choose to have their profit and loss information withheld from the public register, while still submitting it to Companies House, HMRC, and law enforcement.
Software-only filing: paper and web forms are gone
From April 2028, all companies must file their annual accounts using commercial software in Inline eXtensible Business Reporting Language (iXBRL) format. The current web-based filing service and paper filing will be closed for accounts submissions.
Other changes
The reforms also include a strengthened eligibility statement for companies claiming an audit exemption, a requirement for all component parts of accounts to be filed together (rather than in stages), and a reduction in the number of times a company can shorten its accounting reference period.
Why Is This Happening?
The reforms are part of a broader push to improve the transparency and reliability of UK company data. Greater financial disclosure is intended to help tackle fraud and economic crime, support better business decision-making, and bring the UK into line with reporting practices in other major economies.
For businesses that do choose to publish their profit and loss accounts, there may be tangible benefits; greater financial transparency can improve access to finance and build confidence with investors, suppliers, and customers.
How to Prepare
Start the conversation with your accountant now. The most important first step for most businesses is to speak with their accountant or finance team to understand what the changes mean for their specific situation. Ask whether your current accounting software will be compliant by April 2028, and whether your accountant’s filing process will need to change.
Review your software. If you manage your own accounts or use bookkeeping software, check whether it supports iXBRL output and Companies House-compatible filing. The GOV.UK list of approved providers is a good starting point.
Understand your opt-out options. If you are a small company or micro-entity and are concerned about making profit and loss information publicly available, keep an eye on further guidance from Companies House on the opt-out process. Details are expected to be published in due course.
Check your registered email address. Companies House will be writing to all companies via their registered email address to explain the changes and provide guidance. Make sure your registered email is current and monitored; updating it is straightforward through the Companies House web filing service, which will continue to operate for non-accounts filings such as confirmation statements and director updates.
Plan ahead for your 2027 year-end. The changes come into force in April 2028. Companies with a December year-end, for example, will be preparing accounts for the year ending December 2027 under the new rules. That gives less lead time than the headline date suggests.
The Bigger Picture
These reforms reflect a wider shift in how regulators are approaching corporate transparency in the UK. The ECCT Act has already brought significant changes to how Companies House verifies company information and tackles economic crime. The accounts filing reforms are a continuation of that direction of travel.
For businesses at University of Warwick Science Park, many of which are growing quickly, attracting investment, and operating in competitive markets, getting ahead of these changes is an opportunity as much as an obligation. Investors and lenders increasingly value financial transparency, and for companies at the right stage, choosing to publish profit and loss information could be a positive signal rather than a risk.
The deadline is April 2028. The time to prepare is now.
For more information, visit the official guidance at https://www.gov.uk/guidance/using-software-to-file-your-companys-information or speak to your accountant about what these changes mean for your business.
