Small companies and micro entities will be required to comply with new rules from April 2028 when filing their annual accounts with Companies House – and Alexander Accountancy can help.
Under changes unveiled by the Government:
- all companies will be required to file their annual accounts via commercial software;
- the option for companies to file abridged accounts will be removed;
- a strengthened eligibility statement will be brought in for all companies claiming an audit exemption;
- component parts of the filed accounts and reports will be required to be filed together;
- the number of times a company can shorten its accounting reference period will be reduced.
The government plans the measures to improve the transparency, accuracy and reliability of data on the companies register, better inform business decisions, modernise practices in line with other countries and tackle economic crime.
Alexander Accountancy chairman David Alexander said: “These upcoming regulations represent a shift toward digital transparency and security but navigating them does not have to be a burden for small businesses.
“While the elimination of abridged accounts and new software mandates might seem daunting, at Alexander Accountancy we have a proud history of supporting small businesses through the many changes that have taken place since we formed more than 40 years ago.
“We are fully prepared to guide our clients through these transitions smoothly, ensuring complete compliance well ahead of the 2028 deadline.”
A Gov.UK website announcement said: “Allowing small companies and micro-entities to opt out of publishing their filed profit and loss accounts addresses concerns from the business and investment community around the privacy and commercial risks for smaller companies of disclosing this information.
“Details of how smaller companies can opt out of publication of profit and loss will be confirmed in due course. Companies who wish to enjoy the benefits of publication, such as improved access to finance and enhanced transparency can still do so.
“Where a company opts out of publishing its profit and loss accounts, Companies House, law enforcement and HMRC will still have access to help identify and tackle fraud, economic crime and tax evasion.”
Alexander Accountancy provides services including tax planning, business advice, budgets and forecasting services, plus the preparation of company accounts. The team are experienced in supporting new start-ups through to established small enterprises looking to scale up.
- For help with the proposed changes call 01283 743 851 or email: info@alexander-accountancy.co.uk
