Companies House P&L Filing Changes: What Small Businesses Need To Know Before 2028
Minimal white desk, black peripherals, computer monitor shows a mock submission software with a pop up box informing of imminent Companies House filing changes in 2028
Small companies are about to face one of the biggest filing changes in years
Companies House has confirmed that from April 2028, small companies and micro-entities will be required to file Profit & Loss accounts as part of their annual accounts submission.
That’s a significant shift.
For years, many small limited companies have benefited from a level of privacy by filing abbreviated or filleted accounts. In many cases, only the balance sheet appeared publicly, while the detailed trading figures stayed private.
That is all set to change.
The one big detail business owners need to pay attention to:
There will be an option to stop your Profit & Loss account being published publicly, but it appears this will operate as an opt out system rather than opt in.
Read that again “opt out system rather than opt in” - by default the information will be made publicly available.
What exactly is changing?
Under the reforms linked to the Economic Crime and Corporate Transparency Act, Companies House is tightening filing requirements for small businesses.
From April 2028:
Small companies and micro-entities will need to submit Profit & Loss accounts
Abridged accounts will be abolished
Accounts must be filed digitally using commercial software
Annual accounts will need to be submitted as one complete package
The stated aim is to improve transparency and help tackle economic crime.
Originally, these rules were expected to arrive in 2027 before being paused following backlash from business groups and accountants. The government has now confirmed the reforms are back on the agenda for April 2028.
The “opt out” element is the part business owners DO have control over
A lot of headlines are understandably focusing on the fact that businesses can choose not to publicly disclose their Profit & Loss accounts.
But the more important question is this:
Will companies need to actively opt out?
Because if the default setting is public disclosure unless action is taken, many businesses may accidentally expose financial information they never intended to share.
That could include:
Revenue trends
Gross profit margins
Director remuneration patterns
Business performance indicators
Commercially sensitive information
Even if you personally are comfortable with transparency, many businesses won’t want competitors, suppliers or clients analysing their numbers.
This is especially relevant for:
Owner-managed businesses
Family companies
Agencies and consultancies
Businesses in competitive local markets
Companies with fluctuating profitability
At the time of writing, full operational details around the opt-out process have not yet been released.
Why Companies House is making these changes
From the government’s perspective, the reforms are designed to modernise the UK company register and improve the quality of financial information available to regulators and enforcement agencies.
TAKE NOTE: Even where businesses opt out of public disclosure, the accounts will still be accessible to Companies House, HMRC and law enforcement bodies.
Supporters of the reforms argue this helps tackle fraud, money laundering and abuse of limited company structures.
Critics argue it creates additional cost, admin and complexity for genuine small businesses already dealing with:
Rising operating costs
Payroll changes
Increased compliance requirements
What should business owners do now?
The good news is there’s still time before these changes arrive.
But this is exactly the kind of reform where early preparation makes life easier later.
Here’s what I’d recommend businesses start considering now:
Think about commercial sensitivity: If your figures became publicly visible tomorrow, would that concern you? If the answer is yes, you’ll want to understand exactly how the opt-out process works well before filing deadlines arrive.
Don’t leave compliance until the last minute: Whenever Companies House introduces major filing reforms, there’s always a period of confusion and adjustment. Businesses that provide their records early to us avoid the last minute stress.
Final thoughts
This is one of the biggest shifts in small company reporting for years.
An “opt out” system is very different from an “opt in” system, and business owners shouldn’t assume their financial information will stay private automatically.
We will know more when Companies House releases details on how these reforms will actually operate.
Rest assured that our default position will be to OPT OUT, unless you advise us otherwise.
If you’d like help understanding how these changes could affect your company, feel free to get in touch.