Big news for small business owners: the government has confirmed that small companies and micro-entities will be required to file profit and loss (P&L) accounts with Companies House from April 2028. Here’s what’s changing, what it means for your business, and how to prepare.
What’s Changing?
From April 2028, all small companies and micro-entities registered in the UK must file their profit and loss accounts with Companies House — something that has not previously been required. Currently, small companies can file abbreviated accounts that exclude the P&L, keeping turnover and profitability figures private.
The government originally planned to introduce this requirement in April 2027, but has pushed the date back by a year to give businesses more time to adjust.
Can You Keep Your Figures Private?
Yes — and this is the key detail. While you will be required to file your P&L with Companies House, you will have the option to opt out of making it publicly available on the register.
This is an important compromise. Many small business owners raised concerns that publishing profit figures could expose them to competitive risk or unwanted scrutiny. The opt-out means Companies House, HMRC, and law enforcement will still have access to your accounts (to help tackle fraud and tax evasion), but competitors, suppliers, and the general public would not.
Full details of how to exercise the opt-out will be released by the government in due course.
The End of Web and Paper Filing
The April 2028 changes also mark the end of the Companies House web filing and paper-based system for annual accounts. From that date, all companies must file accounts digitally using commercial software in iXBRL (Inline eXtensible Business Reporting Language) format.
If you currently file your own accounts through the Companies House portal, or rely on paper filing, you will need to switch to an approved software solution — or engage an accountant to do this on your behalf.
Other Key Changes
Alongside P&L filing and the software requirement, the 2028 reforms will also:
- Remove the option to file abridged accounts — all filed accounts must be in full statutory format
- Require a strengthened eligibility statement for companies claiming an audit exemption
- Restrict how often a company can shorten its accounting reference period
- Require all parts of the accounts to be filed together, rather than separately
What Should You Do Now?
While April 2028 may feel far off, the changes have implications now:
- Review your current filing approach. If you rely on web or paper filing, start planning the transition to software-based filing.
- Decide on your privacy preference. Think about whether you’d want to opt out of public P&L disclosure, and discuss this with your accountant.
- Speak to your accountant early. These changes will affect the accounts preparation process, and it’s worth ensuring your advisers are up to speed.
At Westridge Accountants, we’re closely monitoring the guidance as it develops and will keep our clients informed every step of the way. If you have questions about how these changes affect your business, get in touch with our team — we’re here 7 days a week, 8am to 10pm.
Sources: GOV.UK announcement | AccountingWEB, June 2026
