Companies House Reform on the Horizon - Author Julie Hopkins (Ownacarehome.com)

As part of a modernisation programme for Companies House the government issued its final White Paper on Corporate Transparency and Register Reform at the end of February 2022.

The reform will include some significant changes to statutory filing requirements, including profit and loss accounts for small and micro entities.

Key changes include:

·         Small companies will no longer have the option to file abridged accounts (thus the option to file ‘filleted’ accounts will be removed)

·         Small companies will be required to file their profit and loss account and a director(s) report

·         Micro entities will also be required to file their profit and loss account

·         Micro entities can opt out of filing a director(s) report

·         Dormant companies will be required to file an eligibility statement

·         As part of mandatory digital filing, all companies will be required to file accounts digitally, with full tagging

Time periods to shorten the filing deadlines for statutory reporting have not currently been reduced, but legislation will be enabled to facilitate changes in the future.

Thus, there will be more information about small and micro companies within the public domain at Companies House.

For further information visit the ‘Finance matters section’ on ownacarehome.com