How will Companies House reforms affect my business?

Companies House reforms include significant changes to financial information and filing requirements. Read more to find out how they may affect your business.

The government published a White Paper on Corporate Transparency and Register Reform at the end of February which sets out its final position on reforming Companies House ahead of introducing legislation. The intended measures will involve some significant changes to financial information that will be on public record and filing requirements, particularly for small and micro entities.

 

Key changes to Companies House reforms include:

  • Filing deadlines will not be shortened at the moment, but legislation will be introduced to facilitate future changes.
  • Small companies will no longer have the option to prepare and file abridged accounts. They will be required to file both their profit and loss account and directors’ report, ie. the option to file ‘filleted’ accounts will be removed.
  • Micro-entities will also be required to file their profit and loss account but will continue to have the option to not prepare or file a directors’ report.
  • Dormant companies will be required to file an eligibility statement.
  • All companies will be required to file accounts digitally, with full tagging.

Although it will be some time before these measures come into effect, we will be keeping up to date with the changes on the horizon. We are happy to discuss the implications for your business. Please get in touch with our advisors today.

Further Reading

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