STORY
The Government has set out changes to planned Companies House accounts reforms after concerns from business and investment groups. Blair McDougall, the Small Business Minister, told Parliament that the reforms were intended to improve the accuracy and reliability of company information while tackling economic crime.
The Economic Crime and Corporate Transparency Act 2023 included reforms requiring small companies and micro-entities to file profit and loss accounts with Companies House, removing abridged accounts and strengthening audit exemption statements. Implementation had been expected in April 2027, but ministers paused the process following concerns about the potential impact on smaller firms.
The Government now intends to proceed with the requirement for small companies and micro-entities to file profit and loss accounts, but they will be able to opt out of having those accounts published on the public register. Companies House, HMRC and law enforcement agencies will still have access to the information for fraud, economic crime and tax purposes.