Advice: Abridged accounts to be abolished from 2028

The government has confirmed that abridged accounts will be abolished from April 2028 as part of wide-ranging reforms to Companies House introduced under the Economic Crime and Corporate Transparency Act 2023.

From April 2028, companies will no longer be able to file simplified abridged accounts. All companies will also be required to file accounts using commercial software as part of the move to fully digital filing.

Small companies and micro-entities will also be required to file profit and loss (P&L) accounts with Companies House. While businesses will be able to opt out of having those accounts published on the public register, they will still need to submit them.

The reforms will require businesses to prepare and file more detailed financial information each year, even if not all of it is made publicly available. Although the opt-out provides reassurance around commercial sensitivity, Companies House, HMRC and other enforcement bodies will continue to have access to the full financial data.

Although the changes do not take effect until April 2028, businesses should begin reviewing their accounting processes now to ensure they are ready for the new reporting requirements.

At Pierce, we can help you understand how these changes affect your business and ensure you are fully prepared ahead of the transition.

For more information about how these reforms could affect your business, email [email protected].