Accounts Reforms Confirmed for April 2028
ICAEW has confirmed that the Companies House accounts filing reforms will take effect from 1 April 2028, not April 2027 as originally planned. The delay gives Ltd company directors extra time to adapt but also means change is still coming soon.
From April 2028, small companies and micro-entities will be required to file their profit and loss (P&L) statement with Companies House. Currently, small companies can file abbreviated accounts. The reform introduces a public transparency requirement for profitability data under the Economic Crime and Corporate Transparency Act 2023 (ECCTA), though companies will have an option to opt-out of public publication while still filing with the regulator.
What This Means for Your Company
First, mark the calendar. April 2028 is 18 months away, but you need to prepare now. Your first P&L filing will apply to your next accounting period that ends on or after 1 April 2028. If you have a December year-end, your 2028 accounts (filed in 2029) will be the first affected. If you have a March year-end, your 2028/29 accounts will require the P&L.
Second, talk to your accountant. Does your bookkeeping system and management reporting currently separate cost of sales, gross profit and operating profit clearly? Will you opt-out of public publication or file openly? Do you need to update your business accounting records to capture this detail earlier in the year?
Third, consider the transparency implication. Your P&L will be public (unless you opt-out). Suppliers, competitors and customers can see your profitability. Plan accordingly.