New rules for company accounts

[eteb3]

Announcement from Companies House re P&L:

Companies House to bring in changes to accounts filing from April 2028

Small companies and micro-entities to file profit and loss accounts but can opt out of publication. All companies will need to file accounts via commercial software with more time to prepare.

www.gov.uk

I'm still looking for anything on HMG's plans to make the register of members a private document. If anyone spots anything, pls lmk

 

[manwithnonames]

Presumably companies opting out will get reduced credit scoring on the basis some micro /small companies will publish P&L's.

 

[Frank the Insurance guy]

I have had an email today on this. Looks like we sme's will have to provide full P&L, but they can opt out of having it published on a public register.

Sounds like this will allow access to your P&L by HMRC etc, but the public (assuming you opt-out).

Still some time away (from 1st April 2028).

Wonder what the benefit to an sme (and micro businesses) would be to not opt out and let the world see their P&L? I imagine most will opt-out?

 

[Tables Force]

Sounds like this will allow access to your P&L by HMRC etc, but the public (assuming you opt-out).

HMRC already (should be) get the P&L.

When necessary for law enforcement, I would assume they are allowed relevant info with other parties.

Companies House have no way of checking that the numbers submitted to them in any way reflect reality.

 

[eteb3]

Companies House have no way of checking that the numbers submitted to them in any way reflect reality.

I gather they plan to run analysis across similar companies to help them in that direction - hence the new emphasis on getting sic codes accurate