The UK government has announced revised requirements for companies filing annual reports with Companies House.
Under the revised measures, SMEs will be required to file profit and loss accounts, but will be able to opt out of publishing this information on the public register.
All companies will be required to file accounts using commercial software, abridged accounts will no longer be permitted, and all component parts of accounts must be filed together.
These reforms will take effect from April 2028.
Blair McDougall, Minister for Small Business and Economic Transformation, stated: “The accounts reforms seek to improve the transparency, accuracy and reliability of data on the companies register, to inform business decisions, modernise practices in line with other countries, and tackle economic crime.”